UML will pump around Rs.100 mn into the joint venture, with plans to expand the motorbike marketing venture into local assembly under a second stage, United Motors Lanka Managing Director Anil Wijesinghe told Lanka Business Online.rn
rnWijesinghe said the two firms ldblquote have successfully concluded negotiations on entering into a joint venture partnership.
rnMotor spares made by the TVS Group in India will also be marketed through separate division under the local arm.rn
rnldblquote In future various other products, which do not compete with the products of Mitsubishi Motors would be taken up. The company will also be setting up a separate subsidiary to market spare parts manufactured by TVS Group and other companies in India,
dblquote Wijesinghe told shareholder today. rn
rnTVS is currently in the market under the Suzuki brand, with 8000 bikes roaming Lankan roads. rn
rnWijesinghe said the TVS bikes would be marketed islandwide, supported by spares and service. rn