Today : Monday - Sep 22, 2014, 01:41am (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

TVS group acquires Britain-based firm

Tuesday - Mar 27, 2012, 08:16pm (GMT+5.5)
[+] Text [-]

Chennai -  Chennai-based $6.6 billion auto component group TVS will use the recently acquired Universal Components’ marketing expertise and best practices in India and other Asian  markets.

Announcing the acquisition of 90 percent stakes in the Britain-based Universal Components at an outlay of Rs.100 crore, R. Dinesh, managing director, TVS Logistics Services Ltd, said  Tuesday: “We will use the marketing expertise and best practices followed by Universal Components in India and other Asian markets.”

TVS group acquired Universal Components through a special purpose vehicle (SPV) called TVS Europe Distribution UK Ltd promoted by Srichakra Tyres and Associated Autoparts.

According to Dinesh, the acquisition was funded by internal accruals.

The new acquisition will help TVS develop its presence in the commercial and light commercial vehicles spare parts range in other Asian markets as well as help acquire best practices in  dealing with its customers (small retailers).

It will also further improve its forecast and planning capabilities and deploy state-of-the-art IT systems in India and other countries where the distribution of spare parts is undertaken

including Sri Lanka.

Universal Components has 420 customers in Britain who are serviced through 650 distribution outlets.

The company sells parts worth approximately Rs.200 crore and employs around 100 people selling manufacturer-branded parts and its own range of parts.

In 2009, TVS Logistics Services acquired Multipart Holdings. With the buyout of Universal Components, the group’s business in Europe is expected to cross Rs.1,000 crore.


Rating (Votes: )   

blog comments powered by Disqus

Related Articles:
» Kudankulam N-plant to reconnect to the grid Oct 26
» Rupee unchanged at 61.46
» Kerala Tourism takes Twitter route for campaign
» Onion prices to come down in next 10 days: Thomas
» Ratan Tata meets Sharma post FIPB nod for airline venture
» Mamata government selling onions at Rs.36 per kg
» Gold prices gaining by Rs 480 to Rs 32,410 per ten gram
» Mukesh Ambani remains richest Indian with assets of $18.9 billion
» Top 100 rich Indians' net worth rises to $250 billion
» Bharti Airtel board approves subsidiary merger
» Emirates expects to fly 70 mn passengers in 2020
» Japan's Olympus scales down India business projection
» Tewari pulls up Ludhiana officials over MGNREGA funds
» India-France trade can aid inclusive growth: Jaipal Reddy
» China to set up power equipment service centres in India
» Reduced arrival of onions behind price hike: Dikshit
» Shanta Kumar slams delay in export ban on onions
» Sri Lanka records strong tourist, remittance earnings
» Cochin airport investors set to reap profits
» Etihad Airways to double Colombo flights
» Jet Airways standalone losses jump eight-fold to Rs. 891 crore
» RBI receives $10.1 billion under forex swap window
» SBI to get Rs 2000 cr as part of Rs 14K cr banks fund infusion
» Mobile economy to add $400 billion to India GDP: GSMA
» Volvo launches next generation S60 and XC60

Other Articles:
Special package for sericulture farmers being worked out (27th Mar, 2012)
Mukherjee rules out roll-back of gold duty hike (27th Mar, 2012)
BMW set to recall 1.3 million vehicles over safety concerns (27th Mar, 2012)
Napster creators team up again to make video chatting 'social' (27th Mar, 2012)
Anand Sharma expresses optimism on growth in BRICS countries (27th Mar, 2012)
TRAI takes steps to stop misleading tariff advertisements (27th Mar, 2012)
Kingfisher will operate 120 daily flights, 20 dedicated planes, no lay-offs (27th Mar, 2012)
Satmetrix launches customer feedback solution in India (27th Mar, 2012)
Himachal debt rises to Rs.25,313.70 crore (27th Mar, 2012)
Researchers develop model to 'predict stock market using Twitter' (27th Mar, 2012)
Mumbai, Amsterdam to cooperate for business opportunities (27th Mar, 2012)
Sensex rises 204 points on short covering, tax clarity (27th Mar, 2012)
Kingfisher suspends operations in several cities (27th Mar, 2012)
Telenor denies quoting specific compensation amount (27th Mar, 2012)
Need to spur product innovation in India: Expert (27th Mar, 2012)
US firms keen to invest in India's infrastructure projects (27th Mar, 2012)
Apple plans 'higher investments' in China as Tim Cook visits (27th Mar, 2012)
UP goes all out for Metro in major cities (27th Mar, 2012)
Sri Lanka struggles to reduce $1 bn dollar deficit (27th Mar, 2012)
Sensex in see-saw trade, consumer durables, realty stocks up (27th Mar, 2012)
Ideal Cures gets US patent for pharma coating technology (27th Mar, 2012)
Canada releases new plastic currency (27th Mar, 2012)
CaixaBank to become Spain's largest bank by assets (27th Mar, 2012)
Investments will boost India, US economies: Harvard India meet (27th Mar, 2012)
China's soaring private jet market (27th Mar, 2012)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use