TVS Motor Company has acquired a 75 percent stake in the Swiss e-Mobility Group (SEMG) for $100 million (about Rs 752 crore). TVS Motor plans to buy the remaining 25% stake by next year. The acquisition has been made in an all-cash deal through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Pte.
This is the company’s second acquisition in Switzerland in the e-mobility space during the current financial year, after buying 80 percent in EGO Movement for $17.9 million in September 2021. In a statement, the company said, the acquisition reaffirms TVS Motor Company’s commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired.“This acquisition furthers TVS Motor’s commitment towards e-personal mobility products. He further said that the acquisition will help strengthen the firm's commitment to environmental sustainability.
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