[ad_1]
Lubes maker Castrol India Limited (CIL) on Friday said it will acquire 7.09 percent stake in TVS Automobile Solutions’ digital subsidiary Ki Mobility Solutions with a planned investment of Rs 487.5 crore in an all-cash deal.
With this strategic investment, CIL aims to expand its presence in the service and maintenance of both internal combustion engines (ICE) and electric vehicles (EV) and to enhance the digital capabilities and functionality of myTVS, the release said.
Apart from this, the partnership will provide the possibility for Castrol and KMS to work with the partner in selected markets beyond India, it said.
This collaboration will enhance each other’s strengths and expand the domestic vehicle marketing process through ‘myTVS’, a digitally integrated two-wheeler and four-wheeler KMS services platform, it added.
“CIL will acquire 7.09 percent of KMS with a planned investment of up to Rs 487.5 crore,” said the release.
CIL’s existing service and maintenance presence includes 220 passenger car workshops in 110 cities Pan-India and 42 two-wheeler oil change centres.
“Castrol’s nationwide footprint in India, combined with the digital power of myTVS will bring structure to the current segment of the automotive segment and accelerate the growth of the KMS business.
“Additionally, Castrol will explore business and technology collaborations with KMS to prepare for the transition to electric mobility,” said Sandeep Sangwan, Managing Director, CIL.
GG Srinivasa Raghavan, Managing Director, Ki Mobility Solutions, said, “Our partnership with Castrol will greatly enhance the ownership experience for customers throughout the vehicle lifecycle, as well as the ability to expand our footprint beyond India.”
[ad_2]
Source link