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Atul Auto Limited announced on January 15, 2026, that its Board of Directors has approved the acquisition of the L5 category electric three-wheeler vehicle business from Atul Greentech Private Limited (AGPL), a subsidiary in which Atul Auto holds a 79.39% stake.
The acquisition, valued at Rs 3,526 lakh (approximately Rs 35.26 crore), will be executed as a slump sale on a going concern basis. The company expects to complete the transaction within 15 days following approvals from the audit committee and the board.
According to disclosures made to the BSE and NSE, the acquisition is aimed at unlocking strong synergy benefits through the integration of operations, marketing, and dealership networks. The consolidation is expected to reduce overall costs and marketing expenses, while providing access to a wider dealership network for L5 category electric three-wheelers.
AGPL’s L5 Vehicle Division currently manufactures and sells electric three-wheelers across global markets, including Belgium, France, Italy, South Africa, Peru, and the Philippines. The division reported a turnover of Rs 62.27 crore in FY 2024-25, a sharp increase from Rs 14.12 crore in FY 2023-24 and Rs 0.33 crore in FY 2022-23.
The company stated that existing dealers of conventional vehicles will also be able to sell L5 category electric three-wheelers, ensuring business continuity and improved profitability. This move is particularly significant as standalone electric three-wheeler dealerships face sustainability challenges due to limited sales volumes.
Following the transaction, AGPL will be able to focus more on its battery manufacturing operations, which include the production of batteries, Battery Management Systems (BMS), chargers, telematics, and powertrains.
Atul Auto also confirmed that it has obtained a valuation report from an IBBI-registered valuer for the business being acquired, ensuring that the related-party transaction is conducted at arm’s length. The acquisition aligns with Atul Auto’s existing business operations and does not require any additional governmental or regulatory approvals.
