Stay updated with breaking news from Tvs automobile. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
March 11, 2021 G Srinivasa Raghavan, Managing Director, TVSAL× To embark on a major network and technology expansion to accelerate growth
TVS Automobile Solutions Ltd (TVSASL) plans an aggressive expansion with a goal of opening ‘one franchisee a day with a digital ecosystem flavour’ during the next fiscal as the leading automobile aftermarket player gears up for emerging growth curve post acquisition of Mahindra First Choice Services Ltd (MFCSL). The company has successfully integrated MFCSL after all clearances and the latter is now a 100 per cent subsidiary. “With this integration, MyTVS brand is the only pan-India aftermarket multi-brand network of this scale and size 650 franchisees in 270 towns,” said G Srinivasa Raghavan, Managing Director, TVSASL. ....
Mahindra Holdings, a wholly-owned subsidiary of Mahindra and Mahindra has concluded the sale of its 100 per cent stake in Mahindra First Choice Services (MFCS) to TVS Automobile Solutions, the company said in a stock exchange notification. It has sold the residual stake in the services arm of the used car business for a consideration of Rs 21.5 crore. It has also sold its entire stake aggregating 100 per cent of optionally convertible redeemable preference shares in Auto Digitech, a wholly-owned subsidiary of Mahindra Holdings for a cash consideration of Rs 13.5 crore to TVS. As a result, MFCS and Auto Digitech have ceased to be subsidiaries of Mahindra Holding and of the company with effect from 25 February 2021, it said. ....