CHICAGO, IL--(Marketwired - Feb 25, 2014) - The Warranty Group, a leading global provider of warranty solutions and related programs, is pleased to announce it has agreed to form a joint venture with TVS Automobile Solutions Limited (TVS ASL) to be finalized in the coming weeks. The joint venture will offer extended warranties and related services and solutions throughout India, Bangladesh, Sri Lanka, and portions of the Middle East.
The joint venture company will focus on auto, appliance and electronics manufacturers, and distributors and retailers. Products offered will include a full range of service contracts, extended warranties, limited warranties, and prepaid maintenance programs.
"The company will have the combined unique strengths of TWG's global warranty experience with TVS ASL's local market expertise, client relationships and administrative capabilities," said The Warranty Group's president and chief executive officer, Thomas Warsop. "We are excited to be part of a team that now offers world-class warranty solutions to businesses and their customers throughout India and the surrounding markets."
"TVS ASL is excited to partner with The Warranty Group to further enhance our market capabilities and solutions for innovative, customer-focused warranty programs," said Sanjay Nigam, president and chief executive officer at TVS ASL. "We look forward to partnering with clients to help them acquire new customers, improve customer loyalty, and grow their bottom line."
The joint venture company will initially focus on India's automobile, light truck and 2-wheeler vehicle segments, then expand quickly into the appliance, technology and other consumer products categories. TVS ASL is already managing extended warranty programs for Ashok Leland and Nissan in India, and looks forward to serving other world-class brands in the future.
About The Warranty Group
Celebrating 50 years of industry leadership, The Warranty Group is one of the world's premier global providers of warranty solutions and related benefits, with operations in more than 30 countries and 1,900 employees. With Virginia Surety Company and London General Insurance as our primary insurance companies, TWG provides underwriting, claims administration and marketing expertise across the globe. The Warranty Group is a single-source solution for leading manufacturers, distributors, and retailers of consumer goods including automobiles, homes, consumer appliances, electronics, and furniture, as well as specialty insurance products and services for financial institutions. Visit www.thewarrantygroup.com
About TVS Automobile Solutions Ltd.
TVS Automobile Solutions Ltd. (TVS ASL), a subsidiary of T V Sundram Iyengar & Sons (TVS & Sons) Ltd., has been in the business of automobile service business for more than a decade. The company operates the business through its brand MyTVS and has been hived off as a separate company in the year 2011.
TVS ASL's bouquet of services:
- Pan India 79 car service outlets -- multibrand and OEM authorized service centres
- Pan India 24x7 MyTVS roadside assistance with 4000 authorised service providers
- Extended warranty
- Telematics based vehicle tracking system and immobilizer
- Insurance broking
- Service tools and consumables
- Customer touch points including petrol stations
For further details, visit: www.mytvs.in