TVS Motor Company on Monday said its Singapore-based arm has divested its stake in Ion Mobility while acquiring identified assets from the latter for USD 1.75 million (nearly Rs 15 crore). TVS Motor (Singapore) Pte Ltd (TVSM Singapore), a wholly-owned subsidiary, has divested its stake in Ion Mobility Pte Ltd, a company registered under the laws of Singapore, TVS Motor Co said in a regulatory filing.
In exchange, TVS Motor (Singapore) acquired identified assets from Ion Mobility for a net cash consideration of approximately USD 1.75 million, it added.
The stake has been sold to Ion Mobility and Chan Lianghong James, promoter of Ion Mobility, the filing said.
Subsequently, Ion Mobility has ceased to be an associate of TVSM Singapore and the company as well, TVS Motor Co said.
