TVS Motor Company Limited — JV/Acquisition, 19-12-2024: Acquisition

TVS Motor Company has agreed to acquire an additional 0.32% stake in DriveX Mobility Private Limited, bringing its total ownership to 87.70%. The stake acquisition involves purchasing 65 equity shares for a cash consideration of ₹80,31,434 (approx. ₹0.80 Cr). DriveX, which focuses on leasing and trading pre-owned two-wheelers, reported a turnover of ₹33.99 Cr in FY 2023-24 but incurred a loss of ₹30.98 Cr. This strategic move is expected to enhance operational efficiencies and customer service capabilities within the two-wheeler trading segment. Completion of the acquisition is expected within 30 days.