Post acquisition, the acquired company will become a subsidiary of TVSM Singapore as well as of TV Motor.

The object of acquisition is to undertake activities related to two-wheeler & three-wheeler vehicles, including research, development, engineering, sales and service thereof.

The cash consideration for the acquisition stood at Euro 25,000. The acquisition is expected to be completed by 6 December 2022.

BBT 35/22 Vermogensverwaltungs GmbH is incorporated in Germany on 8 June 2022 and is yet to commence its business operations.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally. The company has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia.

On consolidated basis, the company's net profit jumped 59.5% to Rs 386.31 crore on 32% rise in net sales to Rs 8,560.76 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.42% at Rs 1029.65 on the BSE.