TVS joins hands with BMW Motorrad - Indian Express

ENS Economic Bureau : Mumbai, Tue Apr 09 2013, 01:03 hrs TVS Motor Company has signed a pact with German auto-maker BMW AG's motorcycle division, BMW Motorrad, to develop and produce a new series of bikes below the 500cc segment. As a part of the deal, which will give the Indian automaker access to BMW technology, TVS will invest about 20 million euro (about Rs 142 crore). TVS shares rose as much as 17.3 per cent after the deal was announced, before ending the day 9.93 per cent up at Rs 39.85 on the BSE. While the companies will develop and produce a series of motorcycles, each of them will sell individual versions of the bikes through their own distribution channels, TVS said in a press release. "The signing of cooperation agreement with TVS Motor Company marks a significant move in this strategic realignment of BMW Motorrad. I think we are beginning on a long-term agreement. As long as there is a win-win situation and both parties benefit from that it (the agreement) will continue," BMW Motorrad president Stephan Schaller said. The German manufacturer will use the partnership with TVS to develop small, less powerful motorcycles, Schaller said. The tie-up for TVS Motor comes after parting of ways with Japanese auto giant Suzuki Motor Corporation. TVS chairman Venu Srinivasan said, "We intend to leverage each other's strengths to deliver a new series of products offering cutting-edge technology for our customers." He added that the products would be released in 2015. "With BMW Motorrad we see an ideal long-term strategic partner who shares our core values: focus on quality, engineering prowess," Srinivasan said. The motorcycles would be manufactured by TVS Motor — one for the domestic market, other for overseas market. Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Technology - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGrt3mh798m3sKzl1Xxm6b2wuyUHg&url=http://www.indianexpress.com/news/tvs-joins-hands-with-bmw-motorrad/1099491/

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