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Mahindra & Mahindra has announced that the company has entered into a partnership with TVS Automobile Services Pvt Ltd in India. As part of the partnership, the aftermarket service network of the brand, Mahindra First Choice (MFCSL) will now be integrated with TVS Automobile Services (TVS ASPL).
In a share swap transaction, Mahindra First Choice Services will now become a subsidiary of TVS Automobile Services. MFCSL will further get access to ‘myTVS' - a multi-brand independent automobile aftermarket brand that offers integrated solutions across the value chain.
In turn, Mahindra will secure a stake at TVS Automobile Services Pvt. Ltd. The partnership will enable both companies to "combine their strengths to organise the highly fragmented automobile aftermarket services space in India."
With the transaction in place, TVS Automobile Services will be able to leverage the vast pan-India presence of Mahindra First Choice. The aftermarket service network comprises more than 475 franchises and over 100 distributors, spread over 350 towns in 25 states and 2 union territories across the country.
R. Dinesh, Director, TVS Automobile Solutions Pvt. Ltd.,
"I am delighted with this deal as two great brands have come together for the benefit of the overall aftermarket ecosystem. India's $10 bn aftermarket segment is fragmented and needs strong support for relevance and growth amidst changing technology landscape in the automotive sector."
"We would take this opportunity to bring thousands of entrepreneurs into a digital platform wherein they can get benefited from digital technologies across marketing, diagnostics, customer experience, quality parts, access to training and digital payments. I am sure this partnership will be a win-win proposition for all the stakeholders."
V S Parthasarathy, President, Mobility Services Sector, Mahindra Group said,
"MFCSL has developed a large, trusted, multi-brand car service franchise and distribution network over the years. Our focus on quality and customer satisfaction has ensured that we continue to deliver superior value to our customers and channel partners."
He further added, "I believe that consolidation, scale and phygital solutions will drive the next phase of growth for the company as well as the industry. I am confident that a strong partner like TVS ASPL will help take our legacy further and propel the company to the next orbit."
"I applaud the commitment and passion of our franchisees, distributors and employees and seek their support as we embark on the next phase of the journey."
Thoughts On The Mahindra First Choice Integrating With TVS ASPL
The share swap transaction between the two companies will help bring together the fragmented aftermarket solutions together. Both companies will also benefit from the partnership, allowing them to work together on introducing new solutions in the future.