Sunday, Nov 28, 2004
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By K. T. Jagannathan
CHENNAI, NOV. 27. Top scions of the TVS family will appear on a common platform here on Monday at a press conference to announce the launch of a new company by TV Sundram Iyengar and Sons Ltd. Top representatives, belonging to the families of T. S. Santhanam, T. S. Krishna, T. S. Srinivasan and T. S. Rajam, will share the dais for a formal business launch programme, according to group sources. A press invitation from TV Sundram Iyengar and Sons Ltd. says Suresh Krishna, Venu Srinvasan, Viji Santhanam and R. Dinesh, representing the four families in the broader TVS group, will be present at a media conference convened on Monday to announce the launch of TVS Logistics Services Ltd., a new company. Much water has flowed under the bridge since a legal web encircled the TVS group in the early 1990s. After all, time is the healer. Surely, business has come in handy to play the binding act. The exigencies of the day have already seen them pulling together to face competitive threats not only from within the country but also outside. Suresh Krishna-led Sundram Fasteners Ltd. (SFL) sometime ago acquired the precision forgings business in the U.K. of Dana Spicer Europe Ltd, thanks to a reference from a T. S. Santhanam group company, Axles India. Axles India was originally an equal joint venture between the T. S. Santhanam group and Eaton Corporation. Dana Corporation got in to the joint venture 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. There appears to be convergence of views within. Of late, there has also been a lot more behind the scene co-operation within the broader TVS family. If sources are to be believed, varied outfits within the TVS family are using a common forum to buy assorted inputs, resulting in huge savings. None of the groups within, it is gathered, is ready to lose out business to non-members in the competitive environment. Not surprisingly, there is a greater level of interaction within. Protectionism of yester-year may not have bound them together. Global competition, however, appears to bring them closer to each other. The Monday event will make it lot more obvious.
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