The funding will come through Srinivasan Services Trust (SST), the social arm of TVS Motor Company and Sundaram-Clayton
In an exchange filing made after market hours on Friday, 27 March 2020, TVS Motor Company and Sundaram-Clayton (SCL) announced spending of Rs 30 crore to support the nationwide efforts to curb the spread of COVID-19.
The funding will come through Srinivasan Services Trust (SST), the social arm of TVS Motor Company and Sundaram-Clayton and will include measures ranging from manufacturing and supplying supportive equipment such as masks, to providing cooked meals to those in the frontline - from healthcare workers to police officers.
The first phase of the program is underway and SST has supplied 10 tractors fitted with disinfectant spray along with about 30 personnel to the Hosur Municipal Corporation in Tamil Nadu, and municipalities in Krishnagiri and Mysuru. The streets and villages in and around these towns are being sprayed with disinfectant as an ongoing process. SST will also manufacture and distribute 1 million face masks to those delivering essential services from healthcare to food supplies.
TVS Motor Company and SCL are using canteen kitchens in Hosur, Padi (Chennai) and Mysuru to make cooked food which is being distributed to police, healthcare workers and essential services workers in and around Hosur, Chennai and Mysuru.
In Baddi, Himachal Pradesh, the company is distributing daily, dry ration kits to daily wage workers who have been displaced, and also to villagers who need food supplies.
In addition, both the companies are evaluating collaborations with 3D printing companies to make ventilators that will help support hospitals which lack the necessary life support systems to cope with patient care for COVID-19 victims.
TVS Motor Company and Sundaram-Clayton have shut all offices and manufacturing facilities as per the guidelines. This is a difficult time for all stakeholders and the company is exploring various methods to mitigate the financial duress and also appeals to all countrymen to do their part by observing the lockdown and maintaining hand hygiene and social distancing.
The stock of TVS Motor Company closed 5.54% lower at Rs 304.20 yesterday, 27 March 2020.
The stock of Sundaram-Clayton closed 5.90% higher at Rs 1530.00 yesterday, 27 March 2020.
TVS Motor Company is a reputed two and three-wheeler manufacturer and is the flagship company of the TVS Group.
Sundaram Clayton Limited (SCL) is part of TVS group, one of the largest auto components manufacturing and distribution group in India. SCL is a leading supplier of aluminium die castingsto automotive and non-automotive sector.
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