TVS MOTOR COMPANY LTD

TVS Motor Company was initially incorporated as 'Sundaram Auto Engineers (India) Limited' on 10 June, 1992. Thereafter, name of the Company was changed from Sundaram Auto Engineers (India) Limited to TVS Suzuki Limited on July 6, 2000 and subsequently was changed from TVS Suzuki Limited to TVS Motor Company on 27 November, 2001. TVS Motor Company, the flagship company of TVS Group, is the third largest two-wheeler manufacturer in India. The Company manufactures two wheelers, three wheelers, parts and accessories. It has an annual production capacity of 4 million 2 wheelers & 120,000 three wheelers. It is one of the leading two-wheeler and three-wheeler exporters from India, distributing to over 60 countries. It operate manufacturing plants located at Hosur in Tamil Nadu, Mysore in Karnataka and Nalagarh in Himachal Pradesh. It also has one manufacturing unit located at Karawang in Indonesia. In the year 1979, TVS Group company Sundaram-Clayton Ltd started Moped Division at Hosur to manufacture TVS 50 mopeds. In the year 1982, the Company entered into a technical know-how and assistance agreement with Suzuki Motor Co Ltd of Japan and in the year 1985, they incorporated a new company, Lakshmi Auto Components Pvt Ltd for manufacture of critical engines and transmission parts. In the year 1986, the company acquired the assets of the moped division from Sundaram Clayton Ltd. Also, the name of the company was changed from Indo Suzuki Motorcycles Ltd to TVS Suzuki Ltd. In the year 1992, they launched two modes of motor cycles namely, Samurai and Shogun and in the year 1993, they launched TVS Scooty. During 1999-2000, TVS Suzuki Ltd was amalgamated with Sundaram Auto Engineers Ltd, an unlisted group company which was incorporated in the year 1992. As per the scheme, all the assets and liabilities of erstwhile TVS Suzuki Ltd together were vested in Sundaram Auto Engineers (India) Ltd with effect from April 22, 1999. This merged entity was later renamed TVS Suzuki Ltd. The TVS Group and Suzuki Motor Corporation parted ways from their 15-year-old joint venture on September 27, 2001. The shares held by the Suzuki Motor Corporation were acquired by Anusha Investments Ltd, a wholly owned subsidiary of Sundaram-Clayton Ltd for Rs 9 crore. Thus, the company became a subsidiary of Sundaram-Clayton Ltd with effect from November 15, 2001. Since, Suzuki Motor Corporation ceased to be a shareholder of the company, the company cannot use the word 'Suzuki' as the part of their name and hence the name of the company was changed to TVS Motor Company Ltd. During the year 2002-03, the new stylish TVS Scooty Pep and the upgraded version of Fiero was launched in the market. In April 1, 2003, the subsidiary company namely, Lakshmi Auto Components Ltd acquired the entire paid up capital of Sundaram Auto Components Ltd. Consequently, Sundaram Auto Components Ltd became a subsidiary company with effect from April 1, 2003. In October 2003, the company entered into a Scheme of Arrangement with Lakshmi Auto Components Ltd and Sundaram Auto Components Ltd. As per the scheme, all the assets and liabilities of the rubber and plastic businesses of Lakshmi Auto Components Ltd were transferred to Sundaram Auto Components Ltd on slump sale basis on April 1, 2003 for a consideration of 12.25 crores. The remaining business of Lakshmi Auto Components Ltd, namely engine components division together with their investments in other bodies corporate was transferred to the company with effect from April 2, 2003. During the year 2003-04, the company launched new products such as TVS Centra, New Victor GL, Fiero F2 & Fx and Scooty Pep. During the year 2004-05, they launched new products such as TVS Star, New Victor GLX, New Victor GX and Scooty Pep 'Splash' series. During the year 2005-06, the company entered into a joint venture with Columbian party for exploring opportunities in Columbian market with an equity investment of Rs 5 million. The company incorporated TVS Motor Company (Europe) B V in Netherlands as a wholly owned subsidiary of the company with an investment of Rs 91.63 crore. During the year, TVS Motor Singapore Pte Ltd, Singapore became a wholly owned subsidiary of the company with an investment of Rs 30.51 crore. PT TVS Motor Company Indonesia was incorporated in Indonesia to manufacture motorcycles and parts with an investment of USD 27.60 million and became subsidiary of the company in view of it being the subsidiary of TVS Motor Company (Europe) B V, which holds 75% of the share capital. The remaining 25% was held by TVS Motor Singapore Pte Ltd. PT TVS Motor Company Indonesia has acquired lands in Indonesia for setting up a facility for manufacturing two wheelers. During the year 2006-07, the company has established a new plant in Himachal Pradesh with an annual production capacity of 4,00,000 units scalable to 6,00,000 units. PT TVS Motor Company Indonesia, a subsidiary of the company, established a manufacturing facility at Karawang, near Jakarta in Indonesia with production capacity of 3 lakh vehicles per annum. During the year, the company launched multiple new products and variants such as, StaR City ES, StaR Sport, Scooty Teenz and 99 Colors on Scooty PEP. During the year 2007-08, the company commenced commercial production from its Nalagarh Plant located in Himachal Pradesh. They commenced their commercial production from their state-of-the art plant located at Karawang in Indonesia and launched TVS Neo, which is exclusively developed for the Indonesian market. During the year, the company launched various new products and variants such as TVS Flame, Apache RTR, StaR Sport, StaR City 110 cc, Scooty TeenZ Electric, TVS Tru4 Oil. In March 2008, the company launched their three wheeler, TVS King in two variants, namely two stroke petrol and two stroke LPG. The company won the Team Tech 2007 Award of Excellence for Integrated use of Advanced Computer Aided Engineering Technologies in product development. They also won the prestigious SAP ACE 2007 Awards for Customer Excellence in the Most Innovative Netweaver Category for several SAP implementations that are put in place. In June 2008, the company entered into a contract manufacturing arrangement with Mahabharat Motors Manufacturing Pvt Ltd whereby TVS motor cycles will be manufactured at the latter's two-wheeler manufacturing facility that is located on the outskirts of Kolkata. TVS would help Mahabharat Motors to set up the factory and provides engineering support to them. The production would commence from June 2009. During the year 2008-09, the company launched Scooty Streak, a tough and trendy variant of Scooty Pep+ and Apache RTR RD, premium segment motorcycle. Also, they launched their three-wheeler, TVS King in six states. In June 2009, T V Sundram Iyengar & Sons Ltd and their subsidiaries acquired the holding of foreign collaborators, Clayton Dewandre Holdings Ltd in Sundaram-Clayton Ltd. Thus, Sundaram-Clayton Ltd became a subsidiary of T V Sundram Iyengar & Sons Ltd. Consequent to this acquisition, the company also became the subsidiary of TVS with effect from June 3, 2009. During the year 2009-10, the company launched TVS JIVE and TVS Wego in the market. They also launched a four stroke three-wheeler with superior features. They commenced export of TVS Apache to Brazil. Also, they developed a pan India presence in three-wheelers. In December 2009, the company acquired the entire shareholding of TVS Energy Ltd. Thus, TVS Energy became a wholly owned subsidiary of the company. In June 2010, they acquired the entire paid up capital of TVS Housing Ltd and thus, TVS Housing Ltd became a wholly owned subsidiary of the company. In October 2010, the company won the SAP ACE Award for Consumer Excellence 2010 in 'Best Run Award in Automotive' category. They also won the Silver EDGE award from Information Week, a leading IT magazine for in house design and development of Data Acquisition System for improving shop floor productivity. Information Week annually recognize enterprises driving growth and excellence through IT. In November 2010, the company launched TVS TRU4 Premium, a semi-synthetic 4T Engine Oil. In February 2011, Indian Bank signed an MoU with the company for financing three wheelers manufactured by the company. In March 2011, the company introduced ABS (Anti-lock Braking System) in their premium segment motorcycle TVS Apache RTR 180, giving the bike formidable stopping power and superior braking control that compliments its high performance capability. In 2011, the Company has developed an engine that is 20 per cent more fuel efficient and is usable both in scooters and motorcycles. In 2012, the company signed a MOU with Central Bank of India to provide attractive financing options for its three wheeler TVS king across all 4,000 branches operating in India. The company is also a winner of the CII ITC Sustainability Awards 2012 during under review. In 2013, the company won Silicon India Mentor Graphics Best VLSI / Embedded Design - Automotive Award. The company and BMW Motorrad Signed a Cooperation Agreement. The Company proposed to set up assembly line in Uganda. In 2014, the company launched TVS TRU4 Synthetic 10W 30 Engine Oil. The Company launches StaR HLX 125 Motorcycle in Tanzania. In 2015, TVS Motor Company & Kangra Central Co-operative Bank in Himachal Pradesh sign MOU. The company has launched the 2015 edition of TVS Phoenix 125 for the drum version and for the disc brake version. During the year, the company has introduced a special edition of its legendary TVS XL Super' in celebration of crossing the milestone of 1 crore mark in sales. The Company signs MOU with TN Government for investment of Rs 350 crore. The Company also has launched its motorcycle 'TVS Sport' with improved mileage and additional features during the year under review. On 16 March 2016, TVS Motor Company announced that it has entered into a partnership with Snapdeal to sell its motorcycles and scooters online. Nine two-wheeler products from TVS Motor Company will be available on Snapdeal. Customers will now be able to select model, colour and dealership of their choice on the Snapdeal Motors platform from the comfort of their homes. Snapdeal Motors platform was launched in November 2015. On 11 May 2017, TVS Motor Company announced its alliance with MASESA (Mayor Servicios Socieda Anonima), a Guatemala based company that is a leader in the commercialization of motorcycles and Tuk Tuks in the Central American region. This alliance is in line with the company's plan to expand and strengthen its presence in Central Amrica, LATAM, South East Asia and Middle East. In this alliance, MASESA will develop exclusive TVS Motor Company concessionaires in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica. On 28 June 2017, TVS Motor Company announced its partnership with Abans Auto, a leading distributor in Sri Lanka. Through this tie-up, TVS King, the 200 cc passenger three-wheeler, will be launched in the Sri Lankan market. As a part of the agreement, TVS Motor Company will leverage Abans Auto's network of over 200 showrooms and appointed dealers in strategic locations around Sri Lanka. Furthermore, Abans Finance will provide finance schemes to the customers of TVS Motor Company at affordable rates. On 26 September 2017, TVS Motor Company announced that its popular scooter brand, TVS Jupiter, has clocked sales of 2 million units within 4 years of its launch. On 6 December 2017, TVS Motor Company announced the launch of TVS Apache RR 310. The motorcycle marks TVS Motor Company's entry into the super-premium segment, both in domestic and international markets. On 5 February 2018, TVS Motor Company announced its foray in the 125cc scooter segment with the launch of TVS NTORQ 125. Designed for the youth, TVS NTORQ 125 has been developed based on the TVS Racing pedigree and comes with the state-of-the-art CVTi-REVV 3 Valve engine. The scooter also marks the launch of an exclusive technology platform - TVS SmartXonnect - making it India's first connected scooter. On 14 March 2018, TVS Motor Company launched the new 2018 TVS Apache RTR 160 4V. A testimony to the racing legacy of the TVS Apache RTR series, the new TVS Apache RTR 160 4V is the most powerful 160cc motorcycle, creating a new benchmark in the segment. On 23 August 2018, TVS Motor Company launched a new 110cc commuter motorcycle - TVS Radeon. On 10 September 2018, TVS Motor Company announced that its premium motorcycle brand, TVS Apache has crossed a key sales milestone of 3 million units. On 18 September 2018, TVS Motor Company announced that its 125cc scooter offering TVS NTORQ 125 has crossed the 1 lakh sales mark. On 19 September 2018, TVS Motor Company announced its association with leading distributer in the Mexican region, Torino Motors, a subsidiary of Groupo Autofin. In the first year of the association, Torino Motors will work with TVS Motor Company to open 40 exclusive stores in the country for the distribution of two-wheelers. With over 40 years of experience in the region, Torino Motors specialises in automobile and retail finance. In year 2020, the Company acquired Norton Motorcycles. During the year 2019-20, it launched TVS Jupiter Grande. SmartXonnect was launched during festival season, making it the first Bluetooth enabled scooter in the 110cc segment. TVS Jupiter Classic BS-VI was the first BS-VI offering by the Company launched in November 2019. It launched TVS Radeon. It launched TVS King, which got a new variant in May 2019, with the introduction of TVS King Duramax with alternate fuel options like Petrol, LPG and CNG. During the year 2020-21, the Company launched RTR 200 4V with riding modes, Jupiter ZX Disc intelliGo and TVS XL100 Win Edition. During the year 2021-22, the Company launched TVS Raider in September 2021. It introduced TVS Apache RTR 160 4V with first-in-class features, like 3 ride modes (Urban, Rain, Sport), SmartXonnect and LED Headlamp with DRL. In addition, it launched Apache RTR 160 4V Special Edition in Matte Black. It launched TVS Jupiter 125 in Oct'21, marking its entry into the 125cc scooter segment. It introduced TVS Jupiter ZX SmartXonnect in Mar'22. It launched a new edition 'TVS XL100' in a Heavy Duty variant and a special colour 'coral silk' in the Comfort Variant. In Jul'21, TVS NTORQ 125 Race XP was launched, the only scooter in the 125cc segment with more than 10 PS power with dual ride modes and first-of-its-kind Voice Assist feature. In Dec' 21, it launched Marvel Spider-Man and Thor inspired scooters under the TVS NTORQ 125 SuperSquad Edition. During the year 2022-23, new products and variants launched during the year 2022-23 were TVS Ronin, TVS NTORQ 125 XT, NTORQ 125 Race Edition, TVS Jupiter Classic, TVS Radeon Digi Cluster, TVS Sport, ELECTRIC - TVS iQUBE. During the year 2022-23, the Company acquired 70% stake in EBCO Limited, UK, through TVS Motor (Singapore) Pte Ltd. on 1st April 2022 and 100% stake in Alexand'RoEdouard'O Passion VéloSàrl through Swiss E-Mobility Group (Holding) AG on 12th April 2022. It acquired 48.27% stake in DriveX Mobility Private Limited, Coimbatore on 15th October 2022; acquired 100% stake in Celerity Motor GmbH, Germany on 6th December 2022; and acquired 19.60% stake in ION Mobility Pte Limited, Singapore on 2nd February 2023. During year 2022-23, the Company divested entire shareholding in Intellicar Telematics Private Limited, a wholly owned subsidiary on 24th May 2022 and Intellicar and its wholly-owned subsidiary, Intellicar Singapore Pte. Ltd., has ceased as subsidiaries of the Company effective from 24th May 2022. It disinvested the entire shareholding held through Sundaram Auto Components Limited (SACL), a wholly owned subsidiary of Company, in a material step-down subsidiary viz., Sundaram Holding USA Inc., USA (SHUI), to Sundaram-Clayton Limited (SCL), the Holding Company on 22nd September, 2022. Consequently, SHUI has ceased as a subsidiary of SACL and also of the Company and SHUI's subsidiaries in USA viz., Green Hills Land Holding LLC, Component Equipment Leasing LLC, SundaramClayton USA LLC and Premier Land Holding LLC also ceased as subsidiaries of the Company, effective that date. In 2023-24, the Company launched its flagship electric 2W, the TVS X; it launched India's first Electric Racing Championship with the TVS Apache RTE. Raider SSE was launched - India's first Marvel themed motorcycle. The Company acquired additional stake of 25% in Swiss E-Mobility Group (Holding) AG, Switzerland through its overseas subsidiary viz., TVS Motor (Singapore) Pte Limited on 9th June 2023 from the existing shareholders, thereby SEMG became a wholly owned subsidiary of TVS Motor (Singapore) Pte Ltd. and the Company.