Greaves Cotton Achieves 100% Ownership of Excel Controlinkage Following Completion of Final Acquisition Tranche

Greaves Cotton Achieves 100% Ownership of Excel Controlinkage Following Completion of Final Acquisition Tranche​

Greaves Cotton Limited has completed the acquisition of the remaining shares in Excel Controlinkage Private Limited, solidifying its full ownership of the subsidiary. The company acquired the final 20% stake through a secondary route on August 13, 2026, making Excel a wholly-owned entity effective from that date.

This transaction concluded the multi-tranche acquisition process, which commenced following an initial binding term sheet executed on February 9, 2023. The complete integration of Excel Controlinkage Private Limited (Excel) into Greaves Cotton's portfolio aligns with the company’s strategy to diversify into new product categories and strengthen its presence within commercial vehicles and the complete mobility ecosystem.

Excel is a major player in mechanical and electronic motion control systems, incorporated on April 20, 1994. The company holds a leading position in the industry due to its integrated capability to manufacture push pull cables, levers, and sensors. Excel’s diverse product range includes heavy duty push pull cables, mechanical levers and linkages, and electronic throttle levers, serving segments such as Commercial Vehicles, Construction Equipment, Agriculture, Material Handling, Marine, and SPVs. With an integrated manufacturing facility, the entity is noted as a leading heavy-duty push pull cable manufacturer in India.

The acquisition process spanned several years, with Greaves Cotton undertaking subsequent tranches of share purchase. The initial tranche involved purchasing 60% of Excel’s shareholding through cash consideration. This first phase was structured based on the premise that Excel's enterprise value would not exceed INR 3850 Million and included a one-time fee paid to existing promoters covering non-compete, control premium, and consultancy. Future tranches were conducted under a pre-agreed valuation matrix.

The financial performance of Excel demonstrates steady growth in the sector:


The acquisition was conducted through cash consideration, and the process did not involve related party transactions.

GREAVESCOT Stock Price Movement​

As of 3:00 PM, shares of Greaves Cotton Limited are slipping by 1.71% in live trading, currently sitting at ₹195.05. The stock has seen a solid volume trade of 433,840 shares as the market continues its mid-afternoon activity.