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TVS Motor Acquires Additional Stake in Killwatt GmbH, Expands Electric Mobility Portfolio

27 Feb 2024 , 03:15 PM

TVS Motor Company's shares traded 1% lower at ₹2,133.80 after a 1.29% dip at the time of writing. TVS Motor Pte, the Singapore subsidiary, acquired an additional 8,000 equity shares in German company Killwatt GmbH. The acquisition raises TVS Motor Pte's stake in Killwatt GmbH from 39.28% to 49% through newly issued shares.

Killwatt GmbH, established in July 2020, focuses on developing, designing, and distributing electric two-wheeler vehicle products. The strategic acquisition aligns with TVS Motor's vision to be a significant player in the e-personal mobility sector.

TVS Motor aims to provide sustainable mobility solutions and strengthen its presence in the electric mobility market. The transaction, valued at €4 million, is set to be finalized on March 11, 2024, with an initial payment of €2 million by March 4, 2024.

The remaining €2 million will be paid upon the fulfilment of a pre-agreed milestone by Killwatt GmbH. Despite the morning dip, TVS Motor's stock has gained over 20% in the last three months, reflecting positive market sentiment.

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Related Tags

  • acquisition
  • Company news
  • Electric Mobility Portfolio
  • TVS Motor
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