Indian motorcycle giant TVS has bought Norton Motorcycles in an all cash deal worth £16m with the promise to restore it’s full glory in the international motorcycle landscape.

The deal has been welcomed by the Motor Cycle Industry Association. CEO Tony Campbell said: ”It is very good news and when everything is settled we hope to be talking to them. Of course, we would have liked Norton to still be owned by a British company but we welcome them and their intention of making this a success.”

A statement from TVS :”This will be one of the most interesting acquisitions of a storied motorcycle maker in recent times and will reflect TVS Motor Company’s and India’s rapidly rising prominence in the international two wheeler market.

Sudarshan Venu, joint MD of TVS Motor Company, said:”Norton is an iconic British brand celebrated across the world and presents us with an immense opportunity to scale globally. 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 it’s full glory in the international motorcycle landscape.

“Norton will continue to retain its distinctive identity with dedicated and specific business plans. TVS Motor will work closely with customers and employees in building the success and pre-eminence of the Norton motorcycles brand sand we look forward to growing together globally in the years to come.”

The TVS Motor Company is part of the TVS Group valued at $8.5 billion with connections in 60 countries. It is a well known manufacturers of two and three wheelers, established in 1911, including manufacturing for BMW.

It has, however, set up a separate company in the UK called Project 303 Bidco Limited to which the employees of Norton Motorcycles will be transferred under TUPE regulations ensuring that their employment conditions remain.