 "TVS Motor acquires 14.78% stake in electric two-wheeler firm Ultraviolette")
TVS Motor has acquired a minority stake in Bengaluru-based electric two-wheeler and energy infrastructure start-up Ultraviolette Automotive.
The company will acquire 14.78 per cent stake, or 6,750 equity shares of Rs 10 each for Rs 7,409 per share. The total cost of acquisition would be around Rs 5 crore, according to a company filing with the exchanges.
Founded on December 18, 2015, Ultraviolette aims to build an ecosystem that addresses the transportation needs of an urban environment. According to reports, the firm deals with designing and developing motorcycles and battery packs in order to give them a modern premium
