TVS Motor Company update on acquisition of minor stake in Killwatt GmbH

TVS Motor Company announced that its subsidiary, TVS Motor (Singapore), had acquired an additional 9.72% stake in Killwatt GmbH for a total consideration of EUR 4 million, whereby EUR 2 million had been paid on 29 February 2024.

Today, TVS Motor (Singapore), have paid EUR 1.6 million of the remaining EUR 2 million to Killwatt GmbH basis the completion of the specified pre-agreed milestone by Killwatt GmbH. The balance EUR 0.4 million will be at a later date, subject to the completion of a specific pre-agreed milestone by Killwatt GmbH.

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