TVS Srichakra has executed an Assignment and Assumption Agreement with Super Grip Corporation, USA, and Bristol Motor Speedway, LLC, USA, to assume all rights, duties, and obligations of Super Grip Corporation under existing agreements.
The agreement, signed on 10th April 2026, involves the Suite License Agreement dated 16th February 2024 and the Sponsorship Agreement dated 5th April 2024, originally executed by Super Grip Corporation with Bristol Motor Speedway. This strategic move aims to enhance the visibility and reach of TVS Srichakra's brands in global markets.
Under the terms of the agreement, TVS Srichakra will pay USD 10,33,250 in tranches for the remaining duration of the agreements. No monetary consideration is payable to Super Grip Corporation for this assignment. The agreement is set to last until 31st December 2028.
TVS Srichakra holds 100% shareholding in Super Grip Corporation, USA, but has no shareholding in Bristol Motor Speedway, LLC, USA. The transaction between Super Grip Corporation and TVS Srichakra qualifies as a Related Party Transaction and is conducted on an arm's length basis.
Bristol Motor Speedway, LLC, USA, is a third party and unrelated to TVS Srichakra's promoter group or group companies, while Super Grip Corporation is a wholly owned subsidiary of TVS Srichakra.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).