TVS Motor acquires Switzerland-based Passion Velo for 2.79 mn Swiss Francs

Two-wheeler company TVS Motor Co Ltd on Tuesday said that its subsidiary Swiss E-Mobility Group has acquired Switzerland headquartered Alexand'Ro Edouard'O Passion Velo Sarl (Passion Velo).
 
Passion Velo (PV) is primarily engaged in the sale of e-bikes as well as e-bike accessories across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Moustache and others. The TVS subsidiary acquired PV for a cash consideration of 2.79 million Swiss Francs (about Rs 22.8 crore).
 
No approvals are required for the transaction. Consequent to the acquisition, PV has become a subsidiary of TVS Motor, the latter said in an exchange filing.
 
The acquisition would help Swiss E-Mobility Group to geographically expand its network in the western part of Swiss region and strengthen its retail presence, it added.
 
PV owns and manages a large e-bike store spread over an area of 800 square metres in the canton of Neuchatel, Switzerland. PV has "consolidated a strong position within the industry, given their high quality offerings and strong service for customers", TVS said.
 
PV, which was incorporated in 2009, had a turnover of 2.99 million Swiss Francs in financial year (FY) 2021, 2.85 million Swiss Francs in FY 2020 and 2.47 million Swiss Francs in FY 2019.
 
Shares of TVS Motor on Tuesday ended almost flat at Rs 650.05 on the BSE.

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