(L-R) Mr James Drohan, General Manager, Myers Tire Supply International, and Mr Sanjay Nigam, President and CEO, TVS Automobile Solutions, signing the joint venture agreement
MyTVS has announced a joint
venture with Ohio-based Myers Tire Supply International Inc for the
distribution of equipment, tools and accessories relating to tyre repair. The
newly formed venture, in which TVS Automobile Solutions - the company which
operates through MyTVS brand - will have a 65 percent share, will promote both
Myers' range of products and TVS ASL's tools and equipment business in India.
The joint venture will focus
on the core capabilities of TVS ASL's sales
and service knowledge of equipment and repair services in India and Myers Tire
Supply, which excels in providing tools and consumables for tyre repair and
maintenance to independent tyre dealers, tyre service centres and tyre retreaders.
TVS ASL's President and CEO, Sanjay Nigam, said, "This JV will give us the
first-mover advantage in the largely fragmented and unorganised aftermarket
tyre repair service in India. Our tie-up with Myers will bring in the global
best practices in the aftermarket tyre service business though its service
equipment and consumables."
James Drohan, General
Manager, Myers Tire Supply International Inc said, "Not only does this joint
venture coincide with the geographic expansion growth platform for our distribution
segment, but it also provides entry into the fast-growing Asian market."
Mr Nigam added, "Fuel and
Tyre maintenance are the two major expenses for fleet operators. That way Tyre
industry provides enormous business opportunity for us. With this JV, TVS
Automobile Solutions will become the only organized player to have expertise in
all the sections of after-market automobile service industry."
Myers Tyre Supply provides
complete solutions for tyre repairs and maintenance services including modern
repair process for passenger car, CV and off-road equipment tyres. The business
model will be customised and implemented in India to suit the requirements of
Indian market and customers. The expertise of Myers will also be shared via
training of technicians in handling/repairing new age tyres and wheels.
TVS ASL's tools and garage equipment business deals with sales and service of
garage equipment like scissor lifts, two-post lifts, wheel alignment machines,
tyre changers, spot welders, and MIG welders. Myers Tire Supply deals with tyre
and tube repair tools, accessories & consumables, puncture repair kits and
consumables like valves and patches.