CCI approves internal restructuring of TVS Group

The Competition Commission of India (CCI) on Monday gave its nod to the internal restructuring of the TVS Group. "Commission approves proposed combination pertaining to internal restructuring of the TVS Group," tweeted the CCI.

"The proposed combination contemplates an internal restructuring within the TVS group pursuant to the execution of a Memorandum of Family Arrangement dated 10 December 2020, the Composite Scheme of Amalgamation and Arrangement dated 29 January 2021 between the Parties and board resolutions dated 30 January 2021 (Proposed Combination)," the CCI noted in an official statement.

As per the fair trade regulator, there are 15 parties involved with the proposed transaction.

These parties are TVS Mobility, TS Rajam Tyres, Southern Roadways (Madurai), Trichur Sundaram Santhanam & Family, TVS Sundram Fasteners, Madurai Alagar Enterprises, SB TVS Industrial Ventures, Cheema Industrial Ventures, TVS Holdings, and Geeyes Family Holdings Private Limited.

Sundaram Climate Institute is engaged in the provision of climate change research and implementation. TV Sundram Iyengar & Sons (TVSS) is directly engaged in manufacture and distribution of automotive components, distribution of automobiles, etc.

Sundaram Industries is directly engaged in providing tyre solutions and manufacturing rubber compounds, cured rubber and plastic products. While Southern Roadways (SRW) is engaged in road transport, and parcel services. TVS Investments is a non-operating financial holding company.

The proposed transaction does not give rise to any competition concerns irrespective of the manner in which the markets are defined, as per the notice.

Also Read: TVS clocks 6% growth in September sales at 3.4 lakh units

Also Read: TVS, Tata Power collaborate to implement electric two-wheeler charging ecosystem