Leading two and three-wheeler maker TVS Motor Company has picked up a majority stake in UK-based EBCO engaged in the development and manufacture of e-bikes, for a sum of ₹11.6 crore (£1,163,070).
TVS Motor (Singapore) Pte Ltd (TVSM Singapore), a wholly-owned subsidiary of TVS Motor Company, acquired a 70 per cent stake in EBCO and thereby, it (EBCO) has become a subsidiary of TVSM Singapore as well as the company, according to a statement.
Founded in 2010, EBCO is a British company providing smart connected mobility solutions through a pipeline of e-bikes across the city and mountain biking segments. The company has tie-ups with most major dealers across the United Kingdom.
EBCO is the exclusive distributor of Corratec e-bikes in the UK. IKO Sportartikel Handels GmbH (Corratec) is one of Germany’s largest e-bike manufacturers with a manufacturing plant in Bavaria and another upcoming one in Romania.