Ampere Vehicles, a leading Electric Mobility brand, has recently announced the acquisition of a 74% stake in BAPL (Bestway Agencies Pvt. Ltd.). This Noida-based company markets e-rickshaws under the brand, ELE.
Ampere Vehicles is targeting to acquire the remaining 26% stake of Bestway Agencies prior to April 2021. For the recent 1st phase acquisition, the upfront cash consideration of ₹ 7 crore ($0.9 million) includes share purchase consideration, and non-solicit and non-compete fees. The company has informed the stock exchange that this payment is subject to the completion of the post- and pre-closing obligations. Bestway has reported a $4.6 million ( ₹ 34.73 Cr) turnover for the fiscal year that ended on 31st March 2020.
ELE E-Rickshaw of Bestway has been a top brand in the high growth markets of eastern Uttar Pradesh and eastern India. The company has a robust B2C presence in the mass-market passenger vehicles segment. It also has entered the B2B commercial mobility and cargo carrier businesses with custom-built applications.
Ampere will be able to drive its business and expand in new segments such as e-rickshaw after the recent acquisition. This will enable the company to become an integrated player of e-mobility, with a robust presence in both E-3W and E-2W segments. E-rickshaw is the fastest and rapidly growing EV category in India. It can potentially offer cost-effective, comfortable, and clean mobility to customers as well as enhance the daily earning potential of the drivers.
Ampere Vehicles’ director and Greaves Cotton’s CEO & MD, Nagesh Basavanhalli, has cited that Ampere is one of the top players in the comprehensive electric vehicle ecosystem. The recent deal will help build a strong relationship between the company and Indian customers, through the addition of last-mile mobility services and products. This will enhance its productivity across the E-3W and E-2W spectrum. Additionally, the combination of the expertise of Bestway and Ampere will further position the company as a market leader in the e-mobility business in India.