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ICICI Direct Report
Greaves Cotton Ltd. is a leading diversified engineering company with a presence in automotive, non-automotive, aftermarket, retail, electric mobility solution and finance.
Abdul Latif Jameel (an independent, family-owned, diversified global investor and operator) has committed to invest up to $220 million in Greaves Electric Mobility Pvt. Ltd.
Abdul Latif Jameel will initially invest $150 million for a 35.8% stake on a fully diluted basis in the company. Greaves Cotton (and Esop holders) will have 64.2% in Greaves Electric Mobility on a fully diluted basis.
Greaves Electric Mobility has an option to draw down $70 million within 12 months at a pre-agreed valuation formula. The implied valuation of the electric vehicle subsidiary is around 3.4 times sales, which is in line with our estimates.
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