O Luxe Holdings has agreed to acquire Japanese electric vehicle startup GLM - termed as Japanese-Tesla for 896 million Hong-Kong dollar (Rs 729 crore).

With the current offer the watchmaker will acquire 85.5 percent of GLM’s outstanding shares.GLM was conceptualized when it started working on the Kyoto Electric Car Project. The company was launched in 1996 by the Kyoto Venture Business Laboratory, with Hiroyasu Koma, director and president officially establishing the company in April, 2010.

The company develops, produces and sells electric vehicles in Japan, with currently two models under its portfolio the GLM G4 and Tommykaira ZZ, the acquisition might change the landscape under a new management.

The company had initially announced its intention to buy the electric vehicle company in April, 2017, while the company has got majority stake in the company it will still pursue to buy the remaining shares from minority stakeholders in a bid to have complete ownership.