Financial Daily from THE HINDU group of publications
Thursday, Aug 18, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 18, 2005 |
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Corporate
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Announcements TVS Motor to hand over acquired co to new management Our Bureau
Chennai , Aug. 17 TVS Motor Company's subsidiary, Sundaram Auto Components Ltd, acquired the frames division of Bharat Technologies Auto Components Ltd last year, for a consideration of Rs 33 crore. The company's Chairman and Managing Director, Mr Venu Srinivasan, on Wednesday said the intention was to "hand over" the acquired business to a new management. Bharat Technologies is a supplier of two-wheeler frames to TVS Motor Company. Mr Venu Srinivasan, who met journalists on the sidelines of the company's annual general meeting of shareholders here, said the acquisition was to "bail out" the existing management. He did not elaborate, but said Sundaram Auto Components would make no profit in the transaction. Earlier, addressing the shareholders, he said the company would launch two 150-cc motorcycles shortly — one by December and the other early next year. Also on the cards is a 90-cc Scooty and a 125-cc Victor variant.
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