TVS Motor Company will come with Abu Dhabi Investment Authority (ADIA), Goldman Sachs Group, and Carlyle Group for an investment in its electric vehicle (EV) arm, as per report.
The $300 million to $350 million investment (approx. Rs. 2,500 crore to Rs. 2,900 crore) would value TVS at about $3 billion to $3.5 billion (approx. Rs. 25,000 crore to Rs. 29,000 crore), likely making it India’s most valuable EV two-wheeler manufacturer, as per reports, citing people with knowledge of the matter.
As per reports, due diligence is currently underway.
TVS Motors, which makes the iQube e-scooter, had report its EV sales had nearly double in the October-December quarter.
The TVS Motors has also tied up with Amazon’s India unit to boost its EV business.
As part of the collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deploy for Amazon’s last-mile deliveries.
In addition, the two companies will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements, they said in a joint statement in November 2022.
In 2022, it was report that TVS was aiming to grow its electric vehicle segment by leveraging various government initiatives like production-link incentive scheme, among many others.
As per TVS Motors annual report for 2021-22, the company has robust plans to scale up its play in the electric segment.
TVS Motors has create a dedicate vertical for EV segment with over 600 engineers and adopt the Centres of Competency (COCs) with an agile working approach.
TVS sold more than 10,000 EVs in 2021-22.
As TVS currently offers the iQube electric scooter, which was launch in May 2022.
