Greaves Cotton Limited announced the completion of its acquisition of the remaining 20% shareholding in Excel Controlinkage Private Limited through the secondary route. This transaction brings Greaves Cotton's aggregate shareholding in Excel Controlinkage to 100%, making it a wholly owned subsidiary effective August 13, 2026.
The acquisition marks the completion of a multi-tranche acquisition process that was initiated in 2023 when Greaves Cotton entered into a definitive agreement to acquire Excel Controlinkage. The transaction was executed in accordance with the definitive agreement dated April 6, 2023.
According to Parag Satpute, Group CEO & Managing Director of Greaves Cotton Limited, the acquisition represents "an important step in a margin-accretive acquisition that complements our diversification strategy." He emphasized the company's focus on building and scaling businesses with differentiated engineering capabilities to participate in India's evolving mobility and industrial ecosystem.
Excel Controlinkage, incorporated in 1994, is described as one of the largest players in motion control systems with capabilities across push-pull cables, mechanical levers and linkages, and electronic throttle levers. The company serves customers across multiple sectors including Commercial Vehicles, Construction Equipment, Agriculture, Material Handling, Marine and Special Purpose Vehicles, as well as the Aftermarket. Excel Controlinkage operates an integrated manufacturing facility for heavy-duty push-pull cables, including inner and outer conduits and end fittings.
The acquisition is aligned with Greaves Cotton's broader Greaves.Next diversification strategy and will strengthen its presence in commercial vehicles while contributing to the development of a broader mobility ecosystem. With Excel Controlinkage now as a wholly owned subsidiary, Greaves Cotton will focus on leveraging its capabilities, product portfolio, and customer relationships to support growth across Energy, Mobility, and Industrial Solutions.
Financial Impact
Financial impact not quantified in the disclosure.