TVS Motor Company Ltd's subsidiary acquires 100% stake in Passion Velo

Swiss E-Mobility Group (Holding) AG ("SEMG"), a subsidiary of TVS Motor Company Ltd has acquired 100% in Alexand'Ro Edouard'O Passion Vélo Sàrl ("Passion Vélo"), primarily engaged in the sale of e-bikes as well as e-bike accessories across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Moustache and others.

PV owns and manages a large e-bike store spread over an area of 800 sqm in the canton of Neuchatel, Switzerland.

Consequent to the above, Passion Vélo has become a subsidiary of the Company.

This acquisition would help SEMG to geographically expand its network in the western part of Swiss region and strengthen its retail presence.

Shares of TVS Motor Company Limited was last trading in BSE at Rs. 650.05 as compared to the previous close of Rs. 650.35. The total number of shares traded during the day was 135963 in over 1368 trades.

The stock hit an intraday high of Rs. 652.45 and intraday low of 639.60. The net turnover during the day was Rs. 87374593.00.

Source : Equity Bulls

Keywords

TVSMotorCompany INE494B01023 SwissEMobilityGroupHoldingAG Acquisition PassionVelo