TVS Motor Company, through its wholly-owned Singapore subsidiary, has announced the acquisition of an additional 8.26% stake in The GO Corporation (GOAG), a Swiss-based e-mobility solutions firm, for a total cash consideration of CHF 500,000. With this transaction, TVS Motor (Singapore) Pte Ltd will increase its shareholding in GOAG to 100%, making it a fully owned subsidiary of the company.
GOAG, incorporated in Switzerland on March 30, 2015, is known for providing smart connected mobility solutions through its range of e-bikes and e-cargo bikes. The company operates through an omni-channel presence across Switzerland and Germany, with plans to expand across Europe. It focuses on innovative designs that aim to deliver a differentiated customer experience in the fast-growing electric mobility segment.
During calendar year 2023, GOAG recorded a turnover of Rs 35.96 crore but posted a loss after tax of Rs 60.1 crore. Its net worth stood at Rs 19.34 crore. The company had previously reported turnovers of Rs 37.88 crore in 2022 and Rs 24.92 crore in 2021.
TVS Motor considers GOAG a long-term strategic partner in its efforts to strengthen its presence in the e-mobility sector. The acquisition is classified as a related-party transaction and is being carried out on an arm’s length basis. The acquisition is expected to be completed by March 31, 2025.
