New Delhi, Mar 31 (PTI) TVS Motor Company on Monday said its Singapore-based arm has divested its stake in Ion Mobility while acquiring identified assets from the latter for USD 1.75 million (nearly Rs 15 crore).

TVS Motor (Singapore) Pte Ltd (TVSM Singapore), a wholly-owned subsidiary has divested its stake in Ion Mobility Pte Ltd, a company registered under the laws of Singapore, TVS Motor Co said in a regulatory filing.

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In exchange, TVS Motor (Singapore) acquired identified assets from Ion Mobility for a net cash consideration of approximately USD 1.75 million, it added.

The stake has been sold to Ion Mobility and Chan Lianghong James, promoter of Ion Mobility, the filing said.

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Subsequently, Ion Mobility has ceased to be an associate of TVSM Singapore and the company as well, TVS Motor Co said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)