Castrol India acquires 7.09% stake in ki Mobility

Castrol India completed the acquisition of 7.09% stake (on a fully diluted basis post acquisition) in ki Mobility Solutions (ki Mobility) on 10 January 2023. The total cost of acquisition is Rs 487.50 crore which will include subscription to compulsorily convertible preference shares of ki Mobility.

ki Mobility is a part of TVS Mobility group, one of the large players in the India automotive industry and houses all the recent acquisitions of the TVS Mobility group in the India automotive aftermarket. ki Mobility is one of the leading players in the automotive service, maintenance and repair sector in India.

This Strategic investment is aimed at expanding Castrol India's presence in the aftersales service & maintenance segment. This will drive value generation on account of accelerated pursuit of service and maintenance ambition. Both Castrol and ki Mobility will explore business and technology collaborations under this partnership, to bring transformative disruption within the currently fragmented automotive service sector and create leadership position together with a forward focus on EV readiness.

Powered by Capital Market - Live News