The all-cash transaction announced last Friday will allow the Indian company to control the 122-year-old Leicestershire brand through its overseas subsidiary at a price of 16 million pounds ($ 19.98 million).
Sudarshan Venu, Co-Managing Director of TVS, said: “Norton provides us with a huge opportunity to expand globally.” He added that his company will “provide full support for Norton to regain its glory”.
Reuters first reported that an agreement had been reached that TVS promised to revive the British brand controlled by CEO Stuart Garner.
TVS will invest in some of Norton's most famous models, including Commando, Dominator and V4 RR.
In January of this year, James Lansdowne Norton founded the British company, and came into power in January. In January of this year, TVS started discussions with BDO, the accounting firm that acts as the manager of Norton Bank.
Venu said that TVS is listed in India with a market value of $ 1.8 billion. It will work closely with Norton employees and customers to retain its identity and develop specific business plans.
Rothschild acted as TVS financial advisor to the transaction, while law firm Khaitan & Co and Slaughter and May provided legal advice.