TVS to acquire Italy's Engines Engineering, sets up global centre of excellence in Bologna

New Delhi, Sep 25 (PTI) TVS Motor Company on Thursday said it will acquire Italian automotive design and engineering firm Engines Engineering S.p.A., for a tad over 5 million euros (over Rs 50 crore) as part of its initiative of establishing a global centre of excellence in Bologna.

TVS Motor has agreed to acquire 100 per cent ownership of Engines Engineering S.p.A.(EE), known for advanced prototyping, innovation in high-performance motorcycles, and deep experience in MotoGP racing, the company said in a statement.

In a regulatory filing, the company said the acquisition has been carried out "at EUR 5.05 per share, amounting to a total consideration of EUR 50,50,000", subject to completion of agreed conditions.

Under the deal, 1,000,000 equity shares are to be acquired, amounting to 100 per cent of the equity share capital of EE, the filing said.

The establishment of the global centre of excellence (CoE) for design and engineering in Bologna, Italy, reinforces the company's long-term vision to deliver premium, future-ready mobility solutions across international markets, the statement said.

"By combining the creativity and racing expertise of Engines Engineering with our engineering and design strengths, we are expanding our ability to deliver premium, connected, and electric vehicles that set new global benchmarks," TVS Motor Company Chairman, Sudarshan Venu said.

Importantly, he added, "This Centre of Excellence further augments Norton's capabilities, enabling it to advance its craft of exceptional high-performance motorcycles that not only honour its iconic legacy but also elevate its future ambitions." The CoE is designed as a concept-to-product innovation hub, seamlessly integrating Engines Engineering's expertise with TVS Motor's global R&D capabilities, the company said.

In addition to bolstering TVS Motor's premium and future-ready product pipeline, the CoE will also add new capabilities to Norton Motorcycles, the company's iconic British marque, supporting its ambition to craft modern luxury motorcycles with cutting-edge performance and design, it added.

The acquisition reflects TVS Motor's commitment to strengthening its design and engineering base to accelerate the creation of next-generation mobility platforms, the company said. PTI RKL MR