The Hindu : TVS-E in reverse merger

Online edition of India's National Newspaper
Sunday, Feb 09, 2003

Business

Business

TVS-E in reverse merger

CHENNAI FEB. 8. The board of TVS Electronics Limited (TVS-E) has approved the merger of TVS-E with TVS eTechnology at stock swap ratio of 1:1, subject to requisite approvals. TVS eTechnology will be renamed, as `TVS Electronics Limited' and the new entity would be listed in all stock exchanges.

TVS eTechnology is a national player in the customer support, technology support and maintenance services (TMS) areas.

TVS eTechnology offers field customer support to products of TVS-E. TVS eTechnology also acts as a preferred outsourced strategic partner to various brand owners / service providers. TVS-E, which is in the fast growing, business process outsourcing (BPO) space through its contract manufacturing and electronic manufacturing services, has also identified other synergistic BPO areas with high potential for growth.

According to Gopal Srinivasan, director, TVS-E, "this merger is unique as the merged entity will leverage the best practices of the two companies, identify new marketing opportunities and is expected to bring big benefits for TVS-E. The synergies derived from this merger provide scope for economies of scale and reduction in operating and administrative costs".

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