Chennai, Aug 24 (IANS): Two and three-wheeler maker TVS Motor Company said on Wednesday that it has acquired 48.27 per cent stake in Nkars Mobility Millennial Solutions Private Limited (NMMSPL) for about Rs 85.41 crore.

According to TVS Motor, Nkars Mobility with a turnover of Rs 8.68 crore is engaged in leasing motorcycles and scooters and selling, trading and distributing pre-owned two-wheelers.

TVS Motor considers Nkars Mobility to be a strong partner to grow its pre-owned two-wheeler vehicle business.

To this end, subject to completion of the conditions precedent to closing, TVS Motor shall obtain 48.27 per cent stake in Nkars Mobility.

Curiously, the turnover of Nkars Mobility -- co-founded in 2020 by Narain Karthikeyan, the first Indian racing driver to compete in Formula One -- zoomed from about Rs 47.98 lakh in FY21 to Rs.8.68 crore in FY22.

The stake acquisition will be through subscription of shares issued by way of preferential allotment and through purchase of shares from certain existing shareholders of Nkars Mobility.