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Castrol said the proposed acquisition will take place in two phases and will be completed by January 2023.
Motor oil producer Castrol India Ltd announced on Friday that it will acquire 7.09 percent stake in TVS Group’s. what Movement in two episodes.
The first tranche will see Castrol subscribe for 4.8 per cent share capital at Rs 325 crore by December 2022, while the second tranche will see Castrol subscribe for an additional 2.4 per cent Ki The total share of Mobility is Rs 162.5 crore in January 2023.
The total consideration of both the tranches comes to Rs 487 crore.
Strategic investment is going expanding Castrol India’s presence in the after sales service and maintenance sector.
Both Castrol and Ki Mobility will explore business and technology collaborations under this partnership, bringing disruption to the automotive service sector and focusing on EV readiness.
Ki Travel was incorporated in September 2018 and is one of the leading players in the car service, maintenance and repair sector in India. The TVS Group-unit aims to provide end-to-end vehicle lifecycle management and connected vehicle propositions to customers on its technology platform.
Over the past three financial years, Ki Mobilty has revenue of Rs 545, Rs 819 and Rs 1,207 respectively.
Shares of Castrol India are trading 1.4 percent higher at Rs 132.05.
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