Greaves Cotton Completes Acquisition of Excel Controlinkage, Takes Ownership to 100%

Mumbai, 17th August 2026: Greaves Cotton Limited, one of India’s leading diversified engineering companies, today announced that it has acquired the remaining 20% shareholding in Excel Controlinkage Private Limited (“Excel Controlinkage”) through the secondary route, taking its aggregate shareholding in the company to 100%. With the completion of this acquisition, effective August 13, 2026, Excel Controlinkage has become a wholly owned subsidiary of Greaves Cotton.

The acquisition marks the completion of the multi-tranche acquisition process initiated in 2023, when Greaves Cotton entered into a definitive agreement to acquire Excel Controlinkage. The transaction is in accordance with the definitive agreement dated April 6, 2023.

Commenting on the acquisition, Parag Satpute, Group CEO & Managing Director, Greaves Cotton Limited, said, “Greaves has built a distinguished legacy of moving India forward through reliable, sustainable and purpose-led engineering. The completion of the acquisition of Excel Controlinkage marks an important step in a margin-accretive acquisition that complements our diversification strategy. We are focused on building and scaling businesses with differentiated engineering capabilities and opportunities to participate in India’s evolving mobility and industrial ecosystem.”

Excel Controlinkage, incorporated in 1994, is a player in mechanical and electronic motion control systems, with capabilities across push-pull cables, mechanical levers and linkages, and electronic throttle levers. Its products serve customers across Commercial Vehicles, Construction Equipment, Agriculture, Material Handling, Marine and Special Purpose Vehicles, as well as the Aftermarket. The company also operates an integrated manufacturing facility for heavy-duty push-pull cables, including inner and outer conduits and end fittings.

The acquisition of Excel Controlinkage is aligned with Greaves Cotton’s broader strategy of building a diversified portfolio. This will further strengthen its presence in commercial vehicles and contribute to the development of a broader mobility ecosystem.

With Excel Controlinkage, now a wholly owned subsidiary, Greaves Cotton will continue to focus on leveraging its capabilities, product portfolio, and customer relationships to support its growth across Energy, Mobility, and Industrial Solutions under Greaves.Next.

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About Greaves Cotton Limited:

With a legacy of over 165 years, Greaves Cotton Limited is a diversified, future-ready engineering company delivering innovative and sustainable solutions to customers across key sectors. Renowned for its precision engineering and technology leadership, the Company’s growth strategy is anchored on three core dimensions: accelerating its core businesses, building new muscle onto the core, and expanding into new horizons across Energy Solutions, Mobility Solutions, and Industrial Solutions.

As one of India’s largest manufacturers of single-cylinder diesel engines, and a pioneer in introducing them for microcar applications in the European market, Greaves continues to reinforce its commitment to accessible, efficient, and reliable mobility. The Company also has a longstanding association with the Indian armed forces, with its products supporting a range of defence and naval applications, embodying its role in industrial advancement and nation-building. Guided by its purpose of ‘Empowering Lives’, Greaves is committed to providing reliable products, sustainable technology, and customer-centric solutions. With its strong engineering foundation and continuous innovation, the Company aims to enable people, businesses, and communities to progress with confidence in a future rooted in engineering excellence and driven by efficient energy.

The investee companies of Greaves include Greaves Electric Mobility Limited (GEML) with its diverse portfolio of electric 2 & 3 wheelers for passenger and cargo mobility, and Greaves Finance Limited (GFL) with ev.fin, a 100% EV focused NBFC that leverages cutting-edge technology to offer customised financing options & seamless buying experience. Both these businesses play a significant role in accelerating EV adoption in India.