Greaves Cotton Limited has informed the Exchange about an update on further acquisition in Excel Controlinkage Private Limited.
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Greaves Cotton has bought an extra 10% stake in its material subsidiary Excel Controlinkage Private Limited on 12 August 2025 through the secondary route, taking its total ownership from 70% to 80%. This is part of a multi-tranche acquisition plan announced in February 2023, which originally targeted 60% initially with future annual tranches through August 2026. Excel is one of India's largest players in mechanical and electronic motion control systems, making push-pull cables, levers and sensors for commercial vehicles, construction equipment, agriculture and other segments. Excel's revenue grew from Rs 105 crore in FY2020 to Rs 167 crore in FY2022. The original 60% tranche was valued at an enterprise value not exceeding Rs 385 crore, paid in cash.
Higher ownership means Greaves Cotton will now consolidate more of Excel's earnings and have greater operational control, which is positive for long-term shareholders. The steady execution of the acquisition roadmap signals management's commitment to expanding in the commercial vehicle mobility ecosystem.