Greaves Cotton has announced the signing of a binding term sheet to acquire Excel Controlinkage Pvt Ltd for ₹385 crores. The acquisition will be completed in 4 phases. Initially, Greaves Cotton will buy 60 percent shareholding in Excel. The balance will be acquired through multiple tranches planned till FY26.
The acquisition will enable Greaves to build a complementary product portfolio with common customer segments. It will also help grow its international footprint and export revenues, and aid the growth of the fuel-agnostic powertrain portfolio.
As Greaves strengthens its mobility ecosystem, the latest initiative also highlights Greaves’ strategy of building mechanical, mechatronic to electronic capabilities.
Official Statement
Commenting on the development, Mr. Nagesh Basavanhalli, Executive Vice Chairman, Greaves Cotton Limited. “Greaves has set a distinguished track record in moving India sustainably for decades. The acquisition is highly profitable and margin accretive at a consolidated level. It complements our vision to build new competencies and accelerate the growth of clean-tech, last-mile mobility. Excel has established itself as one of the leading players in the 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”.
Mr. Ashok Mrig, Founding Partner, Excel said, “We have created Excel as a proud engineering & product manufacturing company providing solutions to our OEM and aftermarket customers. We are confident that in partnership with Greaves with its multi-product, multi-location engineering capability is the right partner for Excel to grow its business globally and multiply Excel’s value in the interest of all stakeholders.”
About Excel Controlinkage
Excel Controlinkage has expertise in the manufacturing of heavy-duty push-pull cables, levers & sensors, mechanical linkages, and electronic throttle levers. The company caters to customer segments like Commercial Vehicles, Construction Equipment, Agriculture, Material Handling, Marine, and SPVs, supplying directly to the vast majority of the OEMs as well as in the aftermarket sector.