The TVS brand will be allotted to each family group for their use in their lines of business on a perpetual, royalty-free basis.
The existing management of the listed and unlisted companies
in the group will continue. The nominated members of the TVS family will now deliberate on the steps to be taken to further implement this arrangement.
The TVS group
consists of businesses started by T V Sundaram Iyengar. 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 Sundaram Iyengar & Sons, Sundaram Industries, and Southern Roadways (collectively referred to as the TVS Holding Companies).
The present shareholders of the TVS Holding Companies
primarily consist of the third and fourth generations of T V Sundaram Iyengar. The various businesses of the group have been traditionally managed by members of the different branches of the TVS family.
Sources said that over time the family felt that the ownership of shares in various companies should align and synchronise with the management of the respective companies and, therefore, the memorandum of family arrangement has been entered into.
The TVS Group
has a workforce of more than 39,000 employees. The group has over 50 companies. These operate in fields that range from two-wheeler and automotive component manufacturing to automotive dealerships, finance, and electronics.
T V Sundaram Iyengar & Sons was set up in 1911.