TVS Motor Company has acquired Universal Components UK, a wholesale distributor of commercial vehicles' parts and accessories in Britain, for Rs 100 crore. TVS group companies Sri Chakra Tyres and Associated Autoparts have formed a special purpose vehicle called TVS Europe Distribution in the UK.
This company has purchased 90% of Universal Components. TVS will be able to develop its presence in commercial and light commercial vehicles spare parts in other Asian markets through this acquisition. The company will also bring best practices in dealing with its customers.
As per the deal, Universal is committed to a business expansion plan, which should deliver a turnover of Rs 325 crore, partially through further acquisitions. The company's present revenue is Rs 190 crore.
