It’s a win-win situation for both sides and one could say Greaves Electric is fully charged up, ever since Jeddahbased Abdul Latif Jameel (ALJ) invested US$ 150 million for a 35 percent stake in its mobility arm a few months ago. ALJ plans to inject a further US$ 70 million going forward as part of a total commitment of US$ 220 million in this profitable electric arm of Greaves Cotton.
The fund pool will be used for developing new products, technologies and manufacturing processes. ALJ has a global presence in over 30 countries across six continents with a workforce of 10,000 plus. It has also been associated with Toyota in the distribution arena for many decades in the Middle East.
According to Nagesh Basavanhalli, Managing Director and Group CEO of Greaves Cotton, ALJ is expected to provide tremendous value in electric mobility. It is the third largest shareholder in American electric truck maker, Rivian Automotive, and this experience it reckons will be useful to Greaves Electric as it gets set for new business challenges.
“They are globally strong and we need to grow internationally too. This, therefore, becomes a strategic fit especially with their levels of exposure,” says Basavanhalli. Once products and platforms are in place, Greaves Electric “could check out” the possibilities of entering overseas markets since access will not be a problem with the ALJ partnership.
“Our need for capital is good enough for now and if we need more, we will look at it. We have a great partner and can learn from their experiences. The top priority right now is about product and technology while executing things well,” adds Basavanhalli.
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