Sri Lanka’s United Motors sells stake in TVS Lanka for Rs1bn
ECONOMYNEXT – United Motors Plc, agents in Sri Lanka for Mitsubishi automobiles, is to sell its 50% stake in its joint venture TVS Lanka (Private) Ltd. to India’s T V Sundaram Iyengar & Sons Ltd. for a billion rupees
A stock exchange filing said United Motors has entered into a sale and purchase agreement with T V Sundaram Iyengar & Sons to sell its stake of 17.5 million shares.
TVS Lanka (Private) Ltd. is a joint venture between United Motors and India’s T V Sundaram Iyengar & Sons Ltd, and the TVS Motor Company of India.
It is involved in marketing two- wheelers and three-wheelers and providing after sales services.
(COLOMBO, March 27, 2018)