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TVS Motor Company acquires UK-based Norton Motorcycles Holdings for Rs 153 crore

TVS Motor Company acquires UK-based Norton Motorcycles Holdings for Rs 153 crore

TVS Motor Company acquires UK-based Norton Motorcycles Holdings for Rs 153 crore
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By CNBC-TV18 Apr 18, 2020 9:29:04 AM IST (Updated)

TVS Motor Company, a manufacturer of two- and three-wheelers, on Friday said it has acquired Norton Motorcycles Holdings Ltd and Norton Motorcycles UK for for Rs 153 crore (16 million pounds).

TVS Motor Company, a manufacturer of two- and three-wheelers, on Friday said it has acquired Norton Motorcycles Holdings Ltd and Norton Motorcycles UK for for Rs 153 crore (16 million pounds).

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Founded in Birmingham by James Lansdowne Norton in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time and is one of the most emotive marques today.
Since the 20th century, Norton Motorcycles is renowned for their classic models and eclectic range of luxury motorcycles ranging from authentic retro classic reboots of the famous Commando to their contemporary 200 bhp, 1200cc V4 super-bikes.
Commenting on the acquisition, Sudarshan Venu, joint managing director, TVS Motor Company, "We have not taken on any past liabilities and responsibilities. We would take on almost all existing employees. Immediate focus will be on developed markets and 21 existing markets of Norton in US and America. We have a large number of orders which we will start delivering soon."
"We look forward to growing and nurturing the heritage of Norton. Norton has had management issues and economic issues. We will be able to overcome the issues that Norton has been facing for the past few years. Norton is 800 cc and above and we will serve a different customer segment with this motorcycle. Strong tie-up with BMW will continue. Acquisition of Norton is to serve a completely different segment," he added.
The acquisition was undertaken under the guidance of financial advisors, Rothschild and Co, and legal advice for the transaction was provided by Khaitan & Co, and Slaughter and May.
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