India's TVS Motor Acquires Legendary British Bike Brand Norton Motorcycles For Rs 153 Cr
TVS Motor has clinched a $20 million (~Rs 153 Crore) deal to buy British brand Norton Motorcycles. The move now becomes the latest acquisition of a British auto manufacturer by an Indian entity, after Tata Motors acquired Jaguar Land Rover more than a decade earlier.
As part of a distressed sale, India¡¯s third-largest motorbike manufacturer completed an all-cash transaction for the acquisition. As announced on Friday, TVS Motor will take control of the 122-year-old Leicestershire brand ¡®Norton Motorcycles¡¯ for 16 million pounds ($19.98 million) through one of its overseas subsidiaries.
(Image: Norton Motorcycles)
¡°Norton presents us with an immense opportunity to scale globally,¡± TVS¡¯ joint managing director Sudarshan Venu was quoted as saying in a Reuters report. Venu further assured that TVS Motor would provide ¡°full support for Norton to regain its full glory.¡±
Going forward, TVS Motor will invest in Norton¡¯s lineup of motorcycles. The selective ones, of course, that will see the rekindled investment will likely by the most famous models like Commando, Dominator and V4 RR.
(Image: Norton Motorcycles)
As per Venu, TVS will also work closely with Norton¡¯s employees and customers to retain its identity. In addition, the motorcycle major will outline a specific business plan for the British firm.
Discussions for the takeover had begun earlier this year between TVS and accountancy firm BDO - which acted as Norton¡¯s administrator. This was after the British motorcycle maker, founded by James Lansdowne Norton in 1898, became insolvent and went under administration.
