Internal restructuring of TVS Group gets CCI approval

Fair trade regulator CCI on Monday gave a nod for internal restructuring of the TVS Group.

The transaction involves an internal restructuring within the TVS group pursuant to the execution of a memorandum of family arrangement, the composite scheme of amalgamation, and arrangement in January between the parties and board resolutions dated 30 January 2021, as per a combination notice filed with the regulator.

There are 16 entities that are parties to the proposed transaction.

These are TVS Mobility, T.S. Rajam Tyres, Southern Roadways (Madurai), Trichur Sundaram Santhanam and Family, TVS Sundram Fasteners, Madurai Alagar Enterprises, SB TVS Industrial Ventures, Cheema Industrial Ventures, TVS Holdings, Geeyes Family Holdings, Sundaram Climate Institute, and Krishna Ramesh.

It also involves T V Sundram Iyengar and Sons along with its affiliates, Sundaram Industries including its affiliates, Southern Roadways, and its affiliates and TVS Investments.

The proposed transaction does not give rise to any competition concerns irrespective of the manner in which the markets are defined, as per the notice.

"Commission approves proposed combination pertaining to internal restructuring of the TVS Group," according to a tweet by the Commission.