TVS ASL forms joint venture with US-based Myers Tire Supply - NDTV

New Delhi: TVS Automobile Solutions, a part of TVS & Sons, said on Wednesday that it has formed a joint venture (JV) with US-based Myers Tire Supply International to promote each other's products in different markets of Asia. The JV, in which TVS Automobile Solutions will hold 65 per cent stake and the rest with the American partner will initially focus on after-market tyre repair and service business in India. Myers Tire supply, along with TVS ASL, would look to make a mark for its business in India and other parts of Asia through this joint venture, the company said in a statement. Commenting on the partnership, Sanjay Nigam, president and CEO of TVS Automobile Solutions, said, "This joint venture will give us the first mover advantage in the largely fragmented and unorganised after-market tyre repair and service business in India." Fuel and tyre maintenance are the two major expenses for fleet operators and tyre industry provides an enormous business opportunity, he added. "With this JV, we will become the only organised player to have expertise in all the sections of after-market automobile service industry," Mr Nigam said. Together, the two companies will develop their global sourcing capabilities and operate through a localised branch network to meet customer demands with competitive quality and pricing. "Not only does this joint venture coincide with the geographic expansion growth platform for our distribution segment, but it also provides entry into the fast-growing Asian market," said James Drohan, general manager of Myers Tire Supply International Inc. Myers Tire Supply International Inn is a leading distributor of equipment, tools, accessories and consumables for tyres in the US, with more than 40 branches across the country. Speaking to reporters in Chennai, Sanjay Nigam, president and CEO of TVS Automobile Solutions, said that the group company has undertaken a major restructuring exercise as part of its business plan. "Soon after I took over in March (as president and CEO), we have been restructuring (our business)," he told reporters. The company, under its popular brand MYTVS, currently manages eight businesses, Mr Nigam said. MYTVS operates eight businesses such as 79 workshops to multibrand and OEM authorised service centres, roadside assistance with 4,000 authorised service providers, telematics-based vehicle tracking system and immobiliser, automobile parts sourcing and distribution business, eight BPCL petrol pumps in Tamil Nadu, a company statement said. TVS Automobile solutions Ltd is a subsidiary of T V Sundaram Iyengar and Sons and has been in the after-market car service business for the last 10 years, it added. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGMsrPnxfQ64-MHZvUt4wRLg7f8kQ&url=http://profit.ndtv.com/news/corporates/article-tvs-asl-forms-joint-venture-with-us-based-myers-tire-supply-323291

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