Mahindra and Mahindra to partner with TVS Automobile Solutions for integrating its Mahindra First Choice Service business
– In a share swap transaction, M&M will secure a stake in TVS Automobile Solutions
– Transaction will empower partners and employees by driving growth through digital solutions
Mahindra First Choice Services Ltd. (MFCSL), a pan-India chain of multi-brand car and two-wheeler service workshops, part of the $19.4 bn Mahindra Group, today announced a plan to integrate its operations with TVS Automobile Solutions Pvt. Ltd., (TVS ASPL), India’s leading independent automotive aftermarket player. The move will enable the respective organisations to combine their strengths to organise the highly fragmented automobile aftermarket services space in India, thereby providing superior value to customers, channel partners, employees and other stakeholders.
MFCSL will partner with TVS Automobile Solutions, which houses ‘myTVS,’ a multi-brand independent automobile aftermarket brand that offers integrated solutions across the aftermarket value chain. As part of the transaction, Mahindra and Mahindra Ltd. will secure a stake in TVSASPL and in turn, MFCSL will become a subsidiary of TVS ASPL. The transaction is subject to regulatory approvals, including an approval from the Competition Commission of India (CCI).
Says Mr. R. Dinesh, Director, TVS Automobile Solutions Pvt. Ltd., “I am delighted with this deal as two great brands have come together for the benefit of the overall aftermarket ecosystem. India’s $10 bn aftermarket segment is fragmented and needs strong support for relevance and growth amidst changing technology landscape in the automotive sector. We would take this opportunity to bring thousands of entrepreneurs into a digital platform wherein they can get benefited from digital technologies across marketing, diagnostics, customer exp