The Warranty Group (TWG) today said it will acquire a majority stake in its joint venture with TVS Automobile Solutions Ltd (TVS ASL) as part of its strategy to expand its footprint in India.
TWG, a global leader in warranty solutions and after- sales services, would increase its stake to 90 per cent in the JV firm -- TVS TWG Warranty Solutions Ltd, while TVS ASL would retain 10 per cent of the shareholding.
The JV offers extended warranties and related services and solutions in the auto sector throughout India. Inked in 2014, the entity currently works with some of the top global and local automotive brands in the region.
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Financial details of the deal were not disclosed.
"This expands our footprint in the region, and strengthens our offering to our global auto clients with local expertise," Manfred Schmoelz, Executive Vice President for TWG in APAC said.
TVS ASL Executive Director R Dinesh said that with TWG taking over the management and operations of the company, it will facilitate the faster growth of the entity to meet its vision.
The JV, however, would continue to operate under the same team, headed by current COO Srikanth Srinivasan.
TWG has operations in more than 50 countries and employs around 1,600 people. TVSASL is part of the USD 7.2 billion TVS Group.
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