The board of directors of TVS Holdings Ltd (formerly known as Sundaram-Clayton Ltd) on Monday approved the appointment of Sudarshan Venu as managing director of the company, for a period of five years, with immediate effect, elevating him from the post of director.
Sudarshan Venu, currently MD of TVS Motor Company, is son of Venu Srinivasan, who was appointed as chairman emeritus and MD of TVS Holdings Ltd on April 1, 2022.
As part of strategy of placing the nextgen in the driver’s seat, Lakshmi Venu, daughter of Venu Srinivasan was elevated as MD of the company effective May 6, 2022. She was the joint MD until then and the decision to elevate Lakshmi Venu as MD was taken close on the heels of Sudarshan Venu’s appointment as MD of TVS Motor Company then. R Gopalan, was also appointed as chairman of the company last year.
Sundaram-Clayton Ltd, a major autocomponent player from Chennai, was rechristened as TVS Holdings, becoming the holding company for investments in TVS Motor Company. The name change was done following the amalgamation of TVS Holdings Pvt Ltd with Sundaram-Clayton Ltd (SCL) effective from June 16, 2023, as part of scheme of family arrangement in the TVS Group. Currently, TVS Holdings has 50.26 stake in TVS Motor Company.
In Monday’s meeting, the board has also approved the appointment of Timm Tiller, as non-executive independent director of the company. It has also approved appointment of Sasikala Varadachari, as an independent director of the company for a second term of three years effective October 24, 2023.
The company had registered a domestic sales of Rs 1,061 crore in FY23 as compared to Rs 868 crore in the previous year, logging a growth of 22%. Exports grew by 18% to Rs 919 crore as compared to Rs 780 crore and profit before tax stood at Rs 219 crore as compared to Rs 158 crore, marking an increase of 38%. Shares of TVS Holdings closed at Rs 5609.25 on the BSE on Monday, rising by Rs 58.10 or 1.05% from its previous close of Rs 5551.15.
Meanwhile, the board of directors TVS Motor Company has re-appointed K N Radhakrishnan, director & CEO of the company for a further period of five years effective October 23, 2023.