Saudi Arabia’s Abdul Latif Jameel to invest $220 mn in India’s EV platform Greaves Elecetric Mobility
- ByStartupStory | June 6, 2022
Abdul Latif Jameel, a Saudi Arabia-based family-owned global investor, has pledged to invest up to $220 million (1,700 crore) in Greaves Electric Mobility, a two- and three-wheeler mobility startup. Abdul Latif Jameel would spend $150 million for a 35.8% share in Greaves Electric Mobility as part of the agreement. It will also put the money into expanding its manufacturing capabilities.
Greaves Electric Mobility’s Ampere Vehicles brand now produces electric two-wheelers. It also produces e-auto and e-rickshaw three-wheeler vehicles under the Ele and Teja brands, respectively.
This investment from Abdul Latif Jameel is a significant step toward clean, sustainable, and cheap mobility solutions that are really available to a much broader consumer base,” said Nagesh Basavanhalli, Greaves Cotton’s managing director and Group CEO.
Hassan Jameel, the deputy president and vice chairman of Abdul Latif Jameel said that the investment is in line with the global investor’s strategic focus of investing in future transportation. Together, we are going on a long-term path to provide India’s population and beyond with cleaner, more sustainable and vitally inexpensive transportation alternatives.
Abdul Latif Jameel’s investment in Greaves Electric Mobility also leverages on his global automotive experience as one of the largest independent dealers of Toyota goods for over 65 years. The Jameel Family, which owns Abdul Latif Jameel, has made an early investment in Rivian, an electric car manufacturer located in the United States. The family has also invested in Joby Aviation, a US venture-backed aircraft business, through their worldwide investment arm JIMCO.
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