Tvs Motor Company said that TVSM Singapore, a wholly-owned subsidiary of the company has acquired 100% stake in BBT 35/22 Vermogensverwaltungs GmbH for Euro 25,000.
The name of BBT 35/22 Vermogensverwaltungs GmbH is proposed to be changed into Celerity Motor GmbHPost acquisition, the acquired company will become a subsidiary of TVSM Singapore as well as of TV Motor.
The object of acquisition is to undertake activities related to two-wheeler & three-wheeler vehicles, including research, development, engineering, sales and service thereof.
The cash consideration for the acquisition stood at Euro 25,000. The acquisition is expected to be completed by 6 December 2022.
BBT 35/22 Vermogensverwaltungs GmbH is incorporated in Germany on 8 June 2022 and is yet to commence its business operations.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
Also Read
On consolidated basis, the company's net profit jumped 59.5% to Rs 386.31 crore on 32% rise in net sales to Rs 8,560.76 crore in Q2 FY23 over Q2 FY22.
The scrip rose 0.42% at Rs 1029.65 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content