TVS Motor Company announced that its Singapore-based subsidiary will acquire a 25% stake in the Germany-based electric mobility products and components startup Killwatt GmbH. According to a regulatory filing, TVS Motor (Singapore) Pte Ltd has agreed to acquire a 25% stake in Killwatt GmbH through newly issued shares of the latter, totaling 8,500 common equity shares. The shares are purchased for a cash consideration of 235.29 euros per share, for a total of nearly 2 million euros (nearly Rs 18 crore).
Killwatt’s business includes the development, design, manufacture, sale, and distribution of high-tech products and components for electric two-wheeler and three-wheeler vehicles, according to the company. “Killwatt has a lot of potential, which the company has envisioned. This acquisition is consistent with our larger vision of becoming a leader in the e-personal mobility space and providing sustainable mobility solutions to our customers, and it complements our other recent acquisitions, “according to TVS Motor Company. Killwatt is viewed as a long-term partner by the company in order to establish a strong presence in the e-mobility market, it added.