TVS Motor Co. on Monday said its Singapore-based arm has increased stake in the Germany-based electric mobility products and components start-up Killwatt GmbH to 49% with the acquisition of an additional 8,000 equity shares for 4 million euros (over Rs 35 crore).
TVS Motor (Singapore) Pte Ltd has agreed to acquire a further 8,000 equity shares in Killwatt GmbH following which its shareholding will increase from 39.28 per cent to 49% by way of newly issued shares of the latter, TVS Motor Co said in a regulatory filing.
The total consideration for the acquisition of 8,000 equity shares in Killwatt GmbH is 4 million euros, whereby 2 million euros will be paid on or before March 4, and the remaining 2 million euros will be paid at a later date, subject to the completion of a specific pre-agreed milestone by Killwatt GmbH, it added.
Killwatt is a privately held firm engaged in businesses comprising development, design, manufacture, sale and distribution of products and components in the field of electric two-wheelers, the filing said.
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