The two-wheeler company will purchase 100% stake of Intellicar Telematics for a total cash consideration of Rs 15 crore.Intellicar Telematics provides advanced fleet management solutions through an integrated platform powered by IoT technologies coupled with strong analytics and data management capabilities. It will help accelerate the ongoing digital initiatives at TVS Motor Company that are targeted at delivering enhanced customer experience.
Intellicar had reported revenue of Rs 16.10 crore in FY20, up from Rs 9.66 crore in FY18. The acquisition process is expected to be completed by 31 December 2020.
TVS Motor Company's consolidated net profit skid 29.4% to Rs 181.41 crore on 5.9% rise in net sales to Rs 5,254.36 crore in Q2 September 2020 over Q2 September 2019.
Shares of TVS Motor Company slipped 0.29% to Rs 497.90 on BSE. TVS Motor Company is a two and three-wheeler manufacturer and is the flagship company of TVS group.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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