TVS Motor acquires 70% stake in United Kingdom-based EBCO for GBP 1,163,070

4 Apr 2022 , 11:01 AM

TVS Motor Company Limited subsidiary TVS Motor (Singapore) Pte. Limited has acquired a 70% stake in United Kingdom-based EBCO Limited, for GBP 1,163,070.

EBCO provides 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 and is the exclusive distributor of Corratec e-bikes in the UK. In addition, TVS Motor registers sales of 3.07 lakh units in March 2022, which fell compared to 3.22 lakh units sold in same month last year.

“TVS Motor Company Limited (TVSM) considers EBCO Limited as a long-term partner to establish a strong presence in the e-bike business. To this end, TVSM has obtained a majority stake (70%) in the Target through its Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd.

At around 11.05 am, TVS Motor Company Ltd was trading at Rs631.90 apiece up by Rs3.05 or 0.49% from its previous closing of Rs628.85 apiece on the BSE.