M&A
Fabric IOT to acquire Intellicar Telematics from TVS Motor for Rs.45-Cr
Chennai-based, publicly listed TVS Motor Company Ltd is to sell its wholly owned subsidiary, Bangalore-based Intellicar Telematics Private Limited to Bangalore-based Fabric IOT Private Limited for INR 45 crore (via a convertible note). For FY 22, Intellicar - which is focused on fleet management software - had reported a revenue of INR 17.06 crore and a PAT of INR 59 lakhs. Fabric IOT is engaged in the business of setting up an IOT network infrastructure, platform and deploying various IOT solutions in the smart city, smart home spaces, and among others.
From the Venture Intelligence M&A Deals Database: In Dec-20, TVS Motor had acquire Intellicar Telematics for Rs.15 crore.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
