India's TVS Motors buys British Norton Motorcyles
New Delhi : TVS Motors Company Limited has bought the iconic Norton Motorcycles in United Kingdom in an all-cash deal worth 16 million British pounds.
"This will be one of the most interesting acquisitions of a storied motorcycle maker in recent times and will reflect TVS Motor Company’s and India’s rapidly rising prominence in the international two-wheeler market," the Chennai-headquartered automaker said in a media statement.
In 1988, the company had come to existence and since then there have been multiple ownership changes.
The most recent owner was entrepreneur Stuart Garner, who attempted a revival of the brand by releasing modern versions of the Commando and Dominator motorcycles.
In early 2020, the company struck with the financial crisis, leading to management thinking of selling it.
For TVS, the buyout of Norton allows it to branch out into more premium models from its current line-up of two-wheelers used by commuters.
"This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers," Sudarshan Venu, joint managing director of TVS Motor, was quoted as saying in the statement. "We’ll extend our full support for Norton to regain its full glory in the international motorcycle landscape."