TVS Automobile Solutions, Mitsubishi to tap overseas markets

: TVS Automobile Solutions (TASL), a part of the USD 8.5 billion TVS Group, along with its partner Mitsubishi Corporation, Japan, would explore overseas opportunities, according to a top official.

Mitsubishi had increased its stake from three per cent to 25 per cent in the Chennai-based company through a combination of "primary investment and secondary purchase".

Last year, Mitsubishi Corporation had invested three per cent in TVS Automobile Solutions Pvt Ltd.

Commenting on increasing the stake by Mitsubishi Corporation, TVS Automobile Solutions director R Dinesh said, "This strategic investment goes to show the success of TASL as a scalable business model not only in India but also in the overseas markets".

"TVS Automobile Solutions has also grown profitably and crossed Rs 1,300-crore revenue for FY19. Together with Mitsubishi, we would be exploring the overseas opportunities in Africa and beyond," he said.

Mitsubishi Corporation would aim to deploy the successful business model of TVS Automobile Solutions in overseas markets.

Mitsubishi Corporation would also strive to expand TVS Automobile Solution's business and participate in the growing Indian market through introduction of Japanese automotive parts suppliers.

Terming the agreement as an "important partnership", Mitsubishi Corporation senior vice-president S Wakabayashi said, "Indian automotive aftermarket has grown in double-digit consistently and is expected to grow constantly in future."