RIYADH: A Saudi family group which backed electric truck-maker Rivian Automotive Inc. is now entering India by investing in two-wheeler and three-wheeler electric vehicles, according to a Bloomberg report.
The report states that the Jeddah-based family group named Abdul Latif Jameel, also known as ALJ, has committed to investing up to $220 million in Greaves Electric Mobility.
ALJ will initially pay $150 million for a 35.8 percent stake in the electric vehicle maker, which is a part of Greaves Cotton.
According to the report, the new investment will help Greaves Electric Mobility grow its business locally, and expand its presence in regions like Latin America, Asia, and Africa.
"This agreement aligns with our strategic priority of investing in mobility of the future, in addition to showcasing our joint commitment to making Greaves Electric Mobility competitive and its EV products available to communities in India and potentially other markets in the Global South,” Hassan Jameel, deputy president and vice chairman at Abdul Latif Jameel, said in a statement.
ALJ Group built its business on gasoline-fueled cars, and in recent years, it expanded into other sectors including backing startups like Rivian Automotive. Currently, ALJ Group is the third-largest investor in Rivian, and it holds stakes worth $3.5 billion.
