Chennai, NFAPost: The TVS Group has decided to restructure itself. The members of the TVS Family have agreed to subscribe to the terms of a memorandum of family arrangement in order to record the terms of a family arrangement to align and synchronize the ownership of shares in various companies/ businesses belonging to the TVS Group with the management of the respective companies/ business.
Pursuant to the family arrangement, the existing management of the various listed and unlisted companies/ businesses in the TVS Group will continue to be managed by the same family members. The nominated members of the TVS family will now deliberate on the steps to be taken to further implement this arrangement.
The TVS Group essentially consists of businesses started by the original founder, TV SundramIyengar and his lineal descendants constituting the TVS Family. The TVS Family has been engaged, for more than a century, in a diverse range of businesses through various entities in which the branches of the TVS Family have invested in or through T V SundramIyengar& Sons Private Limited, Sundaram Industries Private Limited and Southern Roadways Private Limited.
Over the decades, the TVS Family has expanded their businesses and the TVS Group has grown into a large business conglomerate with interests in several businesses operating in diversified fields.
The present shareholders of the TVS Holding Companies primarily consist of the third and fourth generations of the original founder,TV SundramIyengar. The various businesses/ entities of the TVS Group have been traditionally managed by members of the different branches of the TVS Family.
With the passage of time, the members of the TVS Family felt that the ownership of shares in various companies/businesses should align and synchronise with the management of the respective companies and therefore, the memorandum of family arrangement has been entered into.
Suresh Krishna and his daughters will manage Sundram Fasteners, Venu Srinivasan and his family will manage TVS Motor, TVS Credit, Sundaram Clayton and some other companies, R Dinesh, will manage TVS Logistics, TVS Automobile solutions and others, Shobhana Ramachandran will manage TVS Srichakra.
The TVS Group employs over 39,000 employees . It comprises over 50 companies.