TVS Motor Company’s subsidiary -- Swiss E-Mobility Group (Holding) AG (SEMG) has acquired 100% stake in AlexandRo EdouardO Passion Velo Sarl (Passion Velo), primarily engaged in the sale of e-bikes as well as e-bike accessories across a range of premium e-bike brands such as TREK, Riese & Muller, Cannondale, Moustache and others. Consequent to the above, Passion Velo has become a subsidiary of the company.
This acquisition would help SEMG to geographically expand its network in the western part of Swiss region and strengthen its retail presence. Cost of acquisition is Swiss franc 2.79 million.
TVS Motor Company is a reputed two and three-wheeler manufacturer.