Diversified engineering company Greaves Cotton Ltd announced on Thursday (February 26) that its electric mobility business, Greaves Electric Mobility (GEM), has launched international expansion into Nepal as part of its strategic growth journey. According to reports from CNBC TV18, the company is entering the market in partnership with STC Auto Solution Private Ltd. This expansion represents a significant milestone in the company's international diversification strategy, marking GEM's maiden venture into an international market. The move is part of GEM's strategic growth initiative to broaden its presence in the global electric vehicle landscape and promote sustainable urban mobility.
As part of this expansion, Greaves Electric Mobility is launching its flagship electric two-wheeler, Ampere Nexus, in Nepal. As reported by CNBC TV18, the Ampere Nexus is India's first electric two-wheeler recognised by the Asia Book of Records for conquering 70 hairpin bends of Kolli Hills, considered one of South India's challenging routes. The product is specifically engineered to meet evolving two-wheeler demand in Nepal, addressing the country's dynamic terrain, climatic and driving conditions. The Ampere Nexus electric scooter was launched in India at a price point of approximately ₹1.10 lakh in earlier periods.
The Ampere Nexus is engineered for performance, durability, reliability and comfort, offering practical mobility solutions for Nepal's challenging conditions. According to CNBC TV18, the scooter combines torque delivery with a stable ride setup and LFP battery, enabling confident uphill climbs, smooth acceleration in stop-start traffic, and improved control across varied terrains. The scooter has successfully conquered Shipki La Pass in Himachal Pradesh at an altitude of 13,200 feet and climbed Kolli Hills at 3,900 feet with 70 hairpin bends. GEM's closest competitors in India, such as Ather Energy and Ola Electric, are also major players in the EV market and have similar strategic objectives, with both companies reportedly planning their own IPOs and exploring international market entries.
Alongside this international foray, Greaves Electric Mobility Limited is advancing plans for an Initial Public Offering (IPO), indicating a push for capital to support its ambitious expansion plans. According to multiple reports, discussions have been ongoing since late 2023 to raise funds for capacity expansion and technology development. The proposed IPO, if successful, could provide substantial funding for GEM's future product development and market expansion. For Greaves Cotton, this international expansion, coupled with the potential IPO of its EV arm, could unlock significant value and provide capital for further innovation and market penetration. Greaves Electric Mobility Limited's investment carries a high degree of risk, as highlighted in its draft red herring prospectus, with forward-looking statements subject to known or unknown risks including economic slowdowns and intense competition.
Shares of Greaves Cotton Ltd ended at ₹157.45, up by ₹5, or 3.28%, on the BSE on February 26, as reported by CNBC TV18. Vikas Singh, MD and Chief Financial Officer of Greaves Electric Mobility, stated that Nepal presents a unique mobility landscape with steep, rugged terrains and intensive daily usage. He noted that higher altitudes and growing EV infrastructure in the country naturally draw demand for safer BMS, stronger built quality, and products that outlast. The Nepal market offers new revenue streams and operational experience in diverse terrains, with Nepal's EV market showing potential for growth driven by supportive government policies and increasing environmental awareness, though it faces infrastructure challenges.
