News Karnataka
Tuesday, September 27 2022
Business News

TVS Motor to acquire 48% stake in Nkars Mobility for Rs.85.41 cr

TVS Motor to acquire 48 stake in Nkars Mobility for Rs8541 cr
Photo Credit : IANS

Chennai: Two and three-wheeler maker TVS Motor Company said on Wednesday that it has acquired 48.27 per cent stake in Nkars Mobility Millennial Solutions Private Limited (NMMSPL) for about Rs 85.41 crore.

According to TVS Motor, Nkars Mobility with a turnover of Rs 8.68 crore is engaged in leasing motorcycles and scooters and selling, trading and distributing pre-owned two-wheelers.

TVS Motor considers Nkars Mobility to be a strong partner to grow its pre-owned two-wheeler vehicle business.

To this end, subject to completion of the conditions precedent to closing, TVS Motor shall obtain 48.27 per cent stake in Nkars Mobility.

Curiously, the turnover of Nkars Mobility — co-founded in 2020 by Narain Karthikeyan, the first Indian racing driver to compete in Formula One — zoomed from about Rs 47.98 lakh in FY21 to Rs.8.68 crore in FY22.

The stake acquisition will be through subscription of shares issued by way of preferential allotment and through purchase of shares from certain existing shareholders of Nkars Mobility.

Read more:

TVS Motors  acquires large e-bike player – Swiss E-Mobility Group AG (SEMG)

TVS Motor moped domestic sales down, exports up

TVS Motor Company signs MoU with Tata Power

Exports boost TVS Motor’s May sales

TVS Motor starts export of BMW bikes, plans capex of Rs 350 cr FY18

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