TVS Motor Buys Stake In Switzerland Based Electric Bike Company

TVS Motor Company has made another major acquisition of a European firm, this time in the field of electric mobility. The Indian bikemaker has acquired majority stakes at Switzerland-based EGO Movement which makes electric bicycles.

The company has struck an Rs. 132-crore (CHF 16.6 million) all-cash deal to pick 80 percent stakes of EGO. The remaining 20 percent will be held by the founders of the Swiss company.