Pact for green engines
Mumbai: Greaves Cotton, the diversified engineering firm, has joined hands with Piaggio Vehicles India to develop diesel and clean-energy engines.
The new engines will meet BS-VI emission norms and run on diesel and alternative clean energy fuels, the company said in a statement on Wednesday.
Greaves Cotton has a market share of 78 per cent in the diesel-driven three-wheeler space.
Piaggio India started its association with Greaves Cotton in 1998-99. Under the partnership, over 5 million engines have been sold to the Italian firm, which also makes four-wheelers, such as micro-trucks in the under-1,000 kg capacity.
Greaves has automotive engine plants in Aurangabad and Ranipet near Chennai, while its research centres are in Aurangabad and Pune.
It offers single-cylinder diesel and CNG engines to three-wheelers.
Nagesh Basavanhalli, managing director and chief executive of Greaves Cotton, said his company was investing in new technologies to meet the demand for fuel-agnostic, future-ready solutions.
"Our new solutions will cover a range of fuels, from diesel, petrol, CNG to electric vehicles, which will continue to leverage our strengths," he added.
The company had recently tied up with California-based Pinnacle Technology to offer opposed-piston CNG engines which have shown strong results.
With these BS-VI engines, the company is looking to revolutionise the autorickshaw market by reducing fuel cost, Debashis Mitra, president-automotive engine business of Greaves Cotton, said.
The Rs 1,800-crore firm has sold over three lakh automotive engines in 2016-17 before making the transition to BS-IV compliant engines from April 2017.
It is also present in the non-automotive segment with its engines powering marine boats and construction and farm equipment. It has a service network of 3,500 retail outlets in the country.
Shares of Greaves Cotton ended with gains of around 0.39 per cent at Rs 140 on the BSE on Wednesday.
Greaves Cotton, which posted a net profit of Rs 90 crore in the second quarter of this fiscal, has core competency in diesel/petrol engines, farm generators and light construction equipment.