TVS Motor Company Appoints Vijay Sankar, Shailesh Haribhakti as Board's New Independent Directors

TVS Motor Company has announced the appointment of Vijay Sankar and Shailesh Haribhakti as independent directors, with effect from March 20 and April 1, 2024, respectively. The former, chairman of the Chennai-based Sanmar Group, holds several independent directorships and trustee positions, including at Oriental Hotels Ltd. and the Transport Corporation of India. He is also the Honorary Consul General of Denmark in Chennai. The latter, on the other side, is the chairman of Shailesh Haribhakti & Associates and is a certified internal auditor, financial planner, and fraud examiner with over 50 years of experience. He holds independent directorships with companies like Blue Star Ltd, Bajaj Electrical Ltd. and L&T Finance Holdings Ltd. A champion of sustainability, he has been credited with establishing the concept of 'Innovate to Zero'. 

Sudarshan Venu, Managing Director, TVS Motor Company said, "Mr. Sankar and Mr. Haribhakti are stalwarts in their respective fields and bring immense experience and expertise with them. The TVS Motor Board will be greatly enriched by their joining and the Company will benefit from their guidance in the next phase of our growth". He also thanked Kuok Meng Xiong – who will step down as independent director after the Annual General Meeting 2024 – for all his contributions to the Board over the past three years.  

The changes to TVS' board, which include the appointment of two independent directors, are subject to approvals from the shareholders. The company believes that the new members will add valuable experience to the board and raise the company’s already rigorous corporate governance standard.

TVS XL EV, E-XL Names Trademarked

TVS recently filed trademark applications for two names: E-XL and XL EV, likely to be used by the electric version of the XL 100 moped. This development came as part of TVS' plans to expand its electric two-wheeler portfolio in India. As of now, TVS retails its only electric moped in the country, the Kinetic E-Luna (Rs 69,990 to Rs 74,990). The prices are ex-showroom.  

TVS's Sales Performance in Feb. 2024

In February 2024, TVS Motor Company registered a 34 per cent increase in their total two-wheeler sales. The Chennai-based company sold 3,57,810 two-wheelers last month against 2,67,026 units in February 2023. Of these total two-wheelers, 2,67,502 units were delivered to home buyers, while the remaining 90,308 units were exported to other regions of the world. That being so, the company's domestic two-wheelers made up a 21 per cent increase over 2,21,402 units sold in February 2023.  

In terms of cumulative sales (two-wheelers + three-wheelers), the company delivered 3,68,424 units in February 2024, posting a 33 per cent rise over 2,76,150 units dispatched during the corresponding month of 2023.