On the 10th of January, Castrol India completed the acquisition of a 7.09% stake (on a fully diluted basis post acquisition) in ki Mobility Solutions (ki Mobility). The total cost of the acquisition is Rs 487.50 crore, which includes the subscription to ki Mobility's compulsorily convertible preference shares.
ki Mobility is a subsidiary of the TVS Mobility group, one of the largest players in the Indian automotive industry, and houses all of the TVS Mobility group's recent acquisitions in the Indian automotive aftermarket. ki Mobility is a market leader in the automotive service, maintenance, and repair industry in India.
This strategic investment aims to strengthen Castrol India's position in the aftersales service and maintenance market.
This will drive value generation on account of accelerated pursuit of service and maintenance ambition. Both Castrol and ki Mobility will explore business and technology collaborations under this partnership, to bring transformative disruption within the currently fragmented automotive service sector and create leadership position together with a forward focus on EV readiness.