TVSM Singapore, a wholly-owned subsidiary of TVS Motor company, has acquired 100 per cent stake in BBT 35/22 Vermögensverwaltungs GmbH for Euro 25,000, the company announced in an exchange filing.
The company has proposed to change the name of the acquired company to Celebrity Motor GmbH post acquisition. It will also become a subsidiary of TVS Motor Singapore.
The object of this acquisition is to undertake activities like research, development, engineering, service, and sales of two-wheeler and three-wheeler vehicles.
The German company, BBT 35/22 Vermögensverwaltungs GmbH was incorporated on June 8, 2022, and is yet to commence its business operations.
TVS Motors consolidated profit jumped by 59.5 per cent to Rs 386.31 crore and a rise of 32 per cent in sales to Rs 8,560.76 crore in the second quarter of this financial year over the same period last year.
The shares of the company went up 0.42 per cent at Rs 1029.65 on the BSE.
