Mahindra First Choice Services sold to TVS

TVS now holds 100% of the paid-up equity share capital of Mahindra First Choice Services.

Mahindra Holdings Ltd. (MHL) has completed the process of transferring its entire stake in Mahindra First Choice Services (MFCS) for Rs. 21.5 crore, as well as its stake in Auto Digitech Private Ltd. (ADPL) for Rs. 13.5 crore to TVS Automobile Solutions Private Ltd. (TASL).

As per a regulatory filing, MFCS and ADPL are no longer the subsidiaries of MHL. TASL now holds 100% of the paid-up equity share capital of MFCS.

TVS Automobile Solutions operates India’s largest independent workshop brand under the myTVS name. The company has a strong network in the South. The acquisition of MFCS is expected to make TASL a stronger pan-India player.

Source: BusinessLine