CHENNAI: TVS Racing's parent company has announced the successful acquisition of stricken British motorcycle company Norton, in an all-cash deal for £16 million (around Rs 1.53 billion).
Leading Indian two-wheeler manufacturer TVS Motor Company completed the buyout by acquiring certain assets of Norton Motorcycles (U.K.) Limited (in administration) through one of TVS Motor's overseas subsidiaries.
The Castle Donington based company went into administration in January, with administrators BDO tasked to find the best way to recoup monies owed to creditors.