Mumbai, July 5 -- Greaves Cotton Ltd is beginning to reap the benefits of a decade-long diversification drive, sharply reducing its reliance on diesel engines for three-wheelers as it transforms into a broader engineering and industrial solutions company.

The company's dependence on three-wheeler engines has fallen from around 80% of its business a decade ago to just over a quarter now, chief executive officer Parag Satpute said, as businesses spanning gensets, mechanical cables, electric motors and engine exports have gained scale.

The Karan Thapar group-backed company is now looking for acquisitions and joint ventures to expand into sectors including defence, aerospace, auto components and energy solutions.

The broader mix of busines...