Castrol India said that it has completed the acquisition of 7.09% stake in ki Mobility Solutions Private Limited on 10 January 2023.
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.
On 25 November 2022, Castrol India had announced its plans to acquire 7.09% stake in ki Mobility with a planned investment of upto Rs 487.5 crore.
With this strategic investment, CIL aims to expand its presence in service and maintenance for both internal combustion engine (ICE) and electric vehicles (EV) and leverage myTVS' digital and operational capabilities.
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.
This alliance will also offer potential for Castrol and ki Mobility to collaborate and partner in select markets beyond India.
Castrol India is one of India's leading lubricant companies with brands such as Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC and Castrol VECTON. The company also operates in select segments like high performance lubricants and metalworking fluids used in a wide variety of industries such as automotive manufacturing, mining, machinery, and wind energy. Castrol has a large manufacturing and distribution network in India with three blending plants and a distribution network of 350 distributors.
The company's consolidated net profit rose 0.68% to Rs 187.17 crore on a 4.46% increase in sales to Rs 1121.07 crore in Q2 FY23 over Q2 FY22.
The scrip slipped 0.44% to currently trade at Rs 125.35 on the BSE.
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