Greaves Cotton Limited Enters into Definitive Agreements for the Multi-Tranche Acquisition of Excel ControLinkage Private Limited

Greaves Cotton Limited, Indias leading diversified engineering company, today announced that it has entered into a definitive agreement for the multi-tranche acquisition of Excel ControLinkage Private Limited.

As part of this agreement, in the first tranche, the Greaves Cotton Limited will acquire 60% of the shareholding through a secondary route from the existing shareholders, subject to the fulfilment of customary closing conditions. Greaves Cotton Limited, in February 2023, announced the signing of the binding term sheet to acquire a 100% stake through multiple tranches in Excel ControLinkage Pvt. Ltd.

Mr. Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Limited, expressed optimism about the acquisition, stating that it "Will unlock powerful synergies between the two companies, streamlining product offerings and enhancing customer convenience."

By combining competencies in the motor controller line of business in Greaves and electronic sensors in Excel, the two companies will have a stronger right-to-win in the electric powertrain and power electronics segments. This will allow them to stay ahead of the competition and establish a stronger market position by offering a larger playing field for specialised technical talent, providing more career growth opportunities for the Company. This further enhances the Companys ability to attract and retain top talent, driving future growth and innovation.

About Greaves Cotton Limited
Greaves Cotton Limited (GCL) is a diversified multi-product and multi-location engineering Company with a rich legacy and brand trust of over 163 years. The Company is a leading name in Fuel Agnostic Powertrain Solutions, E-Mobility, Aftermarket & Retail. The Companys diversification strategy is driven by customer-centricity and sustainability. As a part of this diversification strategy, the Company has recently announced the acquisition of Excel Controlinkage Pvt. Ltd. to unlock new avenues of growth and continue to build expertise in future technologies. GCL is on a mission to redefine the sustainable, cleantech mobility ecosystem through transformative technologies. It is powered by the purpose of touching a billion lives by 2030 and enabling them to make a sustainable transition to green mobility.

For more information, visit- www.greavescotton.com.

About Excel Controlinkage Pvt. Ltd.

Excel Controlinkage Pvt. Ltd. (Excel) is one of the leading players in manufacturing of mechanical and electronic motion control systems catering to vast majority of OEMs in India in Commercial Vehicle, Construction Equipment, Agriculture and other Industrial applications segments in India and aftermarket. Excel generates ~40% of its revenue from Exports market including Marine segment and Industrial aftermarket. Company achieved a Turnover of INR 1665 million with a PBT of INR 367 million in FY 2022.