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Two and three-wheeler manufacturer TVS Motor Company Ltd. has acquired a 100 percent stake in German company BBT 35/22 Vermögensverwaltungs GmbH for 25,000 euros.

The company on Wednesday said that a wholly-owned subsidiary of TVS Motor, TVS Motor (Singapore) Pte Ltd. (TVSM Singapore), has acquired the German automotive services company.

The name of the German company will be changed to Celerity Motor GmbH.

Also Read: TVS Motor Company opens its first experience centre in Singapore

The German company was incorporated in June 2022 for undertaking activities related to two-wheeler and three-wheeler vehicles, including research, development, engineering, sales, and service thereof.

TVS Motor is India's third largest two-wheeler company, which reported a total revenue of over Rs 20,000 crore in 2021-22. It has annual sales of over 3 million units and an annual capacity of over 4.95 million vehicles. It is also the second largest exporter in India.

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The company has four manufacturing plants at Hosur in Tamil Nadu, Mysore in Karnataka, Nalagarh in Himachal Pradesh, and one in Indonesia’s Karawang.

The company's net sales rose by 32 percent to Rs 8,560.76 crore in the September quarter from Rs 6,483.42 crore in the same period a year ago. Its net profit jumped nearly 60 percent to Rs 386.31 crore from Rs 242.17 crore in the year-ago quarter.

Shares of TVS Motor Company are trading at Rs 1,023.70, down 0.15 percent.

Also Read: Amazon signs MoU with TVS Motor to deploy EVs for deliveries to cut down emissions

(Edited by : Rukmani Krishna)