Greaves Electric Mobility ups MLR Auto stake to 67.41% with INR 55 crore investment

Greaves Electric Mobility Limited (GEML), a material subsidiary of Greaves Cotton Limited, has invested INR 55 crore in MLR Auto Limited through a rights issue of equity shares. This investment was made at par value (INR 10 per share), and no other existing shareholders of MLR participated in the rights offer. As a result, GEML’s shareholding in MLR has increased from 51% to 67.41%.

MLR Auto, incorporated on February 16, 2009, is engaged in the design, development, manufacture, marketing, and sale of L5 category three-wheeler vehicles, including models powered by diesel, petrol, CNG, and electricity, as defined by the Automotive Research Association of India (ARAI). The company operates in India.

The stated objective of the investment is to enable MLR to repay loans, excluding those borrowed from GEML. This transaction qualifies as a related party transaction but has been executed at arm’s length. No additional regulatory approvals were required, and the transaction was completed on June 19, 2025.

MLR Auto’s reported turnover for FY 2024–25 was ₹142.28 crore, compared to ₹86.23 crore in FY 2023–24 and ₹44.44 crore in FY 2022–23.

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