The Warranty Group (TWG), a global leader in warranty solutions and aftersales services, is to acquire a majority stake of 90 percent in its joint venture company TVS TWG Warranty Solutions with automobile service provider TVS Automobile Solutions Pvt Ltd (TVS ASPL).

The move, which comes nearly four years after the JV was formed on February 21, 2014, is in line with TWG’s strategy to expand its footprint in the auto and non-auto segments in India. TVS ASL will retain a 10 percent shareholding.

The JV offers extended warranties and related services and solutions in the auto sector throughout India. Inked in 2014, the JV currently works with some of the top global and local automotive brands in the region.  

“Acquiring a majority stake in the JV is a major milestone in The Warranty Group’s corporate journey in India,” said Manfred Schmoelz, executive vice-president for The Warranty Group in APAC. “This expands our footprint in the region, and strengthens our offering to our global auto clients with local expertise.”

R. Dinesh, executive director, TVS Automobile Solutions, said, “The JV has focused on the auto sector and achieved market leadership position in the warranty space in India. With TWG taking over the management and operations of the company, it will facilitate the faster growth of the entity to meet its vision.”

“We are confident to build on the many successes already delivered by the JV,” said Vivek Burman, South Asia Director for The Warranty Group. “We will continue to work together with TVS in adding value to the auto segment, and establish The Warranty Group as the market leader in the after-sales service space in India.”

The JV will continue to operate under the same team, headed by current COO Srikanth Srinivasan.