New Delhi: TVS Motor Company Limited, through its wholly -owned subsidiary TVS Motor (Singapore) Pte. Limited (TVSM Singapore), has signed an agreement to acquire EV-related technology and assets in Germany.
TVS Singapore will be acquiring the assets through its subsidiary BBT 35/22 Vermögensverwaltungs GmbH (name proposed to be changed to Celerity Motor GmbH). The said purchase will help strengthen TVS’ expansion in the EV 2-wheeler market globally, the company informed BSE and NSE on Friday.
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This massive investment will be required to cater to the growing demand for EVs, which is expected to grow at a compounded annual growth rate (CAGR) of 39 per cent, and the resultant requirement of power, credit ratings agency India Ratings and Research (Ind-Ra) said in its report.
