Two-wheeler major TVS Motor Company has acquired the entire stake in TVS Motor Services Ltd (TVS MS), through which Non-Banking Finance Company (NBFC) TVS Credit Services Ltd will become the subsidiary of the company.
In a regulatory filing with the exchange on Thursday, TVS Motor has said it is acquiring TVS Motor Services, which is a special purpose vehicle for financing the retail arm of the company, that is TVS Credit Services Ltd. TVS Credit Services Ltd is a subsidiary of TVS MS.
"The investment in the target company would continue to benefit the company in financing its customers for the purchase of products," said the two-wheeler manufacturer. The acquisition was for a price of Rs 4.62 crore.
TVS MS, incorporated in March 23, 2009, has recorded a turnover of Rs 24,000 in 2017, compared to Rs 37,000 in 2016 and Rs 9,54,975 in 2015.