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Parag succeeds Arup Basu, who resigned from the position of managing director of the company and whose employment contract will come to an end at the close of business hours on 9 May 2025, it added.
In his new role, Satpute will oversee the strategy and operations of Greaves Engineering, Greaves Retail, Greaves Technologies, and Excel Controlinkage, the company said.
Satpute, who has nearly 3 decades of experience in the mobility and manufacturing sectors, joins the company from Bridgestone Mobility Solutions, where he served as the president of their fleet business, besides earlier serving in the position of the managing director of Bridgestone India.
Satpute holds a mechanical engineering degree from Pune University and an executive MBA from Warwick Business School. Parag's responsibilities will include strengthening and growing these businesses and driving business growth, the firm said.
Commenting on his new role, Parag Satpute, managing director & group CEO, Greaves Cotton, said, 'I am excited to join Greaves Cotton Limited at this pivotal moment in its journey. The company’s’ demonstrated legacy in empowering lives through sustainable and accessible solutions resonates strongly with me. I look forward to working closely with the team to advance this vision and drive strategic business outcomes.'
Greaves Cotton is a multi-product and multi-location engineering company. The company is a leading Greaves Cotton spurts on appointing Parag Satpute as MD & group CEO Greaves Cotton soared 5.83% to Rs 193.30 after the company announced appointment of Parag Satpute as its new managing director (MD) and group chief executive officer (GCEO).
Parag succeeds Arup Basu, who resigned from the position of managing director of the company, and whose employment contract will come to an end on the close of business hours of 9 May 2025, it added.
Greaves Cotton is a multi-product and multi-location engineering company. The company is a leading name in fuel-agnostic powertrain solutions, e-mobility, aftermarket & retail.
The company’s consolidated net profit declined 85.35% to Rs 6.68 crore in Q3 FY25, compared with Rs 45.60 crore in Q3 FY24. Revenue from operations jumped 12.81% YoY to Rs 750.60 crore in Q3 FY25.
Parag Satpute will assume the role of Managing Director & Group CEO of the Company, responsible for Greaves Engineering, Greaves Retail, Excel Controlinkage and Greaves Technologies effective from today i.e., 14 April 2025.
Dr. Arup Basu's resignation as Managing Director of the Company will be effective from the close of business hours on 14 April 2025 and his role as CEO of Greaves Engineering will cease on 09 May 2025. Dr. Arup Basu's employment contract will come to an end on the close of business hours of 09 May 2025.
Greaves Electric Mobility (GEML), the electric mobility arm of Greaves Cotton (GCL), has launched the all-new Ampere Reo 80 ¡X a smart, safe, and economical electric scooter tailored for everyday use across India¡¦s streets and neighbourhoods.
Designed for the mass market and aligned with Ampere¡¦s vision of ¡¥Har Gully Electric¡¦, the new Reo 80 represents a major step in democratising smart and sustainable mobility for all segments of the population.
With an introductory price of just ₹59,900, the Reo 80 delivers Better Savings and Better Safety, packed with features that make it suitable for first-time EV users, students, elderly riders, and families.
The new Reo 80 is Ampere¡¦s upgraded version of its flagship scooter Reo, an e-2W, low speed e scooter designed for sub-25 kmph speed. Deliveries of the new Ampere Reo 80 will begin across India starting April 2025.
Key Features of the All-New Ampere Reo 80: „h
Greaves Cotton announced a partnership with Chara Technologies to revolutionize the electric mobility landscape by leveraging Chara's cutting-edge technology to manufacture synchronous reluctance motors and controllers. As part of this collaboration, these motors and controllers will be exclusively manufactured by Greaves and assembled at its state of-the-art facility in Shendra, Aurangabad, catering to both automotive and non-automotive applications, including L5 three-wheelers, golf carts, and four-wheelers. The strategic partnership aims to combine Chara's expertise in motor systems with Greaves' scale in R&D and manufacturing.
Chara's distinctive synchronous reluctance motors and controllers use rare-earth-free magnets, which maximize energy efficiency by eliminating electromagnetic losses, while also de-risking the supply chain by replacing hard-to-source minerals. Eliminating the rare-earth magnets from within these components is expected to offer energy savings of up to 50% and reduce CO2 emission by 30% owing to the use of sustainable raw materials within them. The partnership will enable Greaves Cotton Ltd. to harness this technology and design bespoke electric prime mover solutions for OEMs in the EV ecosystem in India.