TVS Motor Company's Singapore arm has increased its stake in German e-mobility firm Killwatt to 49% from 39.28%, for Euro 4 million.
This acquisition would fall within related party transaction as Killwatt GmbH is an associate company. The transaction is being conducted at arms’ length, the company said in an exchange filing.
"TVS Motor Company Limited (TVSM) considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business. To this end, and in light of the company’s successful completion of certain business-linked milestones, TVSM has obtained an additional stake in Killwatt GmbH through its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd, by way of subscription to newly issued shares of Killwatt GmbH," the company noted.
Killwatt’s business comprises development, design, manufacture, sale and distribution of products and components in the field of, inter alia, electric two-wheeler vehicles.