TVS has completed the deal and bought out Norton and most of its assets for 16 million pounds amidst the ongoing Corona pandemic. Norton adds global legacy to TVS who has already partnered with BMW for entry-level high performance motorcycles.This is for both the domestic and international markets. TVS apparently forked out Rs 153 crore to buy Norton. We were the first ones to have reported about this a few days ago.
Nice! Give me the details of the TVS-Norton deal
In these tough times, the UK government applauded the Indian motorcycle manufacturer for shelling out the money and saving hundreds of jobs at Norton. All Norton employees will now be TVS’ and an agreement has been reached to use the existing premises for six more months.
The Norton deal is a little too complicated with the dues ranging from pension fund scams, delayed salaries, vendor payments and taxation all coming together.The Dominator and the Commando are quite sought after models and the latest V4 is the icing on the cake. Norton is expected to become a force to reckon with especially with the staunch TVS support.
TVS has maintained that Norton will be allowed to function independently and chart its own path to success. The focus will be on the new 650cc parallel twin that was being developed. The twin cylinder engine can power a retro-mod cruiser that can take on the Royal Enfield Interceptor or even the Triumph Bonneville. In other forms, it can pretty much take on the Ninja 650 or the Suzuki V-Strom, depending upon the motorcycle design.
It is unclear as to what happens with the deal Norton had in place with the Firodias. The latter were the exclusive importers of Norton Motorcycles in India. They were also supposed to use the new Atlas motorcycle platform and make it in India. We all know that TVS is much bigger in operation than Kinetic and hence the agreement might be modified.
Thanks to TVS, another British icon is now owned by India after Tata-owned Jaguar-Land Rover, Royal Enfield and Mahindra-owned BSA and Vincent. Bajaj, earlier this year, tied up with Triumph Motorcycles for small capacity two-wheelers. What’s more Mahindra too has tied up with Ford Motor Company for its India operations. Indians on a reverse colonialism spree? You bet.