TVS Motor Company announced that its Singapore-based arm would acquire a 25% stake in Killwatt GmbH, a German-based startup for electric mobility components and products.
TVS Motor (Singapore) Pte Ltd, agreed to purchase a 25% stake in Killwatt GmbH via newly issued shares. This equates to 8,500 common equity shares.
The shares can be purchased for a cash consideration of 235.29 Euros per share. This equates to almost 2 million euros.
It added that Killwatt’s business includes the development, design and manufacture, sale, and distribution of high-tech components and products in the field of electric two-wheeler, and three-wheeler vehicle fields.
The company has seen great potential in Killwatt. TVS Motor Company stated that this acquisition aligns with our larger vision to become a leader in the e-personal mobility sector and provide our customers with sustainable mobility options.
It added that Killwatt is a long-term partner for the company to build a strong presence within the e-mobility industry.
