Indian two-wheeler manufacturer TVS Motor has reportedly acquired a British motorcycle company, Norton, for a sum of 16 million GBP (Rs 153 crore approx).
The deal has come through after TVS Motor’s overseas subsidiaries acquired certain assets of Norton Motorcycles in an all-cash deal.
TVS’s Joint Managing Director, Sudarshan Venu in a statement to Autocar said that “this transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers.”
He also added that Norton will continue to retain its own distinctive identity with a separate division to run its business plans.
This move could be a window for Norton to make a resurgence in the market by leveraging TVS’s global reach and supply chain.
Norton Motorcycles has had a troubled history and has been struggling with finances. To make things worse the company's previous owner, Stuart Garner is reportedly under investigation for a number of counts of fraud.
Norton is a 122-year-old company that was founded by James Lansdowne Norton in the city of Birmingham. It has a well-known series of bikes sold under Cthe ommando and Dominator banner.
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