TVS Motor Company, a reputed two-wheeler and three-wheeler manufacturer globally, signed a tri-party deal arrangement with Bahwan International Group. The signing ceremony was held today at Bahwan International Group, between Sheikh Ahmed Bahwan, Chairman Bahwan International Group and Mr Sudarshan Venu, Joint Managing Director - TVS Motor Company in Muscat, Oman.
As per the tri-party deal arrangement, ARATA International FZC will be the new distributor. Building on this partnership, the groups will also explore other avenues of cooperation in Oman and India.
ARATA International FZC, registered in the UAE, is a subsidiary of Bahwan International Group (BIG) - Oman, having a strong presence in the MENA region. TVS Motor ranks amongst the top five two-wheeler companies globally with a presence in over 70 countries across Africa, South East Asia, the Indian Sub-Continent, Latin America and the Middle East.
Speaking on the occasion, Mr Sudarshan Venu, Joint Managing Director - TVS Motor Company said, "We are delighted to partner with a reputed group like 'BIG', to strengthen our presence in the MENA region. ARATA International FZC, a part of the Bahwan International Group LLC (BIG), comes with rich experience, deep understanding, and vast industry knowledge. Iraq is an important market for us, and ARATA International FZC's extensive distribution network, along with our shared ethos and values, makes them the ideal strategic partner. This association with them is a significant step towards further expanding and bolstering TVS Motor Company's market presence in Iraq."
Bahwan International Group (ARATA International FZC) and their channel partners plan to operate more than 30 dealerships for TVS Motor Company. The dealerships will include state of the art 3S dealership facilities in all the major cities of Iraq with after-sales service, and spare parts support in tier two cities to expand the TVS presence in Iraq.
Mr Abdullah Bahwan, Executive Director, Bahwan International Group Holding, said, "We are happy to join hands with a multinational brand like TVS Motor Company. This partnership will be instrumental in bringing a wide range of mobility solutions and will cater to the requirements of a broad range of customer segments in the country. The quality prowess of TVS Motor Company combined with our strong understanding of the market will definitely create an impact in mobility space in Iraq."
TVS Motor Company's product portfolio available in Iraq include; Two Wheeler - TVS XL 100 iTOUCHstart, TVS XL 100 Comfort, TVS HLX 150 series, TVS NTORQ, TVS Jupiter series, TVS WEGO, TVS MAX 125 and Three Wheeler-TVS King Deluxe Plus.
Shares of TVS Motor Company Limited was last trading in BSE at Rs. 620.00 as compared to the previous close of Rs. 576.55. The total number of shares traded during the day was 610189 in over 16267 trades.
The stock hit an intraday high of Rs. 632.85 and intraday low of 599.20. The net turnover during the day was Rs. 377039047.00.