1. Home
  2. Press release
Jun 03, 2019 19:05 JST

Source: Mitsubishi Corporation

Mitsubishi Corporation to Acquire Additional Shares in TVS Automobile Solutions in India

TOKYO, Jun 03, 2019 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has agreed to increase its stake in TVS Automobile Solutions Private Limited (TASL) from 3% to 25%. The additional 22% includes shares purchased from TASL's founder and existing shareholders (approx. 9%) and the subscription to new third-party shares (approx. 13%). The completion of these transactions is subject to approval by the relevant authorities.

TASL Overview
TASL provides aftersales services to multiple brands in India's automotive sector, and its diverse operations include automotive parts sourcing, and the sale, repair and maintenance of automobiles. In addition to its nationwide supply network in India, TASL is capable of sourcing competitively priced parts directly from Western and other overseas suppliers, a strength that stands out among Indian enterprises. There are currently 15,000 TASL outlets in India serving 1.5 million customers. The company has also developed an app, which has made it even easier for customers to order and pay for parts.

Indian Automotive Market
India boasts the world's fourth-largest market for new automobiles, with sales topping four million vehicles in 2017. With economic growth in India strengthening its consumer purchasing power and leading to more upgrades in its road and other infrastructure, its automobile sales are expected to reach the seven-million mark by 2025.

Transition & Direction of MC's Automotive Business
MC has been engaged in overseas automotive businesses since the 1950s. Primarily targeting Thailand, Indonesia and other ASEAN markets, its operations cover everything from automobile manufacturing to sales and sales financing. In 2012, MC got involved in manufacturing and sales in India, where it is currently working to expand its operations. Customer needs are evolving due to rapid transformations that have taken place in the automotive sector in recent years.

Recognizing this, MC has made it a top priority to grow its customer base in India's downstream fields, where it hopes to strengthen its presence by forging new links in its value chain and making a genuine commitment to the aftersales business.

By increasing its interest in TASL, MC will play a more active role in the company's management. MC plans to help grow TASL's lineup of competitively priced automobile parts by connecting it with Japanese suppliers, while at the same time leveraging MC's own overseas network to develop TASL's business model outside India. These efforts should contribute to mutually sustainable business growth.

Contact:
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705
Source: Mitsubishi Corporation
Sectors: Automotive

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release

Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
April 16 2024 13:36 JST
 
Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
April 11 2024 12:07 JST
 
Mitsubishi Corporation: Sale of BMA Coal Assets in Queensland Completed
April 03 2024 18:05 JST
 
Fujitsu signs MoU with Mitsubishi UFJ Financial Group, Inc. to drive nature positive actions
April 01 2024 15:17 JST
 
Mitsubishi Corporation and 7 large international companies join forces to sponsor the creation of a global e-NG coalition
March 19 2024 15:40 JST
 
Nissan and Mitsubishi Corporation agree to explore new business in next-generation-mobility and energy-related services utilizing EVs
March 18 2024 16:29 JST
 
Mitsubishi Corp to invest in TIER IV: Transforming regional mobility with autonomous driving
March 15 2024 11:36 JST
 
Mitsubishi Corporation: Participation in PAK Lithium Project in Canada
March 05 2024 15:57 JST
 
Mitsubishi Corporation Expands its Data Center Presence with Entry into US
March 04 2024 14:27 JST
 
Mitsubishi Corporation's Sale of Exportadora de Sal, S.A. de C.V., a Salt Production Company in Mexico
February 26 2024 13:29 JST
 
More Press release >>

Latest Press Release


Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST

Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST

Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST

Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST

All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST

Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST

Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST

Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST

Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST

New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST

TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST

Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST

MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST

Mitsubishi Shipbuilding Acquires Approval in Principle (AiP) from Classification Society ClassNK for Ammonia Fuel Supply System (AFSS)
Apr 11, 2024 17:50 JST

DOCOMO, NTT, NEC and Fujitsu Develop Top-level Sub-terahertz 6G Device Capable of Ultra-high-speed 100 Gbps Transmission
Apr 11, 2024 15:10 JST

Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
Apr 11, 2024 13:07 JST

Mitsubishi Shipbuilding Receives Order for Ammonia Fuel Supply System for Ammonia-Powered Marine Engine
Apr 10, 2024 16:55 JST

Transgene and NEC Present First Clinical Benefits of Neoantigen Cancer Vaccine, TG4050, in Head & Neck Cancer at AACR 2024
Apr 10, 2024 13:36 JST

DENSO, Companies Initiate Demonstration to Expand Automotive Recycling Process
Apr 09, 2024 19:07 JST

Mitsubishi Power Receives Order from HK Electric for Natural-gas-fired GTCC Power Generation Equipment
Apr 09, 2024 15:04 JST
 More Latest Release >>