TVS ASL forms joint venture with ABC Bearings for Gujarat

Resource from: Zee News Likes:321

Sep 28,2012

TVS Automobile Solutions Ltd, TVS motors, ABC bearings Ahmedabad: TVS Automobile Solutions Ltd (TVS ASL) Thursday announced its joint venture with the ABC Bearing Group for outlets in Gujarat. The joint venture called 'MyTVS', has a 70 percent stakeholding by TVS ASL, while ABC Bearings has a 30 percent stake, a company official said. "We plan to have 100 outlets across India by 2015. There will be separate joint ventures for each region, as we look for local partnerships," TVS ASL president R Srivatsan said. The proposed outlets would have a capacity for 200 mechanical bays and 100 body shops, he said. TVS ASL, which is part of the USD 6-billion TVS Group, presently operates through its popular brand MyTVS, with 33 outlets spread across Tamilnadu, Andhra Pradesh, Kerala and Karnataka. "We have doubled our number of outlets in the last one year and we will continue to be aggressive in expanding our network by 12 to 15 outlets in various cities of Gujarat," he said, adding that the company will invest close to Rs 30 crore in the venture, besides land. "We will take this joint venture to other states," he said. TVS ASL has initiated a separate joint venture for its proposed outlets in Kolkata with the Ashish Rajgariya Group. The company plans to achieve an ambitious turnover of Rs 450 to Rs 500 crore, with 46 outlets in the Southern region and eight outlets in the National Capital Region (NCR) over the next two years, Srivatsan said. According to industry estimates, the after sales multi-brand car servicing industry is pegged at around Rs 24,000 crore.

(Zee News)

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