TVS Motor has acquired a minority stake in Bengaluru-based electric two-wheeler and energy infrastucture start up Ultraviolette Automotive Pvt Ltd.The company will acquire 14.78 per cent stake, or 6750 equity shares of Rs 10 each for Rs 7409 per share. The total cost of acquisition would be around Rs 5 crore, according to a company filing with the exchanges. Ultraviolette, founded on December 18, 2015, is aiming to build an ecosystem that addresses the transportation needs of an urban environment. According to reports, it is into designing and developing a motorcycle and battery packs, which could have modern premium looks. It has reported a total revenud of Rs 3.21 lakh in 2016-17, shooting up from Rs 31,570 in 2015-16.The investment comes in line with the automakers' efforts to bring in clean energy technology to substitute the traditional fuels amidst growing concerns over a depleting environmental health. It may be noted that in October 2016, Hero MotoCorp has acquired 26-30 per ..
