TVS Motor Sells Stake and Acquires Assets in Strategic Move

TVS Motor Company's Singapore-based arm divested its stake in Ion Mobility, acquiring assets for USD 1.75 million. The stake was sold to Ion Mobility and its promoter, Chan Lianghong James. As a result, Ion Mobility is no longer an associate of TVS Motor (Singapore).

TVS Motor Company announced on Monday the divestment of its stake in Ion Mobility through its Singapore-based arm.

As part of the transaction, TVS Motor (Singapore) Pte Ltd, the wholly-owned subsidiary, acquired specific assets from Ion Mobility for a net cash consideration of approximately USD 1.75 million.

The stake has been sold back to Ion Mobility and Chan Lianghong James, the company's promoter. Consequently, Ion Mobility is no longer associated with TVS Motor (Singapore) or the company, according to a regulatory filing by TVS Motors.

(With inputs from agencies.)