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TVS Motor to set up subsidiary in Hong Kong

TVS Motor is planning to set up a subsidiary in Hong Kong to widen its potential in the export market.

The company received in-priniciple approval from the board of directors to invest a sum not exceeding 10 million Hong Kong dollars for establishment of a wholly-owned subsidiary in Hong Kong.

This is mainly to widen the potential in the export market and strengthen the supply chain management in the overseas countries, the company said.

Details of the proposed subsidiary will be finalised and submitted for ratification by the board of directors in course of time, it added in a regulatory filing.