The Hindu : United we stand

Online edition of India's National Newspaper
Tuesday, Dec 23, 2003

Business

Business

United we stand

By K. T. Jagannathan

CHENNAI DEC. 22. If time plays the healer, business does the binding act. Why not? After all, these are different times. Surely, they demand new approach to even stand still where you are let alone moving forward. With the reality staring into their eyes, many in this Chennai-based group are pulling together to face threats not only from within but without. This realisation is beginning to have positive yields for varied sections within the group.

Thanks to a reference from a T. S. Santhanam group company, Axles India, Suresh Krishna-led Sundram Fasteners Ltd. (SFL) has landed the precision forgings business in the U.K. of Dana Spicer Europe. Axles India was originally an equal joint venture between the T. S. Santhanam group of the TVS and Eaton Corporation. Dana Corporation got in to the JV when Eaton sold its axles business to it. When Dana wanted to sell the forgings business in the U.K., Axles stepped in to refer SFL. And, SFL romped home the winner in the end. Surely, there is lot more cohesiveness within the broader TVS family now than anytime in the distant past.

If Mr. Krishna is to go by, none of the groups within the TVS Group is ready to lose out business to non-members in the intensely competitive environment.

Already, views seem to converge within the broader TVS family. Many are toeing Mr. Krishna's often proclaimed theory "If you want to be a multinational company, don't go for JVs.'' Venu Srinvasan-led motorcycle company has come out of Suzuki fold and chalking its own global initiatives.

Brother Mahesh Krishna bought out the foreigner in the brake lining venture. Lot many within the group is beginning to realise the merit in Mr. Krishna's long-held view. Well. There appears not just convergence of views. There is obviously greater level of interaction within the broader TVS group. Protectionism of yester-year may not have bound them together.

Global competition, however, appears bring them closer to each other. Is there a clue for other family groups to pick up?

Time alone can play the answering machine.

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