TVS Sensing Solutions Pvt Ltd (TVSSPL), a step-down wholly owned subsidiary of TVS Srichakra Ltd, has acquired a 51% stake in Pune-based electric vehicle technology company Weber Drivetrain Pvt Ltd for ₹10 lakh.
The acquisition was completed on August 31 following the signing of a Share Purchase Agreement with G-Power Energy & Technology Pvt Ltd for 5,100 equity shares of Weber.
Weber becomes step-down subsidiary
Following completion of the transaction, Weber Drivetrain has become a subsidiary of TVSSPL and, consequently, a step-down subsidiary of TVS Srichakra.
TVSSPL said the final consideration paid for the acquisition was ₹10 lakh. The company has clarified that an earlier disclosure stating that ₹1.43 crore was payable towards the acquisition cost was incorrect.
Company focuses on EV technology
TVSSPL said the correction followed verification of the transaction particulars and preparation of the revised filing. The delay in making the disclosure was attributed to the process of verifying the details.
Acquisition expands EV capabilities
Weber supports OEMs under the ‘Make in India’ initiative, with capabilities spanning electric drivetrain technology and vehicle integration.
The acquisition gives TVS Sensing Solutions a controlling interest in an EV technology company focused on motors, controllers and integration solutions.
Company background
Weber Drivetrain is based in Pune and specialises in designing, developing, testing and manufacturing electric motors and controllers for electric vehicles.
The company works with original equipment manufacturers (OEMs), providing end-to-end vehicle integration solutions for EV applications.
TVS Srichakra is part of the TVS Group and is engaged in the manufacture of tyres for two-wheelers, three-wheelers and off-highway applications.