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| Sunday, 18 May 2003 |
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Joint venture to import quality spare parts by Pelham Juriansz TVS Lanka (Pvt) Ltd, a joint venture between United Motors Lanka Ltd (UMLL) and Indian automobile giant, TVS, joined hands with Motha Investments Corporation (Pte) Ltd to form TVS Autoparts (Pvt) Ltd last week. TVS Lanka enjoys a 35 per cent share of the spare parts market for Indian commercial vehicles. The new joint venture will cover all four-wheeler vehicle parts. Addressing the occasion, R. Dinesh, Executive Director, TVS Group India, said: "TVS in Sri Lanka has successfully brought in some good practices like reduction in overall inventory in the chain of companies". "At present there is a large number of Japanese vehicles in Sri Lanka compared to Indian brands, so it is imperative that we have good spare parts," said UMLL Chairman Mahendra Amarasuriya. "There is now a surfeit of duplicate, substandard spare parts in the country. They have led to a number of road accidents especially with motorists travelling through Kadugannawa and up-country. The fact that cheap things are no good should be highlighted and a good and prudent purchaser will spend more money on a worthwhile item," he said. Motha Investments is a part of the Queens Group of Companies, founded by the late C.B. Motha in 1947. TVS Lanka, a long-standing subsidiary of India's TVS Group, formed a partnership with United Motors Lanka in February this year with UMLL commanding a 50 per cent stake in the company. The TVS Group is one of India's largest industrial houses with offices worldwide. Motha Investments Corporation has been a pioneer of indenting spare parts and components to the automotive segment in Sri Lanka through its company, WorldWide General Trade Agencies (Pvt) Ltd. The company was the largest supplier to the then Sri Lanka Central Transport Board. "United Motors has built a name for itself over the years as a leading automobile dealer in the country. It is now a Rs 2.6 billion company. Two or three renowned companies joining hands to import cheaper spare parts augurs well for the country. It is the need of the hour," said Managing Director of United Motors, Anil Wijesinghe. Commenting on TVS' contribution to Sri Lanka, Dinesh said: "With over 100 outlets and 400 sales executives all over India, we can spread our wings to Sri Lanka as well. The expertise we have gained in contributing to Ashok Leyland in particular will be held in good stead when we venture into the Sri Lankan market". The two companies, TVS Lanka and TVS Autoparts, are expected to cross the one billion rupee mark within the next two years. |
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