TVS Motors acquires 100% stake in Passion Vélo; stock marginally up

13 Apr 2022 , 11:54 AM

TVS Motor Company Limited announced that its Swiss E-Mobility Group of AG (SEMG), which is a subsidiary of the company, has acquired a 100% stake in Alexand’Ro Edouard’O Passion Vélo Sàrl (Passion Vélo). The company 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.

PV is the owner and manager of a large e-bike store spread over an area of 800 sqm in the canton of Neuchatel, Switzerland.

This acquisition would help SEMG expand its network geographically in the western part of the Swiss region and strengthen its retail presence.
The consideration for such a transaction is CHF 2.79 million which is equivalent to Rs22.80 crore as per today’s currency rates.

Passion Vélo has consolidated a strong position within the industry, given its high-quality offerings and strong service for customers.

TVS Motors is currently trading at Rs653.15 up by Rs3.1 or 0.48% from its previous closing of Rs650.05 on the BSE. The scrip opened at Rs664.20 and has touched day’s high and low of Rs664.20 and Rs651.15 respectively.