The Competition Commission of India (CCI) has approved the internal restructuring of the TVS Group for the purposes of competition law.
The proposed combination contemplates an internal restructuring within the TVS group following the execution of a Memorandum of Family Arrangement dated December 10, 2020, the Composite Scheme of Amalgamation and Arrangement dated January 29, 2021 between the parties and board resolutions dated January 30, 2021, an official release said.
It maybe recalled that TVS family members had on December 10 last year announced plans to align ownership with management of the various group companies.
Companies in rejig
As many as 15 entities are parties to this internal restructuring.
These include TVS Mobility Private Limited (holding company); TS Rajam Tyres Private Limited (wholly owned subsidiary of TVS Mobility Private Limited); Southern Roadways (Madurai) Private Limited (a holding company) and Trichur Sundaram Santhanam & Family Private Limited (a holding company). The other entities are TVS Sundram Fasteners Private Limited; Madurai Alagar Enterprises Private Limited: SB TVS Industrial Ventures Private Limited: Cheema Industrial Ventures Private Limited; TVS Holdings Private Limited:Geeyes Family Holdings Private Limited; Sundaram Climate Institute Private Limited;T V Sundram Iyengar & Sons Private Limited (TVSS): Sundaram Industries Private Limited (SI); Southern Roadways Private Limited (SRW) and TVS Investments Private Limited (TVSI).