TVS Motor Company announced that its wholly owned subsidiary, TVS Motor (Singapore) Pte Ltd, has divested its stake in ION Mobility Pte. Ltd., a Singapore-based electric vehicle company. In exchange, TVS has acquired certain identified assets from ION Mobility for a net cash consideration of approximately USD 1.75 million.
According to financial disclosures, ION Mobility contributed INR 736.7 million to TVS Motor’s net worth in the financial year 2023-24, accounting for 1.10% of the consolidated balance sheet. Since ION Mobility was an associate company, its revenue was not consolidated in TVS Motor’s financial statements.
The transaction was finalized on March 31, 2025, and was executed at arm’s length based on a valuation report from an independent valuer. TVS Motor confirmed that neither ION Mobility nor its promoter, Chan Lianghong James, is part of TVS Motor’s promoter group. Following the transaction, ION Mobility is no longer an associate company of TVS Motor (Singapore) or TVS Motor Company.
A regulatory filing stated that the divestment does not fall under related-party transactions and is not part of any scheme of arrangement. No slump sale or lease of undertakings was involved in the transaction.