Greaves Electric aims to more than double its 3W capacity by FY27.
Greaves Electric Mobility plans to more than double its three-wheeler production capacity across its factories in Telangana and Uttar Pradesh by FY27.
Greaves Electric Mobility, known for its Ampere, Ele, Greaves, and Eltra vehicle brands, plans to more than double its three-wheeler production capacity across its factories in Telangana and Uttar Pradesh by FY27.
The company currently operates three plants: in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh), and Toopran (Telangana).
At the Greater Noida plant, Greaves Electric aims to increase its capacity from 21,514 units to 45,896 units, while the Toopran plant's capacity will grow from 13,538 units to 34,800 units.
"This expansion will enable us to meet the growing demand for three-wheelers by increasing production of our existing models and facilitating the introduction of new models," the company stated in its draft red herring prospectus.
Greaves Electric will invest Rs 20 crore to expand capacity at the Greater Noida plant and Rs 38 crore for the expansion at Toopran, with funding sourced from the net proceeds of the proposed public offering.
The Ranipet plant specializes in electric two-wheelers, the Greater Noida plant focuses on electric three-wheelers, and the Toopran plant manufactures both electric and internal combustion engine (ICE) three-wheelers.
The Greater Noida and Toopran plants are operated by Greaves Electric’s subsidiaries, Bestway Agencies Pvt Ltd and MLR Auto, respectively.
While the company does not plan to expand its two-wheeler production at Ranipet, which currently has an annual capacity of 4.80 lakh units, it will establish a new battery pack assembly line there. This line, with an annual capacity of 400,000 units, is expected to be commissioned in May 2026 and start commercial production by July 2026.
The Eltra brand offers two medium-speed three-wheeler models for transporting people or goods, with prices starting at Rs 3.80 lakh.
Greaves also sells diesel and CNG three-wheelers under the Greaves brand, with prices starting at Rs 2.90 lakh across four models. The Ele brand offers three models of electric rickshaws starting at Rs 1.30 lakh.
Three-wheelers contributed about 28% to Greaves Electric's total revenue in FY24, with the company selling 13,470 units in the last financial year, up from 6,870 units the previous year.
The Ampere brand, which focuses on electric two-wheelers, remains the largest revenue contributor, accounting for about 68% of total revenue. However, sales of Ampere two-wheelers have declined, from 1.09 lakh units in FY23 to 47,820 units in FY24.
Based in Bengaluru, Greaves Electric is the electric mobility division of Greaves Cotton Ltd. It manufactures and sells electric two-wheelers under the Ampere brand, and both electric and internal combustion engine (ICE) three-wheelers under the Ele, Greaves, and Eltra brands.
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