Great World City, Singapore- TVS Motor (Singapore) Pte Ltd., a fully owned part of TVS Motor Company, has sold its stake in ION Mobility Pte. Ltd., a Singapore-based electric mobility company. This sale, in exchange for certain assets from ION Mobility, brought in about USD 1.75 million, based on an independent valuation.
ION Mobility was previously an associate company of TVS Motor Company, meaning it contributed to the company's overall value, but its financial results were not included directly in TVS Motor's revenue statements. For the financial year 2023-24, ION Mobility added INR 73.67 crore to TVS Motor's total net worth, which is about 1.10% of TVS Motor's consolidated net worth.
This sale is part of TVS Motor Singapore’s strategy to focus on its main business and future growth. By acquiring certain assets from ION Mobility, TVS Motor Singapore hopes to strengthen its position in the electric mobility sector.
It’s also worth noting that neither ION Mobility nor its owner, Chan Lianghong James, were part of the TVS Motor Company’s leadership or owner group. With this sale, ION Mobility is no longer an associate of TVS Motor Singapore or TVS Motor Company.
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