TVS Supply Chain Solutions Limited completed the acquisition of 49% stake in White Data Systems India Private Limited from Cholamandalam Investment and Finance Company Limited, Vellayan Narayanan, Vellayan Lakshmanan and S Ramesh Kumar for approximately INR 640 million.

TVS Supply Chain Solutions Limited entered into share swap agreement to acquire 49% stake in White Data Systems India Private Limited from Cholamandalam Investment and Finance Company Limited (BSE:511243), Vellayan Narayanan, Vellayan Lakshmanan and S Ramesh Kumar for approximately INR 640 million on March 28, 2023. TVS Supply Chain will issue 22,35,265 convertible preference shares as part of consideration. As part of transaction, Cholamandalam Investment will sell 12,75,917 shares.

Post this acquisition, TVS Supply Chain Solutions will hold 100% stake in White Data Systems India Private Limited. Two nominee directors of the Cholamandalam currently on the board of WDSI will resign on completion of the actions set out in the Share Swap Agreement. White Data Systems will cease to be an associate of the Cholamandalam upon completion.