Abdul Latif Jameel invests $220mln in India’s EV market

Saudi auto distributor Abdul Latif Jameel Co. has made new bet on EV market after gaining billion profits as a result of its investment in Rivian Automotive, but this time, it targets India.

According to Bloomberg, Abdul Latif Jameel Co. has made a strategic investment of $220 million in India’s Greaves Electric Mobility, the electric vehicle arm of the engineering firm Greaves Cotton.

The Saudi company will initially pour $150 million for purchasing 35.8% stake in Greaves Electric Mobility (GEM).

GEM will use the fresh capital to develop new products, associated technologies, brand awareness that aims to transform it into a leading global EV manufacturer, in addition to expanding operations in Latin America, Asia and Africa.

Greaves Cotton shares rose 14% after this report, but these gains shrank later to just 1.2%.

India is currently the world’s fourth-largest automotive market, where the share of EVs in the two-wheeler and three-wheeler segments is expected to increase in line with the country’s commitment to reach net zero by 2040 compared to 77% in China.