TVS Motor acquires Swiss e-bike maker to tap into the segment in Europe

The Chennai-based firm has bought 80% stake in EGO for $17.9 mn; aims to generate $100-150 mn in next 3-5 years by participating in growing demand for e-bikes in the continent

TVS Motor Company has acquired EGO Movement, a Swiss e-bike company in an all-cash deal through its Singapore Subsidiary TVS Motor (Singapore) as it seeks to tap into the fast growing e-bike market, company's top official said at a virtual press meet on Thursday.

It is  part of the larger strategy to expand TVS' presence in the developed markets and furthers the company's journey into the European continent, he said. Last year, it acquired UK-based Norton Motorcycles.

The Chennai-based company has bought 80 per cent stake in EGO for $17.9 million and aims to generate $100-150 million in the next