TVS Motor Company on Friday said it has acquired UK-based iconic bike manufacturer Norton Motorcycles for GBP 16 million (around Rs 153 crore). The company has acquired Britain's most iconic sporting motorcycle brand Norton in an all-cash deal for a consideration of GBP 16 million by acquiring certain assets of Norton Motorcycles (UK) through one of its overseas subsidiaries, TVS Motor Company said in a statement.
Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time.
Norton Motorcycles is known for its classic models and range of luxury motorcycles ranging from authentic retro classic reboots of the famous Commando to its contemporary 200 bhp, 1200cc V4 superbikes.
"This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world, and presents us with an immense opportunity to scale globally," TVS Motor Company Joint Managing Director Sudarshan Venu said in the statement.
The transaction is in line with the company's effort to cater to the aspirations of discerning motorcycle customers, he added.
"We will extend our full support for Norton to regain its full glory in the international motorcycle landscape," Venu said.
Norton will continue to retain its distinctive identity with dedicated and specific business plans, he added.
TVS Motor will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand, Venu noted.
"We look forward to growing together globally in the years to come," he added.
TVS Motor Company is excited about the existing and upcoming products at Norton Motorcycles including Commando, Dominator and V4 RR, Venu said.
"Confident of the strong synergy between both the brands, we believe that Norton Motorcycles can leverage TVS Motor Company's global reach and supply chain capabilities to expand to new markets," he added.