TVS renames the German company Celerity Motor GmbH, which will undertake activities related to two- and three-wheelers including R&D, engineering, sales and service.
Two-wheeler major TVS Motor Co on Wednesday announced the acquisition of 100 percent stake in Germany-based BBT 35/22 Vermögensverwaltungs GmbH for 25,000 euros (Rs 31.57 lakh) in an all-cash deal. After the acquisition, the subsidiary company will be renamed Celerity Motor GmbH, TVS Motor said.
"We wish to inform you that TVS Motor (Singapore) Pte. Limited (TVSM Singapore), a wholly-owned subsidiary of the company, has acquired 100% stake in BBT 35/22 Vermögensverwaltungs GmbH, a German company and thereby it has become a subsidiary of TVSM Singapore as well as to the Company. The name of the Company is proposed to be changed to Celerity Motor GmbH," the company said in a regulatory filing.
BBT 35/22 Vermögensverwaltungs GmbH, which was set up on June 8, 2022, is yet to commence its business operations. According to TVS Motor, the objective of acquisition is to undertake activities related to two- and three-wheelers including research, development, engineering, sales and service thereof via the new subsidiary.
In January 2022, the Chennai-based company acquired a 75% stake in the Swiss E- Mobility Group (SEMG). As per the company, the acquisition is part of its expansion plans in Europe through a portfolio of premium and technology leading products. SEMG is a market-leading provider of e-mobility solutions within the DACH region, operating the largest pure-play e-bike retail chain M-way in Switzerland with close to $100 million in revenue.
Seven months later, in August 2022, TVS also acquired a 48.27% stake in pre-owned two-wheeler platform DriveX for Rs 85.41 crore. The aim is to enable DriveX to further scale up offerings in the pre-owned two-wheeler market and to drive innovative solutions to corner a bigger pie of the growing pre-owned two-wheeler market in the country.
In the ongoing fiscal, TVS Motor Co has sold a total of 1,566,184 two-wheelers in India in the April-October 2022 period, up 32% YoY. On the export front, the company has shipped 616,167 units, down 4 percent in the first seven months of FY2023.
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