UPDATE 2-India's TVS Motor snaps up British brand Norton Motorcycles [Reuters]
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Source: Reuters
India's TVS Motor snaps up British brand Norton Motorcycles LONDON (Reuters) - India’s third-largest motorbike manufacturer TVS Motor ( TVSM.NS ) has sealed a $20 million deal to buy British brand Norton Motorcycles as part of a distressed sale. The transaction, which was announced on Friday, will see the Indian firm take control of the 122-year-old Leicestershire brand and invest in some of Norton’s most famous models, including Commando, Dominator and V4 RR. It marks the latest swoop by an Asian company on an iconic British brand, after Jaguar Land Rover became part of Tata Motors. “Norton presents us with an immense opportunity to scale globally,” said TVS’s joint managing director Sudarshan Venu, adding his firm would provide “full support for Norton to regain its full glory”. Reuters was first to report that an agreement had been reached, with TVS pledging to revive the British brand which is controlled by Chief Executive Stuart Garner. Discussions between TVS and accountancy f
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