TVS Motor Company on Tuesday said its Singapore-based arm will acquire a 25 per cent stake in Germany-based electric mobility products and components start-up Killwatt GmbH.
TVS Motor (Singapore) Pte Ltd, has agreed to acquire a 25 per cent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares, the company said in a regulatory filing. The shares are acquired at cash consideration of €235.29 per share, translating to a total of nearly €2 million (nearly ₹18 crore).
Killwatt's business comprises development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles, it added.
"Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions," TVS Motor Company said.
The company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business, it added.
TVS Motor recorded a 1.97 per cent decline in sales in February with 2,76,150 units sold. The company had sold 2,81,714 units during the corresponding month of last year.
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