Business Standard: March 28, 2012
Chennai: The TVS Group on Tuesday announced the acquisition of a majority stake in UK-based Universal Components for Rs 100 crore, as part of its expansion plans. It has also re-branded Multipart, its existing supply chain solutions brand in Europe, into TVS Supply Chain Solutions.
The group has acquired 90 per cent of Universal Components through a special purpose vehicle, TVS Europe Distribution UK, formed by group companies, Srichakra Tyres and Associated Autoparts, said TVS Logistics Services MD R Dinesh.
The acquisition was funded by internal accruals, he added. “We would utilise Universal Components’ marketing expertise and best practices in our businesses in India and other Asian markets. It would also help us to have wider coverage of parts to distribute in the after-market,” said Dinesh.
Universal Components is a wholesale distributor of commercial vehicle parts and accessories in Europe.
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