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Castrol India announces investment of Rs487.50 crore in ki Mobility Solutions

CIL will acquire a 7.09% stake in KMS for up to 487.5 crores, marking CIL's largest all-cash transaction to date.

November 25, 2022 12:08 IST | India Infoline News Service
Castrol
Castrol India Limited (CIL), one of India's most valuable lubricant players, and Ki Mobility Solutions Pvt. Ltd. (KMS), a leading Indian player in the independent automotive aftermarket business, have announced a partnership to leverage each other's strengths and expand the country's automotive aftermarket ecosystem through 'myTVS', KMS's digitally integrated multi-brand service platform for two and four wheelers.

CIL will acquire a 7.09% stake in KMS for up to Rs487.5 crore, marking CIL's largest all-cash transaction to date. CIL intends to leverage myTVS' digital and operational capabilities to expand its presence in service and maintenance for both internal combustion engine (ICE) and electric vehicles (EV).

This alliance will also allow Castrol and KMS to collaborate and partner in markets other than India.

This strategic alliance will benefit vehicle owners by providing easy access to differentiated, digitally enabled service and maintenance provided by the myTVS platform, which has 3 million customers across 1,000 garages in India.

Through its owned outlets, franchise network, at-home services, and roadside assistance, myTVS' online-to-offline digital platform already provides quality, standardised, and cost-effective services and parts to B2B and B2C customers.

CIL's existing service and maintenance presence include a rapidly expanding network of 220 Castrol Auto Service passenger car workshops in 110 cities across India, as well as 42 Castrol Express Oil Change outlets that provide two-wheeler customers with quick and dependable oil changes.

At around 12.13 PM, Castrol India was trading at Rs132.40 up by 1.73% from its previous closing of Rs130.15 on the BSE. The scrip touched intraday high and low of Rs133.75 and Rs129.35 respectively.

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