TVS Credit Services Ltd seeks to raise $150 million: Report

The vehicle financing arm of TVS Motor Company, TVS Credit Services Ltd, is looking to raise around $150 million via a share sale that may witness some of its existing investors pare their holdings. The deal is likely to value the Chennai-based Non-Banking Financial Corporation (NBFC) at nearly $800 million as stated in a report by Mint. TVS Motor owns 85 per cent of the company. The Indian investment banking arm of Japan’s Nomura Holdings has been appointed to run the transaction by TVS Credit. TVS Credit Services offers various types of loans, such as two-wheeler loans, tractor loans, used car loans, business loans, etc.In a recent development, TVS Motor Company announced that it is planning to launch Euro-5 compliant two-wheeler models like TVS Apache and Jupiter in Turkey. According to the company, products such as TVS Jupiter, TVS Raider, TVS NTORQ Race Edition, and TVS Apache RTR 200 4V, are going to strengthen their position in the Turkish market. According to TVS Motor, TVS Jupiter and TVS Apache RTR 200 4V are the most popular products used by customers in Turkey.The firm is waiting for the approval of the European Union and local authorities and will launch the Euro 5-compliant products after the nod. TVS Motor expects the products are going to be available at its distributor Uğur Motorlu Araçlar (UMA) from March next year in line with the regulatory approvals. At present, the products are under the test phase and regulatory type approval process. It is believed by the TVS’ management that the expertise of its distributor within the two-wheeler market will enable the company in maximising its reach in Turkey.UMA stated that the new products are going to be a game changer for their customers. TVS Motor conducted an analyst meeting on Tuesday where it talked about rolling out multiple electric vehicles, covering all sub-segments. TVS currently sells 10,000 units of its iQube Electric scooter per month, and it is aiming for 25,000 units by March 2023.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.