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Excel Finance

During the year, transfer of the remaining fixed assets of moped division for Rs 886 lakh to TVS-Suzuki was completed. The company has obtained approval from the government under MRTP Act for investing up to Rs 544 lakh in the share capital of TVS Whirlpool (TWL). The company has acquired the entire existing equity share capital of TWk, thereby making it a wholly owned subsidiary and a deemed public company under Section 43 A of the Companies Act. TWL is in the process of implementing its project for the manufacture of refrigerators, industrial laundering, washing, cooking, dispensing and disposing systems and is expected to commence production early next year. It is expected to issue shares to the public before end of 1989. Negotiations are under way with. Ansaldo Trasporti of Italy for the implementation of the letter of intent granted for the introduction of micro-processor-based signal and train controlling systems through a new joint venture.

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