NOVEMBER 20238TVS SRICHAKRA CONCLUDES ACQUISITION OF SG CORPORATIONOn Nov 3, TVS Srichakra Ltd announced its complete acquisition of SG Acquisition Corporation, a US-based company, for USD 3 million (approximately Rs 25 crore). This acquisition aims to enable TVS Srichakra Ltd to assume control over Super Grip Corporation, a manufacturer of off-highway tyres. The company has decided to invest in SG Acquisition Corporation, a company based in the USA. In accordance with a regulatory filing, TVS Srichakra has subscribed to 300 common shares at a rate of $10,000 per share. This subscription amounts to a total sum of $3 million in SG Acquisition Corporation based in the USA.In addition, the investment announcement stated, "We now have complete ownership of SG Acquisition Corporation, USA." According to the company, SG Acquisition Corporation will subsequently take on the assets, liabilities, and business operations of Super Grip Corporation, USA.As per the statement, SG Acquisition plans to primarily concentrate on off highway tyre products. It also emphasized that acquiring these products will aid in the expansion of its business operations in the United States. TATA MOTORS & LAND ROVER TO JOINTLY DEVELOP PREMIUM EVSTata Motors announced on Nov 2 that it has partnered with Jaguar Land Rover to develop TaMo's premium pure electric series Avinya. TPEM (Tata Passenger Electric Mobility) has signed an agreement with JLR (Jaguar Land Rover Plc) to licence JLR's platform in exchange for a royalty fee for developing Avinya series vehicles."As part of this knowledge, skills and manufacturing process transfer, over 200 new jobs are expected to be created in the UK," according to the automaker.According to Tata Motors, TPEM and JLR will also enter into an Engineering Services Agreement (ESA) to support TPEM's change content requirements for the first vehicle development.JLR's EMA platform will serve as the foundation for the company's next generation of 'pure electric' mid-sized SUVs for international markets, which will be available beginning in 2025. According to the company, access to JLR's EMA platform will help accelerate TPEM's entry into the high-end EV segment while reducing development cycle time and costs."Being built on an architecture that is equipped with the latest advances in new age technology, software, and artificial intelligence, Avinya will spawn a new breed of world class EVs, with global standards in efficiency and range," said Anand Kulkarni, Chief Product Officer and Head HV Programmes, TPEM. TOP STORIES
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