Rivian's Saudi backer makes Rs 1,700-crore bet on Greaves Electric

India, the world's fourth-largest automobile market, is pushing to decarbonise transport and achieve a goal of turning net carbon zero by 2070

A Saudi family-owned group that reaped billions as an early backer of electric truck-maker Rivian Automotive, has made a new bet on battery-powered vehicles, this time investing in two- and three-wheeler vehicles in India.

Abdul Latif Jameel, a Jeddah-based group named after its founder and now run by his sons, committed to invest up to $220 million (Rs 1,700-crore) in Greaves Electric Mobility, according to a statement. It will initially pay $150 million (Rs 1,160 crore) for a 35.8 per cent stake in the electric vehicle maker, part of Greaves Cotton.

The investment will help Greaves Electric grow its business locally, and