TVS Motor Company Acquires 39.11% Stake in DriveX Mobility for INR 97.79 Crores

TVS Motor Company, a leading two-wheeler manufacturer, has agreed to acquire 39.11% of the issued, subscribed and paid-up share capital of DriveX Mobility Private Limited from its existing shareholder. The transaction is valued at INR 97.79 Crores and is expected to be completed within 30 days from the date of execution of the Share Purchase Agreement. Upon completion, DriveX will become a subsidiary of TVS Motor Company. DriveX, incorporated in 2020, generated a turnover of Rs. 33.99 Cr with a loss after tax of Rs. 30.98 Cr and a net worth of Rs. 43.30 Cr in FY 2023-24. The acquisition is expected to bring operational efficiencies and better serve the needs of customers.