New Delhi: One of the largest two- and three-wheeler manufacturer TVS Motor Company has acquired British sporting motorcycle Norton for 16 million pounds (around $20 million) and some assets of Norton Motorcycles (UK) Ltd (in administration). Shares of TVS Motor Company on Monday jumped over 7 percent after the company acquired Britain's iconic bike manufacturer Norton Motorcycles. The company's scrip jumped 7.16 percent to Rs 323 on the BSE. At the NSE, it went up by 6.97 percent to Rs 321.95.

The acquisition was made through one of the company's overseas subsidiaries, said TVS Motors in a statement published by an IANS report.

"This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world, and presents us with an immense opportunity to scale globally," said joint managing director Sudarshan Venu said.

"This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape," he added.

According to a Livemint report, TVS Motor was already in talks to buy Norton, which ran out of cash in January and failed to pay taxes.

The company’s overseas subsidiary TVS Motor Singapore Pte. Ltd signed an asset purchase agreement with Norton Motorcycles Holdings Ltd and Norton Motorcycles (UK) Ltd (both were in administration). The deal included the acquisition of the brand Norton besides other associated brands.

Norton is a 122 year-old motorcycle company founded by James Lansdowne Norton in Birmingham, and known for series of bikes sold under Commando and Dominator names.