TVS Mobility has formed a joint venture (JV) with Mitsubishi Corporation towards setting up a comprehensive vehicle mobility ecosystem in India. As part of the collaboration, the Japanese conglomerate will invest Rs 300 crore, with both parties committed to support the growth of the JV.

The investment will spearhead the partners' vision pertaining to vehicle ownership in passenger cars, commercial vehicles and material handling equipment (MHE). Further, the business model will have the potential to achieve USD two billion revenue in the next three to five years. 

With this, the dealership business of TVS Mobility will be transferred to TVS Vehicle Mobility Solution (TVS VMS), a newly formed subsidiary, which will enable it to offer a complete portfolio of services to its customers. The vehicle mobility business will provide digitally-enabled solutions to enterprises, corporates or fleet owners. The partners would also expand partnership with vehicle manufacturers to provide integrated solutions across vehicle sales and operating of vehicles.

For Mitsubishi Corporation, this materialises into enhanced service capabilities even further and its objective to develop comprehensive mobility solutions spanning after-sales services and multi-brand sales, and vehicle-as-a-service model as well, along with other automotive operations. Mitsubishi has maintained its relationship with TVS Mobility group including the investment in the after-sales services provider TVS Automobile Solutions (TASL).