TVS Motor Company has purchased a stake in a Ultraviolette, a Bengaluru-based electric two-wheeler company. This information was revealed through the company’s BSE (Bombay Stock) filing.
The Housur-based company little over Rs 5 crore to buy 14.78 per cent stake in the company. This makes TVS the second big two-wheeler manufacturer in India to invest in an EV company after Hero MotoCorp who bought stake in Ather a few years ago.
Ultraviolette was founded in 2015 and is being run by Niraj Rajmohan and Narayan Subramaniam. The company is currently in the process of developing three products, however, all products are only in prototypes stage. It is still not known if these products will hit production line anytime soon.
It’s no secret that TVS is focusing a lot on electric vehicles, especially the scooters. In fact, a few months ago, a camouflaged EV scooter was spied around its facility which made us believe that the Indian market will soon see a green scooter from the company. This new stake buyout will definitely help the company up its game in the world of electric two-wheelers.
Image source : autocarindia
