Key Development
Greaves Cotton Limited has acquired the remaining 20% shareholding in Excel Controlinkage Private Limited ("Excel"), its material subsidiary, through secondary route. With this acquisition, the Company's aggregate shareholding in Excel has increased to 100% effective 13th August, 2026, making Excel a wholly-owned subsidiary of the Company.
Transaction Details
- Acquisition Date: 13th August, 2026
- Shares Credited: 13th August, 2026 (confirmation received on 14th August, 2026 at 12:25 p.m.)
- Transaction Type: Secondary route acquisition
- Legal Basis: In accordance with definitive agreement dated 6th April, 2023
- Previous Communications: This is in continuation to earlier intimations dated 9th February, 2023, 7th April, 2023, 9th May, 2023, 13th August, 2024 and 12th August, 2025
Target Company Details (Excel Controlinkage Private Limited)
Business Profile: Excel is one of the largest players in mechanical and electronic motion control systems with integrated manufacturing capability for push pull cables, levers & sensors. It is described as the "margin leader in the industry."
Product Portfolio: Heavy duty push pull cables, mechanical levers & linkages, and electronic throttle levers
Customer Segments: Commercial Vehicles, Construction Equipment, Agriculture, Material Handling, Marine and SPVs (Special Purpose Vehicles)
Market Reach: Supplies directly to vast majority of OEMs as well as to the aftermarket
Manufacturing Capability: Integrated manufacturing facility making it the leading heavy duty push pull cable manufacturer in India that produces Inner, Outer Conduits, and End Fittings
Financial Performance:
- FY 2020 Total Revenue: ₹105 Crores
- FY 2021 Total Revenue: ₹120 Crores
- FY 2022 Total Revenue: ₹167 Crores
Incorporation Date: 20th April, 1994
Geographic Presence: India
Transaction Background
The acquisition process began with a binding term sheet executed on 9th February, 2023, for a multi-tranche acquisition. The definitive agreement was dated 6th April, 2023.
Original Acquisition Timeline:
- First tranche: Purchase of 60% shareholding with long stop date of 30th April, 2023
- Future tranches: Intended to be undertaken annually
- Final tranche: Expected completion by August 2026 (actual completion: 13th August, 2026)
Strategic Rationale
The acquisition aligns with Greaves Cotton's strategy to diversify into new product categories with the intent to strengthen its presence in commercial vehicles and develop the complete mobility ecosystem.