Mahindra First Choice sold to TVS Automobile Solutions
First Choice will be sold to TVS Automobile Solutions. In return, Mahindra will secure a stake in TVS
Mahindra has announced that its multi-brand workshop services, First Choice, will be sold to TVS Automobile Solutions. In return, Mahindra will secure a stake in TVS. The deal is pending regulatory approvals.
TVS Automobile Solutions operates India’s largest independent workshop brand under the myTVS name. Mahindra First Choice, meanwhile, operates both 2 and 4-wheeler multi-brand independent workshops. The combined entity is expected to bring about synergies in the highly unorganised aftermarket services sector. As part of the transaction, Mahindra will secure a stake in TVS Automobile Services (TVS ASPL) and in turn, First Choice will become a subsidiary of TVS ASPL.
Mahindra First Choice has a pan-India network of 475+ franchise partners and 100+ distributors present in over 350 towns across 25 states and 2 union territories. TVS Automobile Services has established a strong network of over 2 million customers, 20,000 retailers, 10,000 garages and currently offers fleet management for over 70,000 vehicles.
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