TVS ASL marketing JV with Myers
New Delhi (PTI): TVS Automobile Solutions (TVS ASL), a part of TVS & Sons has formed a joint venture with US-based Myers Tire Supply International to...
New Delhi (PTI): TVS Automobile Solutions (TVS ASL), a part of TVS & Sons has formed a joint venture with US-based Myers Tire Supply International to promote each other products in different markets of Asia. The JV, in which TVS Automobile Solutions will hold 65 per cent stake and the rest with the American partner will initially focus on after-market tyre repair and service business in India. Myers Tire supply, along with TVS ASL, would look to make a mark for its business in India and other parts of Asia through this joint venture, the company said in a statement. Commenting on the partnership, TVS Automobile Solutions President & CEO Sanjay Nigam said: "This joint venture will give us the first mover advantage in the largely fragmented and unorganised after-market tyre repair and service business in India." Fuel and tyre maintenance are the two major expenses for fleet operators and tyre industry provides an enormous business opportunity, he added. "With this JV, we will become the only organised player to have expertise in all the sections of after-market automobile service industry," Nigam said. Together, the two companies will develop their global sourcing capabilities and operate through a localised branch network to meet customer demands with competitive quality and pricing. "Not only does this joint venture coincide with the geographic expansion growth platform for our distribution segment, but it also provides entry into the fast-growing Asian market," Myers Tire Supply International Inc General Manager James Drohan said. Myers Tire Supply International Inn is a leading distributor of equipment, tools, accessories and consumables for tyres in the US, with more than 40 branches across the country.
11 Dec 2019 7:59 PM GMT