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| Sunday, 02 March 2003 |
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Driving the two-wheel market forward TVS Lanka (Pvt) Ltd., a joint venture between United Motors Lanka Ltd. (UMLL) and the TVS Group of India, was announced in Colombo recently. The company, which distributes spare parts for Indian vehicles in Sri Lanka, will also be appointed as the sole distributor for TVS motor cycles in the island. A 50 per cent stake of the TVS India subsidiary is held by UMLL. The TVS Group is India's largest automotive components group with sales exceeding US$ 1.7 billion. It has diversified into many sectors including two-wheelers, consumer durables and electronic equipment and comprises 35 companies within the group. Its business interests range from the manufacture and distribution of automotive components to freight services, textiles, computer peripherals, telecommunication and logistics. Its range of motor cycles include the TVS Champ; Fiero, the 150cc Toughrider; Scooty Pep, which is popular among women; and the latest to join the range, the Fiero 2. UMLL is the local distributor for Mitsubishi vehicles, genuine parts and accessories and commands the highest market share in the brand new Japanese vehicle segment. "The motor cycle market in Sri Lanka is an untapped area and shows much potential. The vehicle density is only around two per cent of the population which shows the huge potential. Also Indian bikes have been growing in popularity as opposed to the traditional reconditioned Japanese segment," Vice President (International Business) TVS Motor Company H.S. Goindi said. He said that they expect the market to grow by about 40 per cent this year. The company already has 42 centres in its island-wide network which is expected to grow to about 70 during the next couple of years. (IT) |
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