TVS Motor's Singapore unit to increase stake in Swiss E-Mobility Group

In April this year, TVS Motor (Singapore) Pte Ltd, had agreed to acquire a 25 percent stake in Killwatt GmbH by way of newly issued shares of the latter.

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TVS Motor (Singapore) Pte, a subsidiary of two-wheeler maker TVS Motor,  said on June 10 that it has agreed to acquire an additional  25 percent stake in Swiss E-Mobility Group (Holding) AG, also known as SEMG, based in Switzerland.

SEMG, which is an e-bike platform covering B2B and B2C businesses involving sale of own branded ebikes, is currently a subsidiary of TVS Motor (Singapore) Pte Ltd. After the acquisition of the 25 percent shares from existing minority shareholders is done, SEMG will become a wholly-owned subsidiary of TVS Motor (Singapore) Pte Ltd, TVS Motor said in the filing.

Also Read: TVS Motor Company registers sales growth of 9% to 330,609 units in May 2023

Previously, TVS Motor had acquired a 75 percent stake in the e-mobility company via its Singapore subsidiary in 2022, to establish its presence in the space.

In April this year, TVS Motor (Singapore) Pte Ltd, had agreed to acquire a 25 percent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares.

As on June 9, the company's shares were up 9.9 percent to Rs 1,336 on the NSE.