Fabric IOT Private Limited signed a share purchase agreement to acquire Intellicar Telematics Pvt Ltd from TVS Motor Company Limited for INR 450 million on May 16, 2022. Under the terms of the transaction, Convertible note of Fabric IOT Private Limited having an aggregate sale/disposal value of INR 450 million, convertible into equity shares of Fabric IoT, subject to the terms and conditions of the convertible note. Post the transaction, Intellicar Telematics Pvt Ltd and its wholly-owned subsidiary, Intellicar Singapore Pte.

Ltd., will cease to be subsidiaries of TVS Motor Company Limited. For the financial year March 31, 2022, Intellicar Telematics Pvt Ltd reported total revenue of INR 170.6 million, net income of INR 5.9 million and total common equity of INR 52.9 million. The transaction is subject to completion of conditions precedent as agreed between the parties.

The transaction is expected to close on May 31, 2022. Khaitan & Co. acted as legal advisor to TVS Motor Company Limited.