Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 3 June 2019, 18:05 HKT/SGT
Share:
    

Source: Mitsubishi Corporation
Mitsubishi Corporation to Acquire Additional Shares in TVS Automobile Solutions in India

TOKYO, June 3, 2019 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has agreed to increase its stake in TVS Automobile Solutions Private Limited (TASL) from 3% to 25%. The additional 22% includes shares purchased from TASL's founder and existing shareholders (approx. 9%) and the subscription to new third-party shares (approx. 13%). The completion of these transactions is subject to approval by the relevant authorities.

TASL Overview
TASL provides aftersales services to multiple brands in India's automotive sector, and its diverse operations include automotive parts sourcing, and the sale, repair and maintenance of automobiles. In addition to its nationwide supply network in India, TASL is capable of sourcing competitively priced parts directly from Western and other overseas suppliers, a strength that stands out among Indian enterprises. There are currently 15,000 TASL outlets in India serving 1.5 million customers. The company has also developed an app, which has made it even easier for customers to order and pay for parts.

Indian Automotive Market
India boasts the world's fourth-largest market for new automobiles, with sales topping four million vehicles in 2017. With economic growth in India strengthening its consumer purchasing power and leading to more upgrades in its road and other infrastructure, its automobile sales are expected to reach the seven-million mark by 2025.

Transition & Direction of MC's Automotive Business
MC has been engaged in overseas automotive businesses since the 1950s. Primarily targeting Thailand, Indonesia and other ASEAN markets, its operations cover everything from automobile manufacturing to sales and sales financing. In 2012, MC got involved in manufacturing and sales in India, where it is currently working to expand its operations. Customer needs are evolving due to rapid transformations that have taken place in the automotive sector in recent years.

Recognizing this, MC has made it a top priority to grow its customer base in India's downstream fields, where it hopes to strengthen its presence by forging new links in its value chain and making a genuine commitment to the aftersales business.

By increasing its interest in TASL, MC will play a more active role in the company's management. MC plans to help grow TASL's lineup of competitively priced automobile parts by connecting it with Japanese suppliers, while at the same time leveraging MC's own overseas network to develop TASL's business model outside India. These efforts should contribute to mutually sustainable business growth.


Contact:
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705


Topic: Press release summary
Source: Mitsubishi Corporation

Sectors: Automotive
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Mitsubishi Corporation Links

http://www.mitsubishicorp.com

https://www.linkedin.com/company/mitsubishi-corporation/

Mitsubishi Corporation
June 18, 2024 10:21 HKT/SGT
Joint Study on the Social Implementation of Hydrogen and Decarbonized Fuels
June 17, 2024 15:36 HKT/SGT
Joint Discussions on Green Hydrogen Supply in Hokkaido's Chitose Area
June 13, 2024 16:18 HKT/SGT
Honda and MC to Establish New Company, ALTNA Co., Ltd.
Apr 30, 2024 18:08 HKT/SGT
Sumitomo Metal Mining and Mitsubishi Corporation to Participate in Kalgoorlie Nickel Project - Goongarrie Hub
Apr 24, 2024 16:02 HKT/SGT
MC and Denka Sign J/V Agreement in Fullerene Business
Apr 16, 2024 13:36 HKT/SGT
Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 11, 2024 12:07 HKT/SGT
Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
Apr 3, 2024 18:05 HKT/SGT
Mitsubishi Corporation: Sale of BMA Coal Assets in Queensland Completed
Apr 1, 2024 15:17 HKT/SGT
Fujitsu signs MoU with Mitsubishi UFJ Financial Group, Inc. to drive nature positive actions
Mar 19, 2024 15:40 HKT/SGT
Mitsubishi Corporation and 7 large international companies join forces to sponsor the creation of a global e-NG coalition
More news >>
 News Alerts
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: