TVS Motor (Singapore) Pte. Limited (TVSM Singapore), a subsidiary of TVS Motor Company Limited, announced it has acquired 70 per cent stake in EBCO Limited, a British company providing smart connected mobility solutions.
According to the company’s exchange filing, “We wish to inform you that TVS Motor (Singapore) Pte. Limited (TVSM Singapore), a wholly-owned subsidiary of the Company has acquired a majority stake (70%) in EBCO Limited, a British company providing smart connected mobility solutions, based in United Kingdom and thereby it has become a subsidiary of TVSM Singapore as well as to the Company.”
“TVS Motor Company Limited (TVSM) considers EBCO Limited as a long-term partner to establish a strong presence in the e-bike business. To this end, TVSM has obtained a majority stake (70%) in the Target through its Singapore Subsidiary, TVS Motor (Singapore) Pte Ltd,” according to the company’s statement.
EBCO Limited is a British company providing smart connected mobility solutions through a pipeline of e-bikes across the city and mountain biking segments. The company has tie ups with most major dealers across the United Kingdom (UK).
EBCO Limited is the exclusive distributor of Corratec e-bikes in the UK. IKO Sportartikel Handels GmbH (Corratec) is one of Germany’s largest e-bike manufacturers with a manufacturing plant in Bavaria and another upcoming one in Romania, the statement said.
