TVS Motor Co. (TVSM), through its wholly owned Singapore subsidiary, proposes to made an additional cash investment of $5.5 million in ION Mobility in two tranches.
Singapore-based ION Mobility is a tech and automotive OEM. Post the deal, the aggregate shareholding of TVSM Singapore Pte. Ltd., will be 25.64%, the leading two and three wheeler manufacturer said in a regulatory filing.
On Thursday, TVS Motor (Singapore) subscribed to an additional 18,20,326 Series AA Shares of ION Mobility by paying $2.5 million. Thereby ION Mobility has become an associate of the TVSM Singapore.
The additional investment in ION Mobility is intended to further enable TVSM to drive the premium electric ecosystem in South-East Asia. The balance amount of $3 million will be paid before March 31.
