Greaves Electric Mobility: A ₹375 Crore Roadmap to an EV Future

Greaves Electric Mobility (GEML) has detailed its proposed utilisation of funds from its upcoming initial public offering (IPO).

A major portion of the ₹375.2 crore fresh issue will be invested in product and technology development at the company’s Bengaluru Technology Centre in Bengaluru. The company also plans to allocate ₹82.9 crore to develop in-house battery assembly capabilities.

Additionally, ₹19.8 crore will be used to expand the manufacturing capacity of its subsidiary Bestway Agencies, while ₹38.2 crore will be invested to scale up the production capacity of MLR Auto. The company has also earmarked ₹73.6 crore to increase its stake in MLR Auto.

Further, ₹27.8 crore will be directed toward digitisation and strengthening IT infrastructure. The remaining funds will be utilised for inorganic growth opportunities and general corporate purposes, as part of the company’s strategy to strengthen its position in the electric mobility sector and support long-term expansion.

News by Rahul Yelligetti.