TVS Motor Company has acquired the most iconic British motorcycle brand, Norton Motorcycles in an all-cash deal for GBP 16 million (Rs. 153 crores).
Norton motorcycles had been facing financial issues lately because of which they weren’t able to fulfil their customers’ orders. TVS helped them overcome this with the help of its global supply chain capabilities and financial support. The company’s former owner, Stuart Garner, is also reported to be under investigation for doing many frauds.
TVS acquired the Norton Motorcycles with the help of one of its foreign subsidiaries. Because of this new acquisition, Norton motorcycles will get the advantage of entering into new markets while TVS will work closely with the customers and employees to grow the brand. With this, TVS also plans on making progress on the international level.
TVS Motor Company has acquired the company’s IP and rights.