First Choice Services: A Mahindra misadventure bites the dust

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Editor's note: 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 the integration between the two companies, the officials have planned to retain both the brands. "We will retain both the brands as of now," he said to a query. On financials, he said the topline of TVS Automobile Solutions in FY 19-20 crossed Rs 1,000 crore while that of Mahindra First Choice Services was over Rs 100 crore. Stating that the partnership would also give TVS Automobile Solutions a pan-India reach, he said, "myTVS has created a digital platform and …