TVS Motor acquires 75% Stake in Swiss e-Mobility Group

TVS Motors has acquired 75% stakes in the Swiss e-Mobility Group (SEMG) for $11 million. It is the second acquisition of the company in Switzerland in the e-mobility space. Earlier the company acquired 80% shares in EGO Movement for $17.9 million in September 2021. TVS Motors is also planning to acquire the remaining stake of SEMG in order to expand its e-mobility presence in the remaining countries of Europe along with India.SEMG is a leading e-mobility solution within the DACH region and is known for operating the largest pure-play e-bike retail chain M-way in Switzerland and has revenue of $100 million. TVS Motors is planning to launch SEMG brands like Cilo, Simpel, Allegro, and Zenith in India by the end of 2022.The acquisition is an all-cash deal through TVS Motors’ Singapore Subsidiary. The company has said that the e-bicycle market holds significant growth potential, with the continuous increase in its use, regulatory support, and its total perception as a sustainable form of transport. The board of TVS proposed to set up a subsidiary for the EV business in October with an investment of Rs 1000 crore for EV expansion.