CHANDAN B MALLIK, Kolkata: About a week ago, the market was abuzz with rumours that troubled iconic British motorcycle brand Norton could be heading to either China or India after the company went into administration.
Two Chinese and one India-based company were said to be among the contenders. The Indian entity was TVS Motors.
On Friday, TVS Motor Company has announced the successful acquisition the brand in an all-cash deal for a consideration of GBP 16 million or Rs 153 cr. For this amount, TVS gets certain assets of Norton Motorcycles (U.K.) Limited through one of TVS Motor’s overseas subsidiaries.
Founded by James Lansdowne Norton, in Birmingham, in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time. Since the 20th century, Norton Motorcycles is renowned for their classic models and eclectic range of luxury motorcycles ranging from authentic retro classic remakes of the famous Commando to their contemporary superbikes.
Sudarshan Venu, joint managing director, TVS Motor Company said, “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. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape.”
Venu further added, “Norton will continue to retain its distinctive identity with dedicated and specific business plans. TVS Motor will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand and we look forward to growing together globally in the years to come.”