TVS Motor Company Limited — JV/Acquisition, 29-11-2024: Acquisition

TVS Motor Company has acquired an additional 39.11% stake in DriveX Mobility Private Limited for a cash consideration of ₹97.79 crore. This acquisition increases TVS's holding in DriveX to 87.38%, making it a subsidiary. DriveX, engaged in leasing and trading two-wheelers, reported a turnover of ₹33.99 crore with a net loss of ₹30.98 crore for FY 2023-24. The strategic move is expected to enhance operational efficiencies and customer service. The acquisition is set to be completed within 30 days, subject to the execution of the Share Purchase Agreement.