India’s TVS Motor buys Britain’s Norton Motorcycles for 16 mil. pounds
NEW DELHI, NNA – Major Indian motorcycle maker TVS Motor Co. has taken over British premium motorcycle maker Norton Motorcycles (UK) Ltd. for 16 million pounds ($20 million).
The Indian firm said in a statement on Friday it clinched the all-cash deal to buy certain assets of the more than century-old iconic sporting motorcycle brand through its overseas subsidiaries. It did not disclose further details of the transaction.
“This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape,” Sudarshan Venu, joint managing director of TVS Motor, said in the statement.
“We believe that Norton Motorcycles can leverage TVS Motor Company’s global reach and supply chain capabilities to expand to new markets,” he added.
The British firm was facing difficulty in paying a 300,000 pound tax bill and had gone into administration, according to a BBC report in late January.