Greaves Electric Mobility Limited (GEML), a material subsidiary of Greaves Cotton Limited, has announced a strategic financial move by converting a loan amounting to ₹94.85 crore into equity shares of Bestway Agencies Private Limited (BAPL).
This conversion reinforces GEML’s position in the electric mobility sector and strengthens the financial foundation of BAPL, which remains a wholly owned subsidiary of GEML post-transaction.
The loan-to-equity conversion, completed on June 4, 2025, involved no cash outflow and aimed to enhance BAPL’s net worth by reducing its debt obligations. BAPL allotted equity shares to GEML in exchange for the converted loan amount. Since BAPL is a wholly owned subsidiary, the move qualifies as a related party transaction. However, except for the holding structure, there is no direct promoter or group company interest involved.
Incorporated on January 15, 2004, Bestway Agencies Private Limited operates in the electric mobility space. The company manufactures and supplies ELE brand E-Rickshaw and E-3Wheeler parts. BAPL is an important player in Greaves Electric Mobility’s ecosystem, supporting the group’s electric vehicle (EV) strategy with components essential to its EV lineup.
The fluctuation in revenue reflects the evolving dynamics of the EV market and demand trends.
This capital restructuring not only improves BAPL’s financial leverage but also aligns with Greaves Cotton’s broader push toward sustainable mobility. With the electric vehicle segment gaining momentum in India, particularly in the affordable and last-mile transport categories, reinforcing subsidiaries like BAPL is a key move for long-term competitiveness.
Also Read: Greaves Cotton Enters Battery Swapping: Signed Partnership WithIndofast!
By converting debt into equity, Greaves Electric Mobility has reaffirmed its long-term commitment to the electric mobility space. This strategic investment will help BAPL improve its balance sheet, reduce financial stress, and continue contributing to the group’s ESG and clean energy goals.
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Published on: Jun 6, 2025, 2:27 PM IST
Nikitha Devi
Nikitha is a content creator with 6+ years of experience in the financial domain. Specialising in personal finance, investments, and market insights, Nikitha simplifies complex financial topics, making them accessible to readers.
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