TVS Motor Singapore divests stake in ION Mobility
TVS Motor (Singapore) Pte Ltd, a wholly-owned subsidiary of TVS Motor Company, has divested its stake in ION Mobility Pte. Ltd., a Singapore-registered electric vehicle startup. Simultaneously, TVSM Singapore has acquired specific assets from ION Mobility for a net cash consideration of about $1.75 million, based on an independent valuation report.
With this transaction, ION Mobility, previously an associate company of TVS Motor as per its latest audited financials for FY 2023-24, has ceased to be an associate of both TVSM Singapore and its parent company, according to a company’s filing with stock exchanges.
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