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Sundaram Clayton Ltd Announces TVS Capital Funds, TVS-E Servicetec Look For Merger With TVS Investments-Business Standard


Thursday, 3 Oct 2013 07:58am EDT 

Business Standard reported that a year after TVS Group said that it would restructure Sundaram Clayton Ltd, the holding company of TVS Motor, Gopal Srinivasan, scion of the TVS family, is now planning to merge two of the fellow subsidiaries of TVS Investments (TVS I) into itself. The move is expected to strengthen its balance sheet, said company officials. Plans are to merge asset management company TVS Capital Funds Ltd (TCF) and TVS-E Servicetec, which was set up as an electronics servicing firm, into TVS I, which is the holding company of both the firms. TVS Investments and its subsidiaries have filed a company petition with the Madras High Court for sanction of the Scheme of Amalgamation of TCF and TVS-E Servicetec Ltd with TVS I. TCF is the AMC of TVS Shriram Growth Fund (TSGF) with asset under management of about INR11.50 billion and a net worth of around INR7 billion. The Boards of TVS Investments (TVS I) and TVS Capital Funds Ltd (TCF) have decided to merge the two companies to enable the new entity to expand into new asset classes in the alternative investments business, said a company source. Sundaram Investments will be the holding company of the merged entities. 

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