TVS Motor Company rose 1.65% to Rs 554.05 after its Singapore-based arm, TVS Motor (Singapore) acquired 77,19,786 common equity shares and 14,01,072 preferred equity shares of Swiss firm, EGO Movement at CHF 1.825 per share in an all-cash deal.
On 16 September 2021, TVS Motor Company announced a partnership with EGO Movement as a majority shareholder, in an all-cash deal through its Singapore-based subsidiary, TVS Motor (Singapore). The partnership happens to be in line with TVS Motor Company's plans of building a product portfolio while nurturing sustainable and scalable brands. It also reiterates the company's strategy to expand its global presence in developed markets, commencing with Europe.
EGO Movement is a Swiss technology company providing mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters. The company combines designs with software and hardware to deliver a good customer experience. It has an omnichannel network across Switzerland, Liechtenstein and Germany with plans to expand across Europe, combining the strategically located stores with online experience.
On the same day, TVS Motor Company, intimated the bourses regarding the launch of a 125cc segment TVS Raider for the youth in India and across the globe.
TVS Motor Company reported a consolidated net loss of Rs 14.72 crore in Q1 FY22 as compared to a net loss of Rs 182.79 crore registered in Q1 FY21. Net sales soared 141.80% to Rs 4,689.34 crore in Q1 FY22 from Rs 1,939.65 crore posted in Q1 FY21.
TVS Motor Company, part of the TVS Group, is a two and three-wheeler manufacturer.
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