In a move seen as furthering TVS Motor Company’s aspiration in the electric two-wheeler space, the company’s subsidiary, TVS Motor (Singapore) has agreed to acquire 25 percent stake in Germany-based Killwatt. The cost of acquisition is around 235.29 euro (Rs 20,677) per share.
Killwatt is a privately held company and its business comprises of development, design, manufacture, sale and distribution of high-tech products and components in the field of, inter alia, electric two- and three-wheeler vehicles.
TVS Motor Company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business. According to the filing on BSE India, TVS Motor Company considers that Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with its larger vision of becoming a leading player in the e-personal mobility space and providing customers with sustainable mobility solutions, and complement other recent acquisitions.
Over the last three years, TVS Motor has been actively expanding its presence in the global electric mobility space, inorganically. Over the last few years, it has acquired Norton, Swiss E-Mobility Group and EGO Movement to build EV capabilities as it is developing an electric two-wheeler platform with BMW Motorrad in the sub-15-watt hour range.
