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Press Release |
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Shareholders extend their nod for TVS Electronics Merger with TVS eTechnology |
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The shareholders of TVS Electronics Limited have
extended their approval today for the scheme of
merger with TVS eTechnology Limited. The
resolution approving the merger was passed with
an overwhelming majority. As per the scheme the
shareholders of TVS Electronics would be
allotted one equity share of the merged entity
for every share held and the merged entity would
get renamed as TVS Electronics Limited.
Results of the Poll on the resolution approving
the Scheme of Merger:
428 Members present by person and by proxy
exercised their votes representing 1,02,27,448
votes. Out of this 427 members aggregating to
1,02,27,348 votes, voted in favour of the
resolution and one member with one hundred votes
voted against the resolution. This represents
99.7% by number of persons and 99.9% by number
of votes approval in favour of the merger.
With this shareholders' clearance the scheme
would now be taken up for approval to the Madras
high Court. The merger process is expected to be
completed before September 2003
According to Mr. Gopal Srinivasan, who chaired
this shareholders meeting "This merger is unique
as the merged entity will leverage the best
practices of the two companies, identify new
marketing opportunities and is expected to bring
big benefits for TVS-E. The synergies derived
from this merger provide scope for economies of
scale and reduction in operating and
administrative costs".
To address the emerging opportunities TVS-E is
organizing itself into focused Business groups.
Mr. Srinivasan further adds "the eAppliances
Business group has transformed itself from an IT
Appliances to an IT Products and Solutions
business, with its foray into transaction
solutions for 'Heart Of India' applications. The
eServices business group has evolved into a
healthy Business Process Outsourcing unit in the
Electronics Manufacturing Services area. The
company aims to increase its profitability
through products and services and shall scale-up
through Global BPO."
The year 2002 has been a year of remarkable
achievement for eServices Business Group, the
Business grew by more than 100% over the
sequential quarter. eServices is recognized as a
Global Electronics Manufacturing Services
provider. Tremendous efforts have gone behind
institutionalizing the 'Six Sigma DNA'. With its
Tumkur plant also getting QS 9000 certification,
all its manufacturing units are now World-Class
manufacturing units with QS 9000 compliance- a
first for IT manufacturing units in India.
Senior level staffing has been completed for
creating an organization to facilitate scaling
the enterprise. We look forward to a bright 2003
through Target Account Acquisition Program.
The year 2002 has been a significant year for IT
Products and Solutions. During this year the
Company successfully established two products
completely designed in-house by its talented R&D
team. TVS Sprint, a retail automation product,
bringing the power of IT to the common retail
trader, has established itself well in the
grocery vertical in several towns of Tamil Nadu.
Further growth in new areas and new verticals is
planned in year 2003. TVS Proton "The World's
Quickest Bill Printer" was launched in North and
South India towards the later part of the year.
The product features have been well received.
TVS Electronics expects good growth from this
product in the coming months. Also During this
year TVS Electronics also launched high-speed
Printers, Multimedia Keyboard and Rackmounted
UPS.
TVS Electronics' new channels of sale, including
the appointment of another National Distributor,
have helped the growth of its Printers, Power
and Peripheral businesses. Today TVS Electronics
also has a strong distribution network for its
products with nearly 1750 Authorized Dealer
Partners and 75 Re-Distribution Partners across
311 cities and towns in India. TVS Electronics
has a widespread Service Support Network with
nearly 300 Authorized Service Partners and 14
Call Centers spread across the country.
Taking our success further, we see big
opportunities for TVS E in the Technology
Maintenance Services (TMS) sphere with more and
more global brand coming into the country and
offering lifetime warranty on products. Also
Service Brand Owners in Banking, Telecom, Petro
and Retail segments are delivering services
through more and more deployment of appliances
across the country. This trend provides greater
business opportunities for companies with good
geographical spread and with good remote
management delivery capabilities.
With this merger, TVS-E will be able to address
a large part of BPO space in TMS sphere with its
reach across 'Heart of India' and also through
its remote management delivery capabilities. |
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About TVS Electronics: |
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TVS Electronics Limited, a part of the 90-year-old
TVS Group is one the largest manufacturer of Computer
Peripherals in the country. The range of offerings
includes Products - Dot Matrix printers, Keyboards,
Printing Supplies, Transaction Solutions, and Point
of Sale Products (PoS).
TVS-E has a large distribution and service network,
which reaches over 450 towns across the country
with two National Distributors, more than 200 Regional
Distributors and over 3,000 Authorized Dealer Partners.
The Company has manufacturing facilities in Tumkur,
Chennai and Himachal Pradesh |
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