The Warranty Group (TWG), a warranty solutions and after-sales services company, will be acquiring a majority stake in its joint venture company with TVS Automobile Solutions Private Limited (TVS ASPL), TVS-TWG Warranty Solutions Limited.. In line with TWG's strategy to expand its footprint in the auto and non-auto segments in India, the company will become a 90 per cent shareholder in the joint venture (JV). TVS ASL will retain a 10 per cent shareholding said the company while declining to share any financial detials. The JV offers extended warranties and related services and solutions in the auto sector throughout India.
Inked in 2014, the JV currently works with some of the top global and local automotive brands in the region."Acquiring a majority stake in the JV is a major +milestone in The Warranty Group's corporate journey in India," said Manfred Schmoelz, Executive Vice President for The Warranty Group in APAC. "This expands our footprint in the region, and strengthens our offering to our global auto clients with local expertise," he said. R Dinesh, Director, TVS Automobile Solutions, "The TVS-TWG partnership focused on the auto sector and achieved market leadership position in the Warranty space in India. With TWG taking over the management and operations of the company, it will facilitate the faster growth of the entity to meet its vision. TVS will continue to work together with TWG and add value in the auto segment." "We are confident to build on the many successes already delivered by the JV," said Vivek Burman, South Asia Director for The Warranty Group. "We will continue to work together with TVS in adding value to the auto segment, and establish The Warranty Group as the market leader in the after-sales service space in India." The JV will continue to operate under the same team, headed by current COO Srikanth Srinivasan.