MANU/PIBU/4285/2021

Department/Board : Press Information Bureau

Date : 11.10.2021

Subject: Media and Communication

Industry: Media and Entertainment

CCI approves internal restructuring of the TVS Group, under Section 31(1) of the Competition Act, 2002

The Competition Commission of India (CCI) approves internal restructuring of the TVS Group, under Section 31(1) of the Competition Act, 2002.

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).

A brief description of the Parties is provided below:

(a) TVS Mobility Private Limited: It is a holding company and is currently not engaged in any business. It's shareholders through their affiliates are primarily engaged in investment advisory, manpower support services, wholesale distribution of automotive components, manufacture of repair materials for tyres and tubes, and agricultural activities.

(b) T.S. Rajam Tyres Private Limited: It is the wholly owned subsidiary of TVS Mobility Private Limited and is currently not engaged in any business.

(c) Southern Roadways (Madurai) Private Limited: It is a holding company and is currently not engaged in any business. It's shareholders through their affiliates are engaged in farm related activities.

(d) Trichur Sundaram Santhanam & Family Private Limited: It is a holding company and is currently not engaged in any business. It's shareholders through their affiliates are primarily engaged in lending services, business process outsourcing services, distribution of insurance products, investment management, manufacture of automotive components.

(e) TVS Sundram Fasteners Private Limited: It is a holding company and is currently not engaged in any business. It's shareholders through their affiliates are not engaged in any business activity.

(f) Madurai Alagar Enterprises Private Limited: It is a holding company and is currently not engaged in any business. It's shareholders through their affiliates are engaged in manufacturing phenol formaldehyde resins and cashew friction dust.