TVS Motor invests ₹30 cr. more in EV start-up Ultraviolette


TVS Motor Company Ltd., a manufacturer of two-and-three wheelers, has invested an additional ₹30 crore in EV start-up Ultraviolette Automotive Pvt. Ltd. In 2017, TVS Motor had picked up almost 15% stake in the start-up by investing ₹5 crore. The company invested an additional ₹6 crore in 2018. With the present infusion, TVS Motor’s stake has risen to 29.48%, the company said in a regulatory filing.

Ultraviolette is the maker of high-performance electric motorcycle F77 that was unveiled during November 2019. It will be launched next year. “The F77 was conceived with a single-minded purpose of creating an identity for electric mobility in India, and TVS Motor Company has been a strategic partner in this journey,” said Niraj Rajmohan, founder and CTO, Ultraviolette Automotive Pvt. Ltd.

“We have conducted aggressive track and road tests on the motorcycle, adjusting and modifying the specifications to perfection,” he said.

“TVS Motor has always shared our passion for building globally-competitive and futuristic mobility solutions,” he added.

You have reached your limit for free articles this month.

To get full access, please subscribe.

Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages

Move smoothly between articles as our pages load instantly.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations

A select list of articles that match your interests and tastes.

Briefing

We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.