TVS Motors Buys Norton Motorcycles
T
VS Motors has purchased
Norton Motorcycles for
$19.98 million. India's third-
largest motorcycle manufacturer,
TVS is more famed for scooters,
mopeds and a small-capacity
naked-bike and sport-bike lineup,
with most its products sold into
the Indian and South East Asia
markets.
"Norton presents us with an
immense opportunity to scale
globally," TVS's joint managing
director Sudarshan Venu told
Reuters, saying his firm would
provide "full support for Norton to
regain its full glory."
Norton Motorcycles has en-
dured a stunning fall from grace
under the leadership of CEO
entrepreneur Stuart Garner,
when the company was put into
administration on January 30.
The insolvency process was trig-
gered earlier when Norton was
taken to court by UK tax authori-
ties HMRC for payment of GBP
300,000 ($386,737) in outstand-
ing taxes.
Stuart Garner is understood
to have personally owned 86
percent of Norton Motorcycles'
equity, with the balance held by
three longtime friends of his,
each with a small single-digit
percentage shareholding.
The acquisition of Norton
Motorcycles puts TVS into line
with fellow Indian brands such as
Hero Motor Corp and Bajaj Auto,
who own shares in mainstream
motorcycle companies Triumph
and KTM, respectively. Previous-
ly, TVS Motors manufactured the
BMW G 310 GS and G 310 street
bikes on the German company's
behalf.
TVS Motors has said it will start
investing in the further develop-
ment of the Commando, Domi-
nator and V4 RR lines, and will
move forward with the 650 Atlas
Nomad and Ranger models (that
use a Chinese-built Zongshen
parallel-twin motor) which have
already been developed under
Garner's lead. CN
IN
THE
WIND
P20
Norton has been
saved from the
abyss and is now
under the control of
India's TVS Motors.
