TVS ASL in JV with Myers Tire - The Hindu

Sanjay Nigam, President and CEO, TVS Automobile Solutions and James Drohan, General Manager, Myers Tire Supply International Inc, at a press conference in Chennai on Wednesday. Photo : Bijoy Ghosh TVS Automobile Solutions Limited (TVS ASL), engaged in multi-brand aftermarket car servicing business under the 'MyTVS' brand, has formed a joint venture with the U.S.-based Myers Tire Supply International Inc, a well-known distributor of tyre and tube repair tools, accessories and consumables in the U.S. and a leader in tyre service business. Addressing presspersons here on Wednesday, Sanjay Nigam, President and CEO of TVS ASL, said, the company's tools & garage (TG) equipment business would have 65 per cent stake in the newly-formed JV. The balance 35 per cent would be held by Myers Tire Supply, he added. The JV would promote both the Myers range of products and TVS ASL's tools and equipment business in India. Mr. Nigam said the JV would give TVS ASL the first mover advantage in the largely fragmented and unorganised aftermarket tyre repair and service business in India. "Our tie-up with Myers will bring in the global best practices in the aftermarket tyre service business through its service equipment and consumables," he said. On a conservative estimate, the tyre service business in India could be of the order of $50 million, largely controlled by the unorganised sector. According to James Drohan, General Manager, Myers Tire Supply International (MTS), the joint venture would not only help MTS in the geographic expansion of its distribution segment, but would also provide entry into the fast-growing Asian market. The tie-up would also enable TVS Automobile to become the only organised player to have expertise in all segments of aftermarket service industry, he said. More In: Industry | Business via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGIXRdJgVaOMqAI54yQRF80wcGw9w&url=http://www.thehindu.com/business/Industry/tvs-asl-in-jv-with-myers-tire/article4807713.ece

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