Greaves Cotton Limited has informed the Exchange about further Investment done by Greaves Electric Mobility Limited in MLR Auto Limited.
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Greaves Cotton's material subsidiary, Greaves Electric Mobility Limited (GEML), has invested ₹55 crores by subscribing to ordinary equity shares of MLR Auto Limited on a rights basis at par. As other existing shareholders of MLR did not participate in the rights offer, GEML's stake in MLR rose from 51% to 67.41%. MLR Auto is in the business of designing, manufacturing, and selling L5 category 3-wheeler vehicles (diesel, petrol, CNG, and electric), and has shown strong turnover growth from ₹44.44 crores in FY23 to ₹86.23 crores in FY24 and ₹142.28 crores in FY25. The proceeds from this fresh issue will be used by MLR to repay its existing loans (excluding loans from GEML). The transaction is a related party deal, done at arm's length, and was completed on 19th June 2025.
This deepens Greaves Cotton's indirect control over the fast-growing electric and ICE 3-wheeler business through its subsidiary, strengthening the group's e-mobility portfolio while reducing MLR's debt burden, which could support future earnings contribution to the parent.