TVS Motor Company Limited launched its TVS iQube electric scooter in Kenya on August 6, 2026, becoming the first Indian original equipment manufacturer to introduce a premium electric scooter in Africa. This strategic expansion into Nairobi targets the continent’s rapidly growing electric mobility sector, where forecasts indicate a compound annual growth rate of 15% to 25% through 2030-31, significantly outpacing the overall two-wheeler market growth of 7% to 10%. The launch underscores the company’s commitment to sustainable mobility and leverages the extensive after-sales network of Car & General, which has operated in Kenya for over two decades.

The filing was submitted to BSE Limited and the National Stock Exchange of India Ltd on August 6, 2026, at 6:20 P.M. (IST). K S Srinivasan, Company Secretary, signed the disclosure on behalf of TVS Motor Company Limited. The press release highlights that the TVS iQube is engineered with the company’s legacy of innovation and reliability, aiming to provide a robust build quality and class-leading comfort with zero tailpipe emissions.

Peyman Kargar, President of International Business at TVS Motor Company, stated that the launch reflects the company’s focus on expanding innovative electric solutions across international markets. He noted that the addition of the electric portfolio reinforces their leadership in Africa and offers compelling value to customers. Madhu Prakash Singh, Vice President of International Business, added that the scooter provides a compelling alternative to gasoline-powered vehicles, especially as fuel prices rise, delivering everyday mobility at a fraction of the running cost.

Vijay Gidoomal, Chief Executive Officer of Car & General, emphasized the long runway for EV growth in Africa, noting that while EV penetration remains low relative to industry size, conditions are ripe for expansion. The TVS iQube has already empowered over 1 million customers globally, contributing to an environmental impact equivalent to planting nearly 25 million trees by avoiding 623,595 tonnes of CO2 emissions from over 17.8 billion kilometers ridden.

Product Specifications

The TVS iQube is available in two variants: the TVS iQube 3.5 and the TVS iQube 2.2. Both models feature a peak power of 4.6 kW, comparable to a 125cc scooter, and accelerate from 0–40 km/h in 4.2 seconds. They include advanced features such as a 5-inch digital cluster, Turn-by-Turn Navigation, Geofencing, and Ride and Charging statistics via the TVS SMARTXONNECT™ platform.

Market Impact Analysis

The launch positions TVS Motor to capture early-mover advantage in a high-growth segment. With the African EV two-wheeler market expanding at more than double the rate of the conventional market, the introduction of a premium product backed by established service infrastructure addresses key adoption barriers such as after-sales support and range anxiety. The significant global carbon savings attributed to the iQube fleet also align with broader sustainability goals, potentially enhancing brand equity among environmentally conscious consumers in emerging markets.

TVS Motor Company Limited has intimated the stock exchanges of a Composite Scheme of Amalgamation involving its subsidiaries TVS Credit Services Limited (TVS CS) and TVS Housing Finance Private Limited (TVS HF), pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015. The intimation was received by the company on 5th August 2026 at 3:01 PM (IST), following approval of the scheme by the respective boards of directors of all entities involved.

Structure of the Composite Scheme

The scheme is structured as a two-stage amalgamation under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. In the first stage, STPL Trading and Services Private Limited (Transferor Company 1) will amalgamate into Home Credit India Finance Private Limited (Transferee Company 1 / Transferor Company 2). In the second stage, Home Credit India Finance Private Limited and TVS Housing Finance Private Limited (Transferor Company 3) will amalgamate into TVS Credit Services Limited (Transferee Company 2).

Financial Profiles of Entities Involved

The following table presents the key financial details of all entities participating in the scheme, as on 30 June 2026 (Rs. in Cr):

Business Areas of the Entities

The entities involved in the scheme operate across distinct business segments:

• STPL Trading and Services Private Limited: Incorporated with the main objects of carrying on the business of buying, selling, and dealing in all types of goods.
• Home Credit India Finance Private Limited: A Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India, primarily engaged in the business of retail financing.
• TVS Housing Finance Private Limited: Incorporated with the main objects of carrying on housing finance activities; however, the company is yet to commence operations.
• TVS Credit Services Limited: An NBFC registered with the Reserve Bank of India, primarily engaged in providing automobile finance, consumer durable loans, and small business loans.

Share Exchange Ratios

The consideration for the amalgamation has been determined by independent registered valuer M/s. Bansi S Mehta Valuers LLP (Registration No. IBBI/RV – E /06/2022/172) on an arm's length basis. The applicable share exchange ratios are as follows:

The share exchange ratio has been arrived at based on estimated values of shares of the parties as of 31 March 2027, and will be updated and revised by the registered valuer based on the fair value of shares determined as on the end of the financial quarter immediately preceding the Effective Date. A fairness opinion on the share exchange ratio has been issued by JM Financial Services Limited, an independent SEBI Registered Merchant Banker.

Rationale and Regulatory Approvals

The parties to the scheme are under common control, and the amalgamation is proposed to simplify the group structure and consolidate these entities. The stated rationale includes:

• Streamlining of the group corporate structure and consolidation of assets and liabilities, leading to synergies of operations and long-term sustainable growth
• Simplification of corporate structure by reducing the multiplicity of legal and regulatory compliances through rationalization
• Reduction of administrative responsibilities, multiplicity of records, cost savings, and elimination of duplicate expenses
• Optimal and efficient utilization of capital, and enhancement of operational and management efficiencies
• Consolidating the NBFCs within the group in terms of RBI directions

The scheme is subject to receipt of approvals from the Reserve Bank of India, the Competition Commission of India, the National Stock Exchange of India Limited, the Securities and Exchange Board of India, the jurisdictional National Company Law Tribunal, and the shareholders and creditors (as applicable) of the companies involved. TVS Motor Company Limited is not a party to the Composite Scheme of Amalgamation, and consequently, there will be no change in the shareholding pattern of TVS Motor Company Limited.