The Hindu Business Line : TVS Motor sales grow at 2.5 pc

TVS Motor Company has ended 2003-04 with a growth of 2.5 per cent in sales, a press release from the company says. In the previous year, the company had sold 11,19,355 two-wheelers.

This rise was possible because of a 24 per cent increase in scooterette sales, which went up to 1.89 lakh units last year, from 1.52 lakh units in the year before (2002-03).

Another positive feature of the year's performance was the rise in exports. In 2003-04, TVS Motor exported 28,043 units, nearly three times as many as it did in the previous year.

In March 2004, TVS Motor's motorcycle sales increased to 62,060 units, compared to 59,286 in February, 58,844 in January, and 52,495 in December 2003.

The company's latest product offering, the TVS Centra, has sold more than 30,000 units in 70 days of its launch, the press release notes.

Meanwhile, the company has announced the proposed restructure of the subsidiary, Lakshmi Auto Components (LAC), has been approved by the High Court of Madras.

As per the scheme, the assets and liabilities of the rubber and plastics division of LAC will be transferred to another subsidiary, Sundaram Auto Components, effective from April 2003.

The remaining engine components business of LAC, together with LAC's investments in Sundaram Auto, will be merged with TVS Motor.

Shareholders of LAC will get ten Re 1-shares of TVS Motor, for every seven Rs 10-share of LAC. Consequently, TVS-M will allot 65,42,857 equity shares of Re 1 each to the shareholders of LAC.

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