|
Killwatt is a privately held GmbH. It comprises development, design, manufacture, sale and distribution of high tech products and components in the field of, inter alia, electric two-wheeler and three wheeler vehicles.
TVS Motor Company (TVSM) considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business.
The acquisition is aligned with the company's larger vision of becoming a leading player in the e-personal mobility space and providing its customers with sustainable mobility solutions, and it complements our other recent acquisitions.
On 4 April 2023, the company had agreed to acquire 25% stake amounting to 8,500 common equity shares at EUR 235.29 per share in Killwatt GmbH by way of newly issued shares of Killwatt GmbH.
TVS Motor Company is a reputed two and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland.
The company reported 22% rise in standalone net profit to Rs 353 crore on a 15% increase in revenue to Rs 6,545 crore in Q3 FY23 over Q3 FY22.
The scrip rallied 2.45% to settle at Rs 1,163.20 on Thursday 13, April 2023.
The domestic stock market is shut today, 14 April 2023, on account of Dr. Baba Saheb Ambedkar Jayanti.
|