Industry

TVS Motor Co. buys 75% of Swiss EV firm

TVS Motor Co. has acquired 75% stake in Switzerland’s largest e-bike player Swiss E-Mobility Group (SEMG) for $100 million.

The acquisition has been made in an all-cash deal through TVS Motor (Singapore) Pte Ltd. This is the second acquisition by TVS Motor in recent times after the buyout of majority stake in e-mobility firm EGO Movement — also Swiss — in September.

“This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and complements our other recent acquisitions,” said Sudarshan Venu, JMD, TVS Motor.

Asserting that the firm was planning to buy the remaining stake next year, he said: “We see this as a key driver of our growth in Europe and other developed markets.”

According to Mr. Sudarshan, SEMG has four brands — Cilo, Simpel, Allegro, and Zenith. It has a market share of 20% in Switzerland and had reported close to $100 million in revenue last year.

SEMG is a provider of e-mobility solutions within the DACH region (Austria, Switzerland and Germany) and has a network of more than 30 retail stores across Switzerland and Germany. Plans are on to expand into other European countries, the company said.

Venu Srinivasan, chairman, TVS Motor Co., said the firm had been investing in electric vehicles for more than 10 years. “The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change,” he added.

Shares of the company gained 1.3% to ₹629.65 on the BSE on Thursday.


Our code of editorial values

Related Topics
This article is closed for comments.
Please Email the Editor

Printable version | May 22, 2022 2:32:20 am | https://www.thehindu.com/business/Industry/tvs-motor-co-buys-75-of-swiss-ev-firm/article38335738.ece