TVS to tap Philippines

NEW DELHI: TVS Motor on Thursday said it will come out with an IPO in Indonesia in the next 2-3 years to fund expansion plans in the region.

"We will be tapping the Indonesian market in the next 2-3 years," TVS Motor Managing Director Venu Srinivasan told the media on the sidelines of the SIAM summit.

TVS is currently setting up a manufacturing facility in Indonesia through which it hopes to cater to the demands of the ASEAN region.

"We are setting up a 300,000 unit capacity in Indonesia, which will begin production from April next year. Through this we look to cater not only to the local market but also to other countries like Thailand, Myanmar, Cambodia, Malaysia and Vietnam," Srinivasan said.

Asked on the reasons for the IPO, he said it would add value to the company's operations in the country as well as give it recognition as a local company.