India's one of largest vehicle manufacturers executes succession planning for Rs 1170000000000 company named as…, heir is…
Sudarshan Venu is the son of Venu Srinivasan, Chairman and Non-Executive Director of TVS Holdings, and Mallika Srinivasan, Chairman and MD of TAFE has assumed this status as part of an inter-se transfer among the company's promoters. Both Venu Srinivasan and Sudarshan Venu are now identified as 'persons acting in concert and significant beneficial owners' of the firm, which was previously known as Sundaram-Clayton Ltd. According to latest media reports TVS Motors market capitalisation is 1.30
TVS Holdings owns 50.26 per cent in two and three-wheeler maker TVS Motor Company.
Sudarshan Venu already leads TVS Motor Company as its Managing Director.
The latest development makes clearer the alignment of ownership and management of businesses between the children of Venu Srinvasan and Mallika Srinivasan and a continuation of a smooth execution of the succession planning initiated earlier.
Last month Tractors and Farm Equipment Ltd (TAFE) had announced the appointment of Lakshmi Venu, the daughter of Mallika Srinivasan and Venu Srinivasan, as its Vice-Chairman.
In March 2024, an MoU (memorandum of understanding) was executed by Venu Srinivasan and his family members to avoid competition among themselves.
Under the MoU, Sudarshan Venu agreed that he and persons controlled by him would not use certain trademarks, including TVS, in relation to certain businesses including design, manufacturing and supply of aluminium and magnesium die castings/machined castings for OEMs and the after-market.
He had also agreed to not compete for a defined period, including in the business of agricultural machinery including tractors, and self-propelled farm equipment.
On the other hand, Mallika Srinivasan and Lakshmi Venu agreed that they and persons controlled by them would not use certain trademarks (including TVS) in relation to certain businesses, including two-wheeler and three-wheeler vehicles, financial services, and real estate business.
They have also agreed to not engage in certain businesses, including two-wheeler, and three-wheeler vehicles, parts and/or accessories for any such vehicles, for a defined period.
(With inputs from PTI)
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