### **Overview** TVS Holdings Limited (TVSHL), formerly known as Sundaram-Clayton Limited, is a core investment company (NBFC-CIC) within the 100-year-old TVS Group. Registered with the Reserve Bank of India, it does not accept public deposits and serves as a strategic holding entity with diversified interests across automotive, electric mobility, financial services, real estate, digital technology, and renewables. Under the leadership of Dr. Lakshmi Venu and with Sudarshan Venu leading its key operating arm (TVS Motor Company), TVSHL has transformed into a global conglomerate focused on innovation, sustainability, and inclusive growth. --- ## **Strategic Business Segments** ### **1. Automotive & Electric Mobility – Global Expansion via Subsidiaries** TVSHL operates through a multi-tiered global network of subsidiaries and associates, with TVS Motor (Singapore) Pte Ltd serving as a pivotal vehicle for international expansion. #### **A. Norton Motorcycles – Revival of an Iconic Brand** - Acquired in April 2020, The Norton Motorcycle Co. Limited (UK) now has a **state-of-the-art manufacturing facility and engineering design center in Solihull, UK**. - Production commenced in FY2022–23; key models like the *Commando 961 Sports* launched. - Strategic pipeline includes **six new model launches over the next three years** across premium and super-premium segments. - Targeting global markets: **USA, Germany, France, Italy, and India**, aligning with the "Design, Dynamism, and Detail" philosophy. - Ongoing investment planned over the next eight quarters to scale quality production and supply chain efficiency. #### **B. European E-Mobility Leadership – Swiss E-Mobility Group (SEMG)** - **SEMG**, headquartered in Switzerland and majority-owned by TVS, is a **market leader in Switzerland's e-bike sector with ~16–20% share**. - Operates **m-way**, the largest pure-play e-bike retail chain in the DACH region (35+ stores in Switzerland and Austria) and two e-commerce platforms. - Brands: Cilo, Simpel, Allegro, Zenith-Bikes, and EGO Movement. - Reported **CHF 57.3 million (≈$64M) revenue in CY2024**; improved operational efficiency targeting profitability after losses in FY23–24 (USD 25.4M loss on $76.6M revenue). - Products include e-city, e-trekking, e-mountain, e-cargo, and e-urban bikes—catering to Europe’s growing personal e-mobility demand. - E-bikes account for ~17% of Europe’s bicycle market, projected to grow at **~8% CAGR**, with global e-bike market expected to reach **$25 billion within five years**. - Expansion plans: **B2C piloting in Germany/Austria, new product launches by CY2026**, and enhanced omnichannel reach. #### **C. EGO Movement – Technology-Driven Urban Mobility** - Through acquisition of **GO Corporation AG (Switzerland)** and its subsidiary **EGO Movement**, TVS entered the premium European urban mobility space. - EGO Movement specializes in **ergonomic e-bikes, e-cargo bikes, and e-scooters** with integrated batteries, mid-motor torque sensors, and smart connectivity (keyless start, GPS tracking, access sharing). - Design excellence recognized with **Red Dot and German Brand Awards**. - Aims to leverage innovation and omnichannel distribution in Germany, Austria, and Switzerland. - Minority stake held via **EGO Movement Stuttgart GmbH (41.63%)**. #### **D. UK-Based E-Bike Play: EBCO Ltd** - Acquired fully in 2024 after initial 70% acquisition in 2022. - Focus: Premium, affordable e-bikes in **Adventure, Urban, and City segments**. - Revenue grew from **GBP 0.8M (FY23–24) to GBP 1.14M (FY24–25)** despite weak market conditions and high inventory. - Strategy for FY25–26: Inventory reduction, new product launches, and retail partnership expansion in the UK. #### **E. Southeast Asia: PT. TVS Motor Company Indonesia** - Reported **37% YoY growth** in two-wheeler sales (110,000 units) in FY2025. - Operates in both two- and three-wheeler segments (three-wheeler sales declined to 7,000 units). - Reflects strong regional presence and market penetration in ASEAN. --- ### **2. Financial Services – Strategic Shift & Growth** TVS Holdings has strategically pivoted toward financial inclusion and scalable fintech ecosystems. #### **Home Credit India Acquisition (Aug 2024 – Feb 2025)** - Acquired **80.74% stake in Home Credit India Finance Private Ltd (HCIFPL)** for **Rs 554 crores**. - **Strategic rationale**: - Deepen financial inclusion for **New-to-Credit (NTC) customers**. - Expand access to consumer durable loans (e.g., low-cost smartphones) and personal loans. - Combine with **TVS Credit Services Ltd (TCSC)**, forming a financial services giant with a combined lending book of **~Rs 31,000 crore**, aiming for **Rs 50,000 crore in 3 years**. - HCIFPL footprint: - **625 cities**, over **50,000 point-of-sale locations**, **16+ million customers**. - AUM: **Rs 5,535 crore (as of Mar 2024)**. - Funding: Proceeds from **real estate divestment** and capital market borrowings—demonstrating capital discipline. #### **Spectrum of Financial Interests** - **TVS Credit Services Ltd**: Key subsidiary focused on vehicle financing and becoming a long-term financial partner. - **TVS Housing Finance, TVS Commodity Financial Solutions, Harita Collection Services**: Fully owned, reflecting vertical integration in finance and collections. - **Associate stakes**: Sundaram Non-Conventional Energy Systems, TVS Training & Services. --- ### **3. Real Estate – Divestment and Portfolio Optimization** - TVSHL **exited real estate** due to capital intensity and long gestation periods. - Proceeds redirected to core investments in financial services and mobility innovation. - Key former real estate entities: - **TVS Emerald Limited (formerly Emerald Haven Realty)**: Delivered 3.2M sq ft in Chennai, with 4.51M sq ft under development across Chennai and Bengaluru. - **EHLSRRL & EHTCPL**: Acquired entities with declining revenues; operations limited to India. - Strategic shift allows focus on scalable sectors while maintaining asset diversification through minority stakes. --- ### **4. Digital Technology & Innovation** TVS is building a global digital backbone through **TVS Digital Pte Limited (Singapore)**, investing heavily in AI, IoT, AR/VR, and analytics. #### **Investments in Global Tech Startups** - **Total investments**: Over **USD 37 million** across 2021–2022 in U.S.-based firms: - **Altizon Inc (USA)**: Industrial IoT for factory digitization. - **Predictronics Corp (USA)**: Predictive maintenance solutions. - **Scienaptic Systems Inc (USA)**: AI-powered credit underwriting and decisioning. - **Tagbox (Singapore)**: Fleet and asset tracking. - **India entity**: New IT services arm established, scaling rapidly. #### **Solutions & Clients** - **Fintech Suite**: AI-driven credit, collections, and risk management tools. - **Auto-tech Platform**: Sales acceleration, customer experience modules used beyond automotive (real estate, B2B). - Active clients in **India, Bangladesh, Philippines, Indonesia, Nepal, Bolivia, and Singapore**. - Focus: Achieving scaled, **profitable growth with strong unit economics**. #### **Associate Companies** - Ultraviolette Automotive (electric vehicles), Altizon Systems (IoT), Scienaptic (AI lending), Predictronics (predictive analytics)—highlighting focused investments in high-growth tech. --- ### **5. Manufacturing & Automotive Components** Historically rooted in die-casting, though now more holding-company oriented. #### **Core Business (via Subsidiaries)** - **Sundaram-Clayton USA LLC**: Operates **foundry in Dorchester, South Carolina** (established 2019) to serve nearshore demand, reduce supply chain risk, and lower carbon footprint. - Supplies **aluminum die-castings** for: - **Medium & Heavy Commercial Vehicles (60–63%)** - **Two-wheelers (21–24%)** - **Passenger Cars (16–18%)** - **Key OEMs**: Major domestic and international automotive manufacturers. - Positioned to benefit from **vehicle light-weighting trends**, **stricter emission norms**, and **shift away from China** in global sourcing. #### **R&D & Innovation** - Investment in **high-pressure die-casting (HPDC)**, **semi-solid (GISS) processing**, **squeeze casting**, and **salt core technology**. - Developing **EV battery housing castings** in collaboration with customers. - In-house capabilities in **residual stress analysis**, **automated thermal imaging**, and **abrasive flow machining**. --- ### **6. Global Subsidiary Network** TVSHL owns or controls a complex international web: #### **Direct & Indirect Subsidiaries** - **TVS Motor (Singapore) Pte Ltd** (Wholly owned) → Controls: - Norton Motorcycles (UK) - Swiss E-Mobility Group AG (Switzerland) - GO Corporation AG (Switzerland) - PT TVS Motor Indonesia - TVS Digital Pte Ltd - **U.S. Entities** (100% owned): Sundaram-Clayton USA LLC, Component Equipment Leasing LLC, Premier Land Holding LLC. - **Joint Ventures**: - TVS Electric Mobility Ltd (50.26%) - Colag E-Mobility GmbH (50.26%) - **Minority Stakes in Tech & Mobility**: - 0.01% ARC Ride Limited (UK), 3.02% ION Mobility (Singapore), 10% Tulsyan NEC, various green energy firms. --- ### **Leadership & Vision** - **Sudarshan Venu (MD, TVS Motor Company)**: - Led 4 consecutive **J.D. Power Customer Satisfaction Awards**. - Spearheaded global expansion via acquisitions (Norton, SEMG, EGO Movement). - Championed electrification and new market entry (Africa, ASEAN, Latin America). - **Dr. Lakshmi Venu (MD, TVS Holdings)**: - Drove global strategy, including U.S. foundry setup. - Oversaw divestment of real estate and acquisition of Home Credit. - Director at TAFE Motors & Tractors and other group companies.