TVS Motor considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business
As per the latest announcement by TVS Motor Company, its Singapore-based arm is set to acquire a 25 per cent stake in Germany-based electric mobility products and components start-up Killwatt GmbH. It is learnt from the regulatory filing that TVS Motor (Singapore) Pte Ltd will buy one-fourth of the newly issued shares of the German company, i.e., 8,500 common equity shares. Notably, the shares are acquired at a cash consideration of around ₹21,190/share, totalling nearly ₹18 crores.
In the official release, TVS noted that Killwatt’s business comprises the development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles. TVS Motors takes Killwatt as a long-term partner to establish a strong presence in the e-mobility business.
According to TVS Motor, “Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions.”
Last year, EFY had reported TVS Motors to be in talks to raise Rs 4,000-5,000Cr for its EV business expansion.
With global footprints, TVS Motor claims to be the third largest two-wheeler manufacturer in India. This over-a-century-old company has four state-of-the-art manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.
