SEMG is currently a subsidiary of TVS Motor (Singapore) Pte and the company and consequent to the additional acquisition, SEMG will become a wholly owned subsidiary of TVS Motor (Singapore) Pte and also the company.

SEMG is a fully integrated e-bike platform with its core business consisting of purchase and re-sale of own branded e-bikes, third party branded e-bikes and spare parts through retail and online stores in Switzerland and Germany. SEMG has a network of 34 retail stores in Switzerland and 2 stores in Germany. In 2022, SEMG generated a turnover of CHF 64.62 million.

In order to establish a strong presence in the emobility business, the company had, through its Singapore subsidiary, TVS Motor (Singapore) Pte, acquired 75% stake in SEMG on 27 January 2022, by way of purchase of 114,658 shares from the existing shareholders of SEMG.

The company will acquire 25% of total shareholding amounting to 38,217 common equity shares. The price at which the shares are acquired is CHF 517.36 per share.

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 2-wheeler maker's standalone net profit jumped 49.5% to Rs 410.27 crore on 19.4% rise in revenue from operations to Rs 6,604.78 crore in Q4 FY23 over Q4 FY22.

Shares of TVS Motor Company rose 0.90% to settle at Rs 1,337.25 on Friday, 9 June 2023.