After a 12-year slog, during which the automotive parts and servicing business never once made a profit, Mahindra finally decides to take corrective action.
Late last week, Mahindra and Mahindra Ltd, one of India’s largest automotive companies, announced that it has sold its vehicle parts and servicing business to TVS Automobile Solutions, which houses myTVS, the automotive service business of the TVS Group from Chennai. M&M did not get any cash from the transaction and settled for a minority stake in TVS Automobile Solutions.
“The transaction is subject to regulatory approvals, including an approval from the Competition Commission of India, TVS Automobile Solutions managing director G Srinivasa Raghavan told reporters. "In a way it is a swap of shares," he said. He said post …
Ashish is the editor-in-chief of The Morning Context. One of the best-known business feature writers in India, he was selected for Germany’s Robert Bosch Stiftung Fellowship in 2012 and received the Mumbai Press Club RedInk certificate of recognition in 2015 for his story “Inside the Network 18 takeover”. Before joining The Morning Context, Ashish co-founded The Ken, where he was managing editor. His previous writing stints include Mint, Forbes India and The Economic Times.
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