TVS Motor India buys Norton Motorcycles for RM87m
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Financially troubled Norton Motorcycles UK, under administration for tax irregularities as well as being investigated for claims of misappropriation has been purchased by TVS Motorcycles of India. A press release from TVS states it paid a cash price of 16 million pounds sterling (RM87.41 million) for the British bike maker.
Norton will be a part of a new entity called Project 303 Bidco reports India website carandbike.com. Reports emerging from the UK list K N Radhakrishnan, TVS CEO and President, as one of the directors, along with Sharad Mohan Mishra, who also holds the post of TVS President, Group Strategy at TVS Motor Company.
Information in the public domain in the form of Transfer of Undertakings Regulations (TUPE) for employees currently under Norton names Project 303 Bidco as their employer. Project 303 Bidco appears to have been formed on April 2, 2020 and current filing reports show Radhakrishnan and Mishra to be in charge. .
TVS’ plans for the British boutique motorcycle manufacturer are not currently available but it was stated TVS “is excited about the existing and upcoming products at Norton Motorcycles including Commando, Dominator and V4 RR.” It was recently reported Norton had sold the engine design rights and tooling to its internally developed 961 engine to China manufacturer JinLiang.
The acquisition was undertaken under the guidance of financial advisors, Rothschild and Co, and legal advice for the transaction was provided by Khaitan & Co, and Slaughter and May. In Malaysia, TVS is represented by Daju Motor, with a range of sub-250 cc motorcycles and scooters, including the TVS Apache RTR200.