TVS Motor buys Italian auto design co in $6 million deal

CHENNAI: TVS Motor Company has announced the establishment of its global centre of excellence (CoE) for design and engineering in Bologna, Italy. As part of this initiative, TVS Motor has agreed to acquire 100% ownership of Italian automotive design company Engines Engineering. The company said in its stock market notification that it has acquired 100% of Engines Engineering - 1 million equity shares at about 5 euors per share - for a cash consideration of 5.1 million euros (nearly $6 million). Engines Engineering had earned revenue to 5.5 euros for 2023 and 11.3 euros for 2024.