Mumbai: Greaves Cotton, a leading diversified engineering companies, has signed a binding term sheet to acquire 60% shareholding in Excel Controlinkage Pvt Ltd as the first tranche, from the 4 tranches planned till FY26 to acquire 100% stake, for a value of INR 385 crore, subject to closing adjustments, the company said.
The latest acquisition will enable Greaves to build a complementary product portfolio with common customer segments, commence its international footprint and export revenues, and aid in the growth of the fuel-agnostic powertrain portfolio. As Greaves strengthens its EV ecosystem, the latest initiative also accentuates Greaves’ strategy of building mechanical to mechatronic to electronic capabilities, the company said in a media release.
Singhi Advisors are the sole and exclusive M&A advisors to this transaction.
Nagesh Basavanhalli, Executive Vice Chairman, Greaves Cotton Limited, said, “The acquisition is highly profitable and margin accretive at a consolidated level and complements our vision to build new competencies and accelerate the growth of clean-tech, land ast-mile mobility. Excel has established itself as one of the leading players in manufacturing of mechanical and electronic motion control systems with integrated manufacturing capabilities in India. By harnessing our common synergies, we will be positioned to unlock new growth opportunities for Greaves and emerge as a strong catalyst for a self-reliant, full-stack, Made in India mobility ecosystem”.
Ashok Mrig, Founding Partner, Excel. said, “We have created Excel as a proud engineering and product manufacturing company providing solutions to our OEM and aftermarket customers. We are confident that the partnership with Greaves with its multi-product and multi-location engineering capability is the right move for Excel to grow its business globally and multiply its value in the interest of all stakeholders.”
Arup Das, MD, Greaves Cotton Limited, said, “Excel acquisition is a synergistic fit, and offers multiple levers for unlocking significant synergies in areas like geography and product portfolio and customer segments. It will also strengthen Greaves’ presence in the commercial vehicle and off-highway segments as well.”
Excel is one of the largest players in mechanical and electronic motion control systems with an integrated capability to manufacture Push Pull cables, levers and sensors. Excel’s wide range of portfolios includes heavy-duty push-pull cables, mechanical levers and linkages, and electronic throttle levers catering to customer segments like Commercial Vehicles, Construction Equipment, Agriculture, Material Handling, Marine, and SPVs, supplying directly to vast majority of the OEMs as well as for aftermarket. Excel provides the perfect opportunity for Greaves to scale up this business while also unlocking synergy benefits, the release said.
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