Earlier this week, the appointment of Lakshmi Venu as the Vice Chairman of TAFE (Tractors and Farm Equipment Limited) reached the corridors of India Inc. Venu, the daughter of TAFE CMD Mallika Srinivasan and TVS Motor CEO Emeritus Venu Srinivasan, earlier served as the Director of TAFE. TAFE is the second-largest manufacturer of tractors in India after Mahindra & Mahindra and also manufactures farm equipment, including harvesters. For the 12 months till March 2024, TAFE’s total income stood at Rs 87,551.90 crore, whereas its profit after tax stood at Rs 12,398 crore, according to data from ProwessIQ. Venu also serves as the Director of Sundaram Clayton, the country’s largest auto component manufacturer. Notably, her brother Sudarshan Venu leads TVS Holding Co, wherein he serves as the Managing Director of TVS Motor Company and the Chairman of TVS Credit Services, the non-banking financial services arm of TVS Group. Exploring new markets Under the leadership of the brother-sister duo, both TVS and TAFE are gearing up to explore new markets. In a recent interaction with Business Today, Sudarshan Venu said that moving ahead, the company has expansion in the Southeast Asian market, South American market, and industrialised markets of Europe and America. A similar approach is being chartered by Lakshmi Venu for TAFE. In an earlier interaction with Business Today last year, Venu had said that for TAFE, her vision is to cultivate new markets and geographies. “At TAFE, our vision is to ‘Cultivate the World’, be it cultivating new markets and geographies. We believe in innovating in India for India and the world. There is surely a lot of potential to deliver enhanced value to the Indian farmers using innovations in technology today,” she had said. Partnerships and Acquisitions Both TVS and TAFE are exploring partnerships to strengthen their position in the domestic market. TVS Motor has recently partnered with Hyundai Motor India to enter the premium three-wheeler segment. Under Sudarshan Venu, the company is also writing a turnaround story for the 126-year-old UK-based company Norton by launching six products including an electric motorcycle in the next three to four years. TVS Motor purchased Norton in 2020. Lakshmi Venu is also considering a balanced approach for TAFE. “As a group, we consider a balanced approach towards growth and we do look at different levers, like the Deutz collaboration and the Faurecia acquisition in the automotive component space,” Venu told BT earlier. MoU between TVS and TAFE In March 2024, the family of Venu Srinivasan, Chairman Emeritus of TVS Motor Company, formalized a Memorandum of Understanding (MoU) to clearly define business interests and avoid internal competition. As per the agreement, Sudarshan Venu pledged not to use certain trademarks, including "TVS," in the production and supply of aluminium and magnesium die castings for original equipment manufacturers (OEMs) and the aftermarket. Additionally, he agreed to refrain from entering the agricultural machinery sector, including tractors and self-propelled farm equipment, for a specified period. Similarly, Mallika Srinivasan and Lakshmi Venu committed to not using certain trademarks, including "TVS," in ventures related to two- and three-wheeler vehicles, financial services, and real estate. They also agreed to stay out of the two- and three-wheeler vehicle industries, including parts and accessories, for a designated timeframe. Steering Sundaram Clayton Lakshmi Venu, who is an alumnus of Yale University, also holds a Doctorate in Engineering Management from the University of Warwick. Venu joined Sundaram Clayton as a Joint MD at a young age. She is considered to be the lead architect of Sundaram Clayton’s global footprint, setting up a foundry in Dorchester, South Carolina, in 2019. The company claims the decision turned favourable for it as most US-based customers were looking for onshore foundry units to reduce supply chain risks and curtail carbon footprint. “At SCL, we retain our core strategy of technical excellence, process innovation, customer focus, and investing in R&D. We always ensure manufacturing ahead of the curve in line with our customers' focus area,” Venu had said.