TVS Automobile Solutions Ltd (TVS ASL) has entered into a JV with US-based distribution firm Myers Tire Supply International Inc to work in the unorganised after-market tyre repair and service business in the country.
TVS ASL, which operates through brand My TVS, would have majority stake in the JV, according to the company officials. The JV with one of the biggest distributor of equipment, tools, accessories and consumables for tyres, would also look into the possibilities of manufacturing in India for exports, they said.
"This joint venture will give us the first mover advantage in the largely fragmented and unorganized after-market tyre repair and service business in India," said Sanjay Nigam, president and CEO, TVS ASL.
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He said that both the companies are working on various business models for the joint venture at present.
Myers' tie up is with TVS ASL's Tools & Garage equipment business, which deals with sales & service of products like, automotive workshop equipment, lifting equipment, Tyre and Wheel service equipment, paint shop equipment and body shop equipment.
With the JV, TVS ASL has become the only organised player in the tyre segment with expertise in variouis sections of the after market automobile service industry in the country.
The JV partners will together develop their global sourcing capabilities and operate through a localized branch network to meet customer demands with competitive quality and pricing, added the company.
The joint venture coincide with the geographic expansion growth platform for Myers' distribution segment and also provides entry into the fast-growing Asian market, said James Drohan, general manager, Myers Tire Supply International Inc.
Myers Tire Supply, a $175 million arm of Myers group, deals with tyre and tube repair tools, accessories and consumables, puncture repair kit for passenger cars, commercial vehicles both radial and tubeless tyres, consumables like valves, patches and wheel balancing weight.
