TVS Motor Company's subsidiary acquires majority stake in EBCO Limited

TVS Motor (Singapore) Pte. Limited (TVSM Singapore), a wholly-owned subsidiary of TVS Motor Company Ltd has acquired a majority stake (70%) in EBCO Limited, a British company providing smart connected mobility solutions, based in United Kingdom and thereby it has become a subsidiary of TVSM Singapore as well as to the Company.

EBCO Limited is a British company providing smart connected mobility solutions through a pipeline of e-bikes across the city and mountain biking segments. The company has tie ups with most major dealers across the United Kingdom (UK).

EBCO Limited is the exclusive distributor of Corratec e-bikes in the UK. IKO Sportartikel Handels GmbH (Corratec) is one of Germany's largest e-bike manufacturers with a manufacturing plant in Bavaria and another upcoming one in Romania.

TVS Motor Company Limited (TVSM) considers EBCO Limited as a long-term partner to establish a strong presence in the e-bike business. To this end, TVSM has obtained a majority stake (70%) in the Target through its Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd.

Shares of TVS Motor Company Limited was last trading in BSE at Rs. 628.85 as compared to the previous close of Rs. 625.65. The total number of shares traded during the day was 39514 in over 1522 trades.

The stock hit an intraday high of Rs. 629.95 and intraday low of 619.50. The net turnover during the day was Rs. 24715826.00.

Source : Equity Bulls

Keywords

TVSMotorCompany INE494B01023 Acquisition MajorityStake EBCO ConnectedMobilitySolutions