By MT Bureau| Nov 26, 2020

Mahindra Joins TVS ASPL To Integrate Service Business  

To provide superior value to customers, channel partners, employees, and other stakeholders, Mahindra First Choice Services Ltd. (MFCSL) has partnered with TVS Automobile Solutions Pvt. Ltd., (TVS ASPL). MFCSL, part of Mahindra group, is a pan-India chain of multi-brand car and two-wheeler service workshops while TVS ASPL is India’s leading independent automotive aftermarket player; this move will enable both the companies to combine their strengths to organise the highly fragmented automobile aftermarket services space in India.

TVS ASPL houses ‘myTVS,’ a multi-brand independent automobile aftermarket brand, offering integrated solutions across the aftermarket value chain. As part of the transaction, the Mahindra group will secure a stake in TVS ASPL and in turn, MFCSL will become a subsidiary of TVS ASPL. The transaction is subject to regulatory approvals, including approval from the Competition Commission of India (CCI).
R Dinesh, Director, TVS ASPL, said, “I am delighted with this deal as two great brands have come together for the benefit of the overall aftermarket ecosystem. India’s $10 bn aftermarket segment is fragmented and needs strong support for relevance and growth amidst changing technology landscape in the automotive sector. We would take this opportunity to bring thousands of entrepreneurs into a digital platform wherein they can get benefited from digital technologies across marketing, diagnostics, customer experience, quality parts, access to training and digital payments. I am sure this partnership will be a win-win proposition for all the stakeholders.”

V S Parthasarathy, President, Mobility Services Sector, Mahindra Group said, “MFCSL has developed a large, trusted, multi-brand car service franchise and distribution network over the years. Our focus on quality and customer satisfaction has ensured that we continue to deliver superior value to our customers and channel partners. I believe that consolidation, scale and phygital solutions will drive the next phase of growth for the company as well as the industry. I am confident that a strong partner like TVS ASPL will help take our legacy further and propel the company to the next orbit.”

G Srinivasa Raghavan, Managing Director, TVS ASL, said, “myTVS has created a digital platform and ecosystem for over 2,500 garages especially across South India.  With MFCSL, we will have an opportunity to create a pan India digital footprint.  We will continue to invest and expand our network to over 10,000 garages in the next 18-24 months. It is imperative that we take this positioning to help organise the fragmented garage ecosystem so that we can continue to provide superior customer experience to the growing automotive population and help these garages by making them future-ready.” (MT)

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