TVS Motor has reportedly acquired a minority stake in Bengaluru-based electric two-wheeler and energy infrastructure start-up Ultraviolette Automotive. The company has bought 14.78 per cent stake, or 6,750 equity shares of Rs 10 each for Rs 7,409 per share. The total cost of acquisition would be around Rs 5 crore.
The investment comes in line with the automaker’s efforts to bring in clean energy technology to substitute traditional fuels amid growing concerns over depleting environmental health.
Founded on December 18, 2015, Ultraviolette aims to build an ecosystem that addresses the transportation needs of an urban environment. TVS Motor Company is a leading two and three-wheeler manufacturer, and is the flagship company of the TVS Group.