Japanese conglomerate Mitsubishi has partnered with TVS Mobility to establish a comprehensive vehicle mobility ecosystem in India. It will make an initial investment of Rs 300 crore in the company. 

This investment is intended to propel the parties’ vision in relation to vehicle ownership in Passenger Cars, Commercial Vehicles and Material Handling Equipment (MHE). The business model will have the potential to achieve $2bn revenue in the next 3-5 years’ time, the press release noted. 

Mitsubishi will also share its best practices to scale up this business model faster.

With this, the dealership business of TVS Mobility will transform into TVS Vehicle Mobility Solution (TVS VMS). 

“TVS Mobility, had pioneered the sales, service and distribution of vehicles market through its dealership business in India.  This collaboration with MC will enable TVS to provide a range of solutions to the entire vehicle mobility ecosystem.” said R. Dinesh, Director, TVS Mobility.

" To gain a downstream foothold in the rapidly growing Indian market, MC has been fostering its relationship with TVS Mobility group including the investment in the after-sales services provider TVS Automobile Solutions (TASL)," said Shigeru Wakabayashi, CEO of Automotive and Mobility Group at Mitsubishi Corporation.

"The latest investment in the multi-brand dealer TVS VMS widens MC's investment coverage through enhanced service capabilities even further and should propel its aim to develop comprehensive mobility solutions spanning not only after-sales services and multi-brand sales, but also vehicle-as-a-service model, and other automotive operations," he added.