Tvs Motor Company said that TVSM Singapore, a wholly-owned subsidiary of the company has acquired 100% stake in BBT 35/22 Vermogensverwaltungs GmbH for Euro 25,000.
The name of BBT 35/22 Vermogensverwaltungs GmbH is proposed to be changed into Celerity Motor GmbHPost acquisition, the acquired company will become a subsidiary of TVSM Singapore as well as of TV Motor.
The object of acquisition is to undertake activities related to two-wheeler & three-wheeler vehicles, including research, development, engineering, sales and service thereof.
The cash consideration for the acquisition stood at Euro 25,000. The acquisition is expected to be completed by 6 December 2022.
BBT 35/22 Vermogensverwaltungs GmbH is incorporated in Germany on 8 June 2022 and is yet to commence its business operations.
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TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
On consolidated basis, the company's net profit jumped 59.5% to Rs 386.31 crore on 32% rise in net sales to Rs 8,560.76 crore in Q2 FY23 over Q2 FY22.
The scrip rose 0.42% at Rs 1029.65 on the BSE.
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