CHENNAI: TVS Automobile Solutions (TVS ASL), a group company of industrial conglomerate, TVS Group, has announced the investment of Kitara Capital, a Muscat-based firm in the company. Kitara Capital has invested about Rs 78 crore for a minority stake in TVS ASL.
As per as reports, TVS ASL will take over the business of multi-brand car services that was earlier provided by group entity, My TVS. My TVS was operated through two verticals — MyTVS 24X7 Emergency Road Assistance and MyTVS All Car Service.
Mr R Dinesh, TVS & Sons Joint MD and TVS ASL director, said, “This is the second group company to have attracted PE investment.”
Earlier in 2008, the first group company to attract $25 million (Rs 100 crore) private equity was TVS-Logistics from Goldman Sachs. TVS ASL will seek to establish a strong partnerships with vehicle and parts manufacturers.
As per as reports, TVS ASL will take over the business of multi-brand car services that was earlier provided by group entity, My TVS. My TVS was operated through two verticals — MyTVS 24X7 Emergency Road Assistance and MyTVS All Car Service.
Mr R Dinesh, TVS & Sons Joint MD and TVS ASL director, said, “This is the second group company to have attracted PE investment.”
Earlier in 2008, the first group company to attract $25 million (Rs 100 crore) private equity was TVS-Logistics from Goldman Sachs. TVS ASL will seek to establish a strong partnerships with vehicle and parts manufacturers.
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