Business Daily from THE HINDU group of publications
Tuesday, Aug 18, 2009
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Business Daily from THE HINDU group of publications Tuesday, Aug 18, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Consumer Finance TVS Motor sets up retail financing arm 
Mr Venu Srinivasan Our Bureau Chennai, Aug. 17 TVS Motor Company Ltd (TVSM) plans to enter retail financing soon. Towards this end, it has floated a subsidiary company, TVS Motors Services Ltd, and is awaiting clearance from the Reserve Bank of India. Speaking at TVS Motor’s annual general meeting of shareholders here on Monday, the company’s Chairman and Managing Director, Mr Venu Srinivasan, said the financing arm could commence functioning before the last quarter of this fiscal. In a slowdown year, when the availability of retail finance, especially in small towns and rural areas, is tight, an in-house retail finance arm would help, he said. He said the demand for gear-less scooters and mopeds is closely linked to availability of finance. Meanwhile, TVSM intends to set up an engine testing facility at its R&D centre in Hosur. New modelsThe company plans to launch two new vehicles — an automatic scooter and a motorcycle — before the end of this calendar year. Last year, the company sold 6.44 lakh motorcycles, 4.38 lakh mopeds and 2.59 lakh scooters. It also sold 4,613 three-wheelers with two-stroke engines. Sales have picked up and are averaging about 1,000 a month, Mr Srinivasan said. The company plans to launch a four-stroke version soon at a few places including Delhi and Bangalore. TVS Motor Q1 net rises 2.5 times TVS Motor hopes to gain from lower working capital More Stories on : Consumer Finance | Two/Three Wheelers
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