Eicher Motors Limited, the parent company of motorcycle brand Royal Enfield, has announced the incorporation of a new wholly-owned subsidiary, "Royal Enfield Europe B.V.," in the Netherlands.
Eicher Motors said it has subscribed to the entire equity share capital of Royal Enfield Europe B.V. of 5,00,000 Euro, constituting of 5,00,000 shares of EURO 1 each, by way of cash consideration. Eicher Motors will infuse the share capital in due course.
With the subscription, Eicher Motors now holds 100 percent equity share capital and control of Royal Enfield Europe B.V. The subsidiary, registered in the Netherlands, is set to commence its business operations soon, it further said.
The incorporation is effective March 21, 2024.
The newly formed subsidiary, Royal Enfield Europe B.V., falls within the two-wheeler automobile industry.
This initiative seeks to facilitate quicker and easier availability of non-motorcycle products, including parts, spares, apparel, and genuine motorcycle accessories, for customers in the region, Eicher Motors stated.
The company emphasized that business activities of the subsidiary align closely with its core operations, which involve the manufacturing and sale of Royal Enfield motorcycles, apparel, and related products in India and over 60 countries worldwide.
Eicher Motors Limited clarified that the incorporation of Royal Enfield Europe B.V. does not constitute a related party transaction, and neither the promoters nor the group companies have any interest in the new entity.
No governmental or regulatory approvals are required for the incorporation of Royal Enfield Europe B.V., Eicher Motors also stated.
Eicher Motors Limited is engaged in the manufacturing and sale of Royal Enfield motorcycles, apparel and genuine motorcycle accessories and related products in India and 60+ countries.
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