Greaves Cotton Limited has successfully acquired the remaining 20% shareholding in its material subsidiary, Excel Controlinkage Private Limited, thereby achieving 100% ownership. This acquisition, effective from August 13, 2026, was made through a secondary route and is in line with the definitive agreement dated April 6, 2023. The consolidation of Excel Controlinkage fully integrates its operations into Greaves Cotton’s business portfolio, strengthening its position in the motion control systems market.
Greaves Cotton Completes Full Acquisition of Excel Controlinkage
Greaves Cotton Limited has announced the successful completion of its acquisition of Excel Controlinkage Private Limited (“Excel”), a significant material subsidiary. Following the acquisition of the remaining 20% shareholding, Greaves Cotton now holds 100% ownership of Excel Controlinkage Private Limited, effective August 13, 2026. This strategic move, executed via a secondary route, solidifies Greaves Cotton’s control and integration of Excel’s operations.
Strategic Rationale and Integration
The acquisition aligns with Greaves Cotton’s broader strategy to diversify into new product categories and enhance its presence in the commercial vehicles sector. Excel Controlinkage, a leading manufacturer of heavy-duty push-pull cables, mechanical levers, and electronic throttle levers, is integral to the company’s vision of developing a comprehensive mobility ecosystem. The integration of Excel’s capabilities is expected to strengthen Greaves Cotton’s market position and contribute to its growth objectives.
Transaction Details
The finalization of the acquisition follows the execution of a definitive agreement on April 6, 2023. The shares were credited to Greaves Cotton’s demat account on August 13, 2026, with confirmation received on August 14, 2026. The acquisition was structured with an enterprise value not exceeding INR 3850 Million, with additional payments for non-compete, control premium, and consultancy fees.
Excel Controlinkage: A Key Subsidiary
Excel Controlinkage Private Limited, incorporated on April 20, 1994, is a major player in the mechanical and electronic motion control systems industry. The company specializes in manufacturing integrated solutions for segments including Commercial Vehicles, Construction Equipment, Agriculture, and Material Handling. Excel’s manufacturing facility in India is recognized for producing heavy-duty push-pull cables, mechanical levers, and electronic throttle levers.
Source: BSE
