TVS Motor subsidiary invests in Ion Mobility in local market
Economic Times, 15 Mar '24
TVS Motor Company's subsidiary, TVS Motor Singapore, has boosted its investment in Ion Mobility Private Limited, a Singapore-based tech and automotive OEM.
This move aims to bolster TVS Motor Company's efforts in driving the premium electric ecosystem across Southeast Asia.
On March 14th, 2024, TVS Motor Singapore subscribed to an additional 1,820,326 Series AA Shares of Ion Mobility, making Ion Mobility an associate of both TVS Motor Singapore and TVS Motor Company Limited.
The aggregate investment stands at USD 5.5 million, with the first tranche of USD 2.5 million already invested. The remaining USD 3 million will be injected before March 31st, 2024.
Ion Mobility, established in October 2019, focuses on creating sustainable mobility and energy solutions for customers in Southeast Asia.
For the year ended 2023, Ion Mobility reported a loss after tax (PAT) of SGD 6,094,300.23 and a net worth of SGD 14,149,127.72.
