TVS Autolec ups stake in its Malaysian venture
By Our Corporate Bureau | 19 Feb 2004
Chennai:
The Chennai-based TVS Autolec, which is in the process
of being merged with Sundram Fasteners, has upped its
stakes by 40 per cent to 70 per cent in the Malaysian
company, RBI Autoparts. The shares were purchased from
SYKT Rahman Brothers Cosortium, Malaysia, and will enable
Sundram Fasteners absolute control over the acquired Malaysian
company.
The Board of RBI Autoparts has been reconstituted with Balraj Vasudevan, managing director, TVS Autolec, having been appointed as the company chairman.
RBI Autoparts is a major supplier of auto components like water pumps and oil pumps to the Malaysian car maker Proton. RBI Autoparts is also working on setting up an extended operation to service the ASEAN region with its base in Malaysia taking advantage of the Asean Free Trade Zone.