TVS Motor Company subsiairy acquires Swiss-based SEMG for CHF 2.79 mil.

13 Apr 2022 , 11:24 AM

Consequent to the same, Passion V?lo has become a subsidiary of the company. This acquisition would help SEMG to geographically expand its network in the western part of Swiss region and strengthen its retail presence.

AlexandRo EdouardO Passion V?lo S?rl (Passion V?lo) is primarily engaged in the sale of e-bikes as well as e-bike accessories across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Moustache and others. Passion V?lo is headquartered in La Chaux-deFonds in the canton of Neuchatel, Switzerland.

SEMG recorded a turnover of CHF 2.99 million in FY2021, CHF 2.85 million in FY2020 and CHF 2.47 million in FY2019.

TVS Motor Company posted a 18.3% decrease in consolidated net profit to Rs 236.56 crore on a 8.2% rise in net sales to Rs 6,597.35 crore in Q3 FY22 over Q3 FY21.

Shares of TVS Motor Company rose 0.61% to Rs 654 on BSE. TVS Motor Company, part of the TVS Group, is a two and three-wheeler manufacturer.

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