Castrol India to acquire over 7 percent stake in Ki Mobility Solutions | The Financial Express

Castrol India to acquire over 7 percent stake in Ki Mobility Solutions

Castrol India,with this strategic investment, aims to expand its presence in service and maintenance for both internal combustion engine (ICE) and electric vehicles (EV) and leverage myTVS’ digital and operational capabilities.

Castrol India to acquire over 7 percent stake in Ki Mobility Solutions

Castrol India (CIL), one of India’s lubricant players will acquire a 7.09 percent stake in Ki Mobility Solutions (KMS)   with a planned investment of up to Rs 487.5 crore, marking CIL’s largest all-cash deal till date. Both will collaborate to expand the country’s automotive aftermarket ecosystem via ‘myTVS’, KMS’ digitally integrated multi-brand service platform for two and four wheelers. 

Castrol India,with this strategic investment, aims to expand its presence in service and maintenance for both internal combustion engine (ICE) and electric vehicles (EV) and leverage myTVS’ digital and operational capabilities.

This alliance will also offer potential for Castrol and KMS to collaborate and partner in select markets beyond India. 

According to partnered companies, vehicle owners will benefit from this strategic alliance through easy access to differentiated, digitally enabled service and maintenance offered by the myTVS platform whose reach includes 3 million customers across 1,000 garages in India.

Sandeep Sangwan, Managing Director, Castrol India Limited, said, “KMS has a leading automotive digital platform, myTVS which is disrupting the Indian aftermarket. Castrol’s established brand equity and nation-wide footprint in India, combined with myTVS’ digital strength will bring structure to the currently fragmented automotive service sector and also accelerate business growth for KMS.”

G Srinivasa Raghavan, Managing Director, ki Mobility Solutions, said, “This investment by Castrol India Limited is testimony to the success of our unique online-to-offline business model. Our partnership with Castrol will significantly enhance the ownership experience for customers across the lifecycle of their vehicles.

CIL’s existing presence in service and maintenance includes its rapidly expanding network of 220 Castrol Auto Service passenger car workshops in 110 cities across India and 42 Castrol Express Oil Change outlets that offer two-wheeler consumers swift and reliable oil change.

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First published on: 25-11-2022 at 14:51 IST