Greaves Cotton Limited was formerly incorporated as 'Greaves Limited' on March 29, 1922. The Company name was changed to Greaves Cotton Limited on November 28, 2003. Company is a diversified multi-product and multi-location engineering conglomerate in providing Fuel Agnostic Powertrain Solutions, E-Mobility, Aftermarket & Retail Solutions and Auxiliary Power. The Company's retailing
network comprised approximately 10,000 retailers and over 130 distributors. It operates across various sectors, including Automotive, Non-Automotive, Aftermarket, Retail, Electric Mobility, Technology, and Finance.
Presently, the Company is engaged in manufacturing of engines, engine applications and trading of power tillers, spares related to engines, electric vehicles and infrastructure equipment etc. Apart from this, it has manufacturing facilities in Maharashtra and Tamil Nadu, which are supported by comprehensive R&D and testing capabilities.
The company promoted the first ever Indo-Russian joint venture in the private sector, namely Rajasthan Polymers and Resins, to manufacture 20,000 TPA of ABS/HIPS resins during the year 1991. During the year 1992-93, Greaves Semi-conductor, a subsidiary, was amalgamated with the company. Also, they acquired two units of Enfield India to enhance the company's core strengths in engine manufacture and marketing.
During the year 1995-96, the company signed a joint venture agreement with SAME SpA, Italy for the manufacture of Diesel Engines. During the year 1997-98, the company divested their Greaves Garuda 3-wheeler Auto plant at Baramati in favour of a joint venture company, namely Piaggio Greaves Vehicles Ltd formed in collaboration with Piaggio Veicoli Europei SpA of Italy.
During the year 1998-99, the company began the commercial production of diesel engines in SAME Greaves Ltd at Ranipet, a joint venture with SAME Deutz Fahr SpA. Also they commenced commercial production in their tractor unit. This is marketed in the name of SAME Greaves pronounced SAMAY. The Greaves Semiconductors Unit at Patancheru in Andhra Pradesh was divested in favour of Teamasia Greaves Semiconductors Ltd with effect from January 1, 1999.
Rajasthan Polymers & Resins Ltd merged with the company with effect from May 5, 1999. In March 2000, the company transferred the tractor business in favour of a joint venture company under the name SAME Greaves Tractors Ltd formed in collaboration SAME Deutz Fahr SpA of Italy and SAME Deutz Fahr Holdings and Finance BV, Netherland. During the year 2000-01, they exited from the business venture with Piaggio Greaves Vehicles Ltd.
During the year 2001-02, the company exited from the joint venture company, namely SAME Greaves Ltd. and SAME Greaves Tractors Ltd. In year 2002-03, it acquired the business of manufacture of fluid couplings and cluster gears from Pembril Engineering Pvt Ltd. and Pembril Industrial & Engineering Company Pvt Ltd, respectively.
During the year 2003-04, the company transferred most of their investments to their wholly owned subsidiary, Greaves Leasing Finance Ltd. They merged all their investment companies, namely Rajpath Investment Ltd and Carnation Investment Ltd with their wholly owned subsidiary, Greaves Leasing Finance Ltd. They also sold their loss making RPRL unit and liquidated their overseas subsidiary Sidvim AG during the year.
The Oilfield & Drilling Business of the company, which includes Nasik plant, was divested as a going concern to Drilbits International Pvt Ltd with effect from June 30, 2005. During the year 2005-06, the company divested their 25.5% stake in the Equity of Greaves Morganite Crucible Ltd for a consideration of Rs 10.71 crore. Also, they exited from the distribution business relating to GMCL products, for a consideration of Rs 5.20 crore.
During the year 2006-07, the company set up an additional manufacturing facility for concrete mixers at their existing location in Gummidipoondi, Tamilnadu. In March 2007, they acquired Bukh Farymann Diesel GmbH, renamed as Greaves Farymann Diesel GmbH for Euro 4.24 million. This company is engaged in the manufacture and marketing of single cylinder diesel engines and parts.
During the year 2007-08, the company set up Greaves Auto Ltd to act as a Special Purpose Vehicle for new business that the company may undertake in future. They set up new facilities for manufacture of twin cylinder engines/ power train, at Aurangabad in Maharashtra. They also set up a manufacturing facility at Gummidipoondi, Tamilnadu, for manufacture of road compaction equipments.
The company set up a manufacturing facility for manufacture of G series multi cylinder diesel engines at Chinchwad, in Pune. They also set up a state-of-the-art Technology centre at Chinchwad, Pune for design, development and testing of large multi cylinder diesel engines.
In September 2008, the company inaugurated a new manufacturing facility for agro equipment at Gummidipoondi in Tamilnadu. In October 2008, they entered into a long term Agreement with Tata Motors Limited for supply of newly developed light diesel engines for application in their small commercial vehicles.
The Industrial Engine Business was set up in the year 2009 with a view to use the strong domain knowledge to customize engines for expanding into new and promising sectors that provide a visible opportunity horizon.
During the year ended 31 March 2014, Greaves Cotton initiated a cost optimisation project called 'Propel' to launch specific initiatives like value engineering, supply chain, vendor development which enabled the company to report reduction in the material cost. During the year under review, the company entered into an agreement to supply diesel engines to TVS Motors for their diesel 3-wheeler vehicles.
In Auxiliary Power business, the company launched three new offerings in the sub 20 KVA. During the year under review, the company undertook measures to make deeper inroads into the institutional segment and ventured back into the Railways business.
In Farm Equipment business, the company's entry into the electrical pumpset segment was well received. The company remained focussed on expanding the product range of Light Agri Equipment to reduce dependency on imports.In Construction Equipment business, the company successfully launched water cooled engines for Soil Compactors which offers a distinct fuel consumption advantage. Continuing with the strategy to introduce value-added products, the company signed a MoU with Nikko, a leading Japanese Hot Mix Asphalt plant manufacturer, for trading.
During the year under review, the company introduced new products in the concreting business. The financial year 2013-14 saw the company commercially launch the full range of S-Valve pumps and also subsequently launch the first indigenously manufactured 37 meter Z fold Boom Pump.
The company continued to expand its global footprint and set up an office in Tanzania and took focussed strategic and marketing initiatives to further build the market in UAE, East Africa and South East Asia. The company also expanded the product range and introduced new products in different regions ensuring that the right products were available customised to the local requirements due to which favourable traction was visible in Sri Lanka, Bangladesh, Indonesia, Philippines, United Arab Emirates, Saudi Arabia, Tanzania, Kenya and Malaysia. The company also appointed new distributors for products and OEM's for engines in various markets identified as strategic to expand the presence.
During the year under review, Greaves Cotton's wholly owned subsidiary Greaves Leasing Finance Limited (GLFL) acquired 90% shareholding in Greaves Cotton Middle East FZC (GCME) from Greaves Cotton Netherlands B.V., at book value. Accordingly, GCME became a subsidiary of GLFL. In May, 2013, the Paid-up Share Capital of GLFL was reclassified by conversion of 1,50,82,689, 6% Cumulative Redeemable Preference Shares, issued to its parent company, to 1,50,82,689 Equity Shares of Rs. 10 each. In March, 2014, GLFL issued 39,12,835 Equity Shares as Bonus Shares out of its Capital Reserves in the ratio of 1 Equity Share for every 4.311 Equity Shares held, to its parent company.
Greaves Farymann Diesel GmbH, Germany (GFD) was a wholly owned subsidiary company of Greaves Cotton Netherlands B.V. In order to curtail further losses, during the year under consideration, the entire shareholding in GFD was disposed off under a Management Buyout arrangement. Accordingly, GFD ceased to be a subsidiary with effect from 10 October 2013.
During the year under review, the name of Ascot International FZC was changed to Greaves Cotton Middle East FZC (GCME) in order to help build the 'Greaves' brand globally and to attract new business prospects for the Greaves Cotton Group. GCME is step-down subsidiary of Greaves Cotton through GLFL.
Greaves Cotton Netherlands B.V., The Netherlands (GCN), a wholly owned subsidiary of Greaves Cotton, was set up as a Special Purpose Vehicle (SPV) for holding the company's investments in step-down subsidiaries. During the financial year 2013-14, its entire shareholding in Greaves Farymann Diesel GmbH was divested while its investment in Greaves Cotton Middle East FZC was sold to GLFL at book value. Consequently, GCN became a shell company and was eventually liquidated effective 19 December 2013.
During the financial year ended 31 March 2015, Greaves Cotton strategically exited non-core and loss making manufacturing operations in the Construction Equipment business. The company strengthened its aftermarket spares and service network, and witnessed improved demand in the overseas market.
In Auxiliary Power business, the company expanded its manufacturing capacity and inaugurated a new manufacturing plant in Pune to capture the CPCB II opportunity. These initiatives enabled the early launch of several upgraded compliant products and capture demand for quality, indigenously manufactured goods. As a value-added feature, the company also introduced CPCB II Gensets with controllers having remote interfacing and monitoring capability. Further, the environment platform change was used to its advantage as the company introduced almost all engines on mechanical platform. This was a major paradigm shift for the industry which was looking for electronic engines as a solution. The company concentrated on revitalizing and deepening its dealer network and enhance reach and touch points with end customers. Thrust was also placed on strengthening the institutional sales channels. The company improved its market presence significantly in the SAARC region followed by SEA markets.
In spare parts business, the company continued to reinforce its distribution network for deeper penetration across the country. Ongoing ground level initiatives, which include skill up-gradation, technology update, IT enabled aftermarket support system like IVR for breakdown call monitoring, online warranty system, customer support portal and quality module enabled the company to forge a stronger bond with customers and dealers and improved operational efficiency. Moreover, the company continued to work towards protecting the safety and interest of the customers by keeping a vigil on dealers and manufacturers of counterfeit spares and taking recourse to legal actions, where necessary.
With regard to the International Business, Greaves Company continued with its strategic approach of establishing a diversified geographic presence. The company consolidated its position in SAARC by retaining its position as a supplier of quality products in Farm Equipment and Auxiliary Power businesses. To build a sustainable market for the light diesel engines, the company strengthened its relationship with Original Equipment Manufacturers (OEM's) in Europe, Middle East and South East Asia.
In spite of manufacturing in the Construction Equipment business being phased off, the company focused on entering into marketing alliances with Indian majors to exclusively represent their product in the overseas market. This decision was well-received by the end customers leading to no gap in the market and enabling the company to extract a profitable business. Engineering items in the trading business were reviewed and new products were introduced to gain a deeper penetration into the market. Thrust was also placed on strengthening the distribution and aftermarket network to service international customers better and expand presence.
Greaves Cotton's wholly owned subsidiary Greaves Auto Limited (GAL), being a dormant company, was struck off from the register of the Registrar of Companies with effect from 10 April 2014, under the Fast Track Scheme of the Ministry of Corporate Affairs.
Being in excess of its requirements, the Paid-up Share Capital of Greaves Leasing Finance Limited (GLFL), a wholly owned subsidiary of Greaves Cotton, was reduced from Rs. 20,78,10,690 comprising of 2,07,81,069 Equity Shares of Rs. 10 each to Rs. 25,00,000 comprising of 2,50,000 Equity Shares of Rs. 10 each. The excess capital i.e. Rs. 20,53,10,690 comprising of 2,05,31,069 Equity Shares of Rs. 10 each was paid off / returned to the holder of the said Equity Shares. GLFL is a non-banking finance company.
Greaves Cotton's technological thrust helped it maintain market share even in a challenging environment across all its key segments, namely, Diesel / Petrol Engines, Farm Equipment and Gensets, during the year ended 31 March 2016. Underpinning the company's technological prowess were the new product introductions in the Automotive Engines and Farm Equipment businesses during the year.
The Farm Equipment business launched a new SAMPURNA SWADESHI' programme aligned to the Make in India' campaign. The indigenous development of these products was supported by the company's Technology Centre for Farm Equipment business in Chennai. Also, to further streamline operations and better utilise resources, the company shifted its manufacturing operations from Gummidipoondi to Ranipet.
In Automotive Engines business, the company showcased a 3-cylinder BS-IV compliant engine at the Society of Automotive Engineers - China Congress & Exhibition at Shanghai, China and for the first time in India at the Auto Expo 2016.In Auxiliary Power business, the company launched a 5-year extended warranty programme for its new Genset product range. Further, to improve its reach, the company strengthened its dealer network in key markets.
During the year under review, the company's spare parts business focussed its energies on channel enhancement and expanding territory coverage in identified regions to strengthen last mile connectivity.
In Automotive Engines business, Greaves Cotton continued to focus on delivering technologically superior product offerings and building a strong Aftermarket network during the year ended 31 March 2017.
The company's Auxiliary Power Business continued to develop new products, improve its aesthetic appeal and importantly look for ways to improve the reliability of the products through constant R&D efforts. The company adopted a focused approach to engineer growth by anticipating demand across identified sectors and targeting identified geographies with enhanced marketing efforts. These efforts enabled the Auxiliary Power Business to improve its market share and record robust growth in volumes albeit on a relatively small base. The momentum of growth for the Auxiliary Power Business was supported by constant efforts to strengthen the service network and proactively engage with customers.
In Farm Equipment business, Greaves Cotton launched an indigenous Greaves Weeder with 1520 engine and planned for seeding a new Power Tiller in the market place.
In Industrial Engine business, the company continued to expand its product portfolio and deepen OEM relationships in FY 2016-17.
Taking a closer look at the various opportunities available and as an extension to its Aftermarket business, the company embarked into the multi-brand spare parts business.
In line with the company's strategic thrust, the International Business worked on strengthening and expanding its distribution network and launching new products.
In FY 2016-17, the company launched more Auxiliary power products-CPCB-II Phase-II Diesel Generator and New D series engine driven 400 kVA & 500 kVA DG sets and also extended the portfolio of traded products in some of the new markets.
Greaves Cotton's wholly owned step down subsidiary Greaves Cotton Middle East (FZC), which was registered at Sharjah Airport International Free Zone, UAE, was liquidated with effect from 20 April 2017 due to continuous losses.
FY 2017-18 marked the beginning of a transformation at Greaves Cotton Ltd. The company took several new initiatives to drive future growth and maintained growth momentum despite transient effects of macro-economic disruptions. The implementation of GST and lag effect of demonetisation capped the volume growth across business segments in the first-half, which in turn affected the top line growth.
In FY 2017-18, the company demonstrated its future-readiness by showcasing powertrain solutions in the alternate fuel categories, new electric vehicle with possibility of charging infrastructure facility at Greaves Care and the ability to operate in the overall ecosystem at the Auto Expo 2018, the biggest show for Automotive industry in India. In parallel, the company continued to launch new products across other business segments - Farm, Genset, Aftermarket and engage with its strategic alliance partners.
The company entered into a technological alliance with Pinnacle Engines of the U.S. and with Bangalore-based Altigreen Propulsion Labs. These partnerships will enable the company to cater to the fast-growing alternate fuel segments and also capture opportunities in the Aftermarket with retrofit solutions.
Enhancing the aftermarket business, Greaves tied up with AMSOIL for premium synthetic Oil category and Fuchs for mineral oil category, catering to a wide range of consumer segments. Widening the Multi-brand portfolio, the company introduced multiple new products including the 3W and 2W battery and tyres. The company also started selling products in the light construction equipment segment through tie-ups with leading global organisations - Mikasa from Japan and Roxar from Italy.
As a new future-ready business initiative, the company introduced Greaves Care - India's unique chain of multi-brand service outlets with proposition of superior lifetime value to the customer.
In line with the Government's focus on reducing emissions and making last-mile automotive engine much safer, the company took several steps in FY 2017-18 towards becoming a fuel agnostic powertrain solutions and services company. In the automotive engine segment with an objective of de-risking the dependency on single cylinder diesel product, the company announced wide product portfolio with multi cylinder and multi fuel options in tune with the upcoming BS-VI norms.
In FY 2017-18, Greaves Cotton continued to invest in developing technological capacities for making more indigenous products in the farm equipment space. It launched 'The Bahubali' - India's first indigenously designed and manufactured 14HP high power tiller. In FY 2017-18, it also unveiled eHD (Electric Heavy Duty) series of electric pumps keeping in mind changing consumer preferences.
Greaves Cotton offers wide range of spare parts for all the 3 business groups - Automotive Engine, Farm and Genset. In FY 2017-18, Greaves Cotton added a new range of product categories and adopted a focussed approach to promoting multi-brand business and strengthening its network. In FY 2017-18, the company, in association with competing authorities, conducted raids at multiple locations against the spurious parts thereby protecting consumers from these unauthentic parts which can cause higher damage to the engine over a period of time.
During the FY2019, the Company acquired 67.34% equity shareholding in Ampere Vehicles Private Limited (Ampere) and pursuant to the same, Ampere became the subsidiary of the Company. As at 31st March 2019, the Company has three subsidiaries under its roof namely,i. Greaves Leasing Finance Limited,ii. Dee Greaves Limited,iii. Ampere Vehicles Private Limited.
The Company's Aurangabad Plant bagged the First Prize at the Industrial Safety & Health Awards 2019 by the Government of Maharashtra.
During the FY2020 , the Company acquired the remaining entire stake of Ampere Vehicles Private Limited ('Ampere') and thus Ampere became the wholly owned subsidiary of the Company effective from 5th December 2019. As at 31st March 2020, the Company has three subsidiaries under its roof namely,i. Greaves Leasing Finance Limited,ii. Dee Greaves Limited,iii. Ampere Vehicles Private Limited.
The Board at their Meeting held on 2nd May 2019 approved a proposal to Buy back up to 1,37,14,286 Equity Shares of the Company being 5.62% of the total paid-up equity share capital, at a tender price of Rs 175 per Equity Share for an aggregate amount not exceeding Rs 240 Crore. Further The Buyback Committee at its meeting held on 23rd May 2019 approved that the number of Equity Shares to be bought back shall be up to 1,30,00,000 Equity Shares, representing 5.32% of the total number of Equity Shares in the paid-up share capital of the Company as at 31st March 2019, for an aggregate consideration amount not exceeding Rs 227.50 Crore,
During the FY2020, the Company has completed the Buyback of 1,30,00,000 Equity Shares as approved by the Board of Directors on 2nd May 2019. This has resulted in total cash outflow of Rs 227.50 Crore.
The Company's operations and financial results for the quarter ended 30 June 2020, have been adversely impacted by the lockdown imposed to contain the spread of COVID-19. The operations gradually resumed in line with the directives of the Government of Maharashtra.
Ampere Vehicles Private limited, the Company's 100% subsidiary, entered into definitive agreements on 6th July 2020 to acquire shares of Bestway Agencies Private limited on a fully diluted basis through secondary purchase. The first phase of acquisition i.e. 74% of the equity shareholding in Bestway Agencies Private limited was completed on 14th July 2020.
In FY 2021, the Company commenced new partnership with a leading 3W OEM for diesel engines. It launched BS-VI engines. It launched the Genius' range of smart gensets, available in the range 5 kVA - 2500 kVA. During H1 FY 2020-21, Greaves OHV Pumps were launched enabling farmers to save money and time with fuel-efficient technology. It focused on developing new OEMs and dealers in EU, Africa and Middle East region, where, the Company procured OEM business of mid-range engines in Fire-fighting application from Middle East OEMs. The breakthrough orders from Fire Fighting Pump OEMs based at Middle East also marked the entry to select African markets with OEM end products. New tie-up in construction business paved way for executing a high value asphalt batching plant in Mauritius. Bangladesh sales has been dominated by the construction machinery to support the country's infrastructure development.
During the year 2020-21, Ampere Vehicles Private Limited, a wholly-owned subsidiary of Company, acquired 74% stake in Bestway Agencies Private Limited with effect from 14th July 2020 and made Bestway a subsidiary of the Company. It launched new variant of ELE 1000. It also launched new customer-friendly finance schemes. It expanded the channel footprint across North and East markets. 61 new touchpoints were added in FY 2020-21, including the addition of 3S EV portfolio. It ventured into Retail financing business in H2 FY 2019-20, through its wholly-owned subsidiary, Greaves Leasing Finance Ltd.
During the year 2021-22, the Company acquired 100% equity shareholding in Greaves Technologies Limited (GTL) from Greaves Finance Limited (GFL), wholly owned subsidiary of the Company, on 11th August 2021, where GTL became wholly owned subsidiary of the Company. GTL also incorporated a wholly owned subsidiary in Delaware, USA, named Greaves Technologies Inc. on 23rd February 2022. Greaves Electric Mobility Private Limited (GEMPL) acquired the balance 26% equity shareholding in Bestway Agencies Private Limited on 22nd October 2021 and Bestway became wholly owned subsidiary of GEMPL. GEMPL acquired 26% equity shareholding in MLR Auto Limited and became an associate of the Company effective from 22nd October 2021. The Company launched AutoEVmart, India's largest multi-brand EV outlet in FY 2022. It inaugurated an EV production facility of Ampere Electric Scooters at Ranipet, in Tamil Nadu during FY 2022. It launched Greaves OHV Petrol Weeder in H2 of FY 2021-22 to benefit the farmer in terms of money and time., to shift to mechanised weeding from manual weeding for farmers. To diversify business from B2B to B2B and B2C, it further launched light construction equipments and short tail marine OBMs in FY 2021-22. It introduced the GLFL-Vedika Finance tie up to ensure ease of finance and better service to customers. Greaves Finance leveraged its partnership with other NBFCs that focus and specialise in the 2W and 3W financing businesses respectively. In Q4 FY 2020-21, Greaves Finance also commenced financing for purchase of electric 3Ws (e-rickshaws to start with) at dealerships in Bihar, Uttar Pradesh, Madhya Pradesh and Assam.
In 2021-22, Company launched light construction equipment and short-tail marine OBMs.
The Company expanded the retail network to more than 700 stores in 2023. The Company set the ball rolling for acquiring a 100% equity stake through multiple tranches in motion-control systems player Excel Controlinkage Pvt Ltd. in May, 2023. In another significant development, Company ventured into electric powertrain manufacturing. The Company launched low-cost diesel BS-VI solution with lower TCO in FY 2022-23.
The Company introduced a fuel-agnostic powertrain solution that complies with the OBD-IIA standards for the 3W industry in 2024.