TVS Motor Company on Tuesday said its Singapore-based arm will acquire a 25 per cent stake in Germany-based electric mobility products and components startup Killwatt GmbH.
TVS Motor (Singapore) Pte Ltd, has agreed to acquire a 25 per cent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares, the company said in a regulatory filing.
The shares are acquired at cash consideration of 235.29 euros per share, translating to a total of nearly 2 million euros (nearly Rs 18 crore).
Killwatt's business comprises development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles, it added.
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"Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions," TVS Motor Company said.
The company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business, it added.
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