TVS Motors completes acquisition of 48.27% stake in DriveX; stock under pressure

17 Oct 2022 , 09:37 AM

TVS Motor Company Limited informed that it had completed the acquisition of a 48.27% stake in Nkars Mobility Millennial Solutions Private Limited [DriveX].

The company stated that the said transaction has been completed on October 15, 2022, and thereby Narain Karthikeyan’s DriveX has become an Associate of the company.

The company said in its filing on August 24, 2022, “This DriveX funding aims to enable creative solutions to spearhead transformation journey.”

The company has agreed to acquire the 48.27% stake in the startup for Rs85.40 crore. The company earlier said that the transaction is expected to be completed by November 30, 2022.

DriveX is an entirely integrated concept that exists across the pre-owned two-wheeler vehicle value chain. This comprises all essential aspects such as the acquisition, refurbishing, and selling of multi-brand used two-wheelers.

At around 9.43 AM, TVS Motor Company was trading at Rs1,065.95 per piece, down by 1.17% from its previous closing of Rs1,078.60 on the BSE. The scrip opened at Rs1,076 and touched intraday high and low of Rs1,079.80 and Rs1,063.20 respectively.

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