TVS Motor to set up finance arm by Dec

TVS Motor Company is planning to set up an arm that would exclusively finance its two-wheeler customers. The new non-banking finance company (NBFC) is expected to commence operations by the end of the current calendar year.

It may be noted that last year, the company had delisted its financing arm — TVS Finance — from stock markets and said it will re-enter vehicle financing.

Venu Srinivasan, chairman and managing director, TVS Motor, said that the company had approached the Reserve Bank of India (RBI) for approval which is expected to come in two months and the operations would commence by the end of the current calendar year.