Homegrown two-wheeler manufacturer TVS Motor Co. Ltd is one of the contenders to buy the assets and liabilities of the iconic British motorcycle brand Norton Motorcycles (UK) Ltd, two people aware of the development told Mint.
“Norton is at the liquidation stage currently and the administration in the UK plans to sell off the brand, its assets and its product portfolio to raise funds. The company has to pay its vendors, employees and creditors and also pay tax dues. So, there are a lot of liabilities on Norton at the moment," said one of the two persons cited above.
TVS Motor’s interest in Norton indicates that it aims to expand its mid-capacity motorcycles portfolio in India and other developing markets, said the other person.
Royal Enfield dominates the mid-sized motorcycle segment in India with 96% market share in 2018-19, according to industry data cited by the Mint report.
Norton, which is 122 years old, was acquired by Stuart Garner in 2008.