Lubricants major Castrol India has picked up a 7.09 per cent stake in ki Mobility Solutions Pvt Ltd (KMS), India’s first full-stack O-to-O (online-to-offline) digital platform of TVS Automobile Solutions, for a sum of ₹487.5 crore in an all-cash deal.
TVS Automobile runs India’s largest independent integrated multi-brand car service under myTVS brand
With this strategic investment, CIL aims to expand its presence in service and maintenance for both internal combustion engines (ICE) and electric vehicles (EV) and leverage myTVS’ digital and operational capabilities. The alliance will also offer the potential for Castrol and KMS to collaborate and partner in select markets beyond India, according to a statement.
“Castrol’s established brand equity and nationwide footprint in India, combined with myTVS’ digital strength will bring structure to the currently fragmented automotive service sector and also accelerate business growth for KMS,” said Sandeep Sangwan, Managing Director, Castrol India Ltd.
In addition, Castrol will explore business and technology collaborations with KMS to enable readiness for the transition to electric mobility.
“Our partnership with Castrol will significantly enhance the ownership experience for customers across the lifecycle of their vehicles,” said Srinivasa Raghavan, Managing Director, ki Mobility Solutions.
myTVS’ online-to-offline digital platform already offers standardized and cost-effective services and parts to B2B and B2C customers through its owned outlets, franchise network, at-home services, and roadside assistance.
Castrol India’s existing presence in service and maintenance includes its rapidly expanding network of 220 Castrol Auto Service passenger car workshops in 110 cities across India and 42 Castrol Express Oil Change outlets that offer two-wheeler consumers swift and reliable oil change.
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Published on November 25, 2022
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