TVS Motor Company on Friday, 9th December, said its Singapore-based subsidiary has inked a pact to acquire Electric Vehicle (EV) related technology and assets in Germany. The company, through its wholly owned subsidiary TVS Motor (Singapore) Pte Ltd has signed an agreement to acquire the assets, the company said in a statement.
TVS Singapore will be acquiring the assets through its subsidiary BBT Vermogensverwaltungs GmbH (name proposed to be changed to Celerity Motor GmbH), it added.
The purchase will help strengthen the company’s expansion in the electric two-wheeler market globally, TVS Motor said. However, the company did not disclose financial details.