TVS Motor Company (TVSM) informed that it has incorporated a wholly owned subsidiary (WOS), TVS Motor Company DMCC in Dubai, United Arab Emirates (UAE).
The company has incorporated with paid up capital of AED 50,000 (50 Ordinary Shares of face value of AED 1,000 each is subscribed by the Company).TVSM DMCC is incorporated with DMCC, Dubai, UAE on 27 June 2024, to carry out consultancy research and studies on ways to improve business performance in Middle East and African markets (MEA).
The entire ordinary shares of TVSM DMCC have been subscribed by the company. Consequent to incorporation, TVSM DMCC has become a wholly owned subsidiary and related party of the company.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland.
TVS Motor Company has reported 18% rise in standalone net profit to Rs 485 crore on 24% increase in revenue from operations to Rs 8,169 crore in Q4 FY24 over Q4 FY23.
The counter declined 1.43% to end at Rs 2,343.10 on Thursday, 27 June 2024.
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