Lakshmi Venu. File.
| Photo Credit: VEDHAN M
Tractors and Farm Equipment Limited (TAFE) on Monday (March 17, 2025) appointed Lakshmi Venu as Vice Chairman.
“Lakshmi has been a key member of our leadership team and a member of TAFE’s Board. With her leadership style that is focused on building for the future, we look forward to her leveraging TAFE’s collaborative, value-based approach towards its vision of ‘Cultivating the World’. On behalf of the Board and Management, we extend our warmest good wishes to her.,” Mallika Srinivasan, Chairman & MD, TAFE, said in a statement.
“I thank the Board for placing their trust in me. I look forward to working closely with the Board and the teams at Tafe and Eicher tractors to strengthen our organization and drive continued success to achieve our strategic goals,” Ms. Lakshmi said.
Ms. Lakshmi’s contributions have earned her several accolades, including being recognized as one of Business Today’s “Most Powerful Women in Business” in 2023, according to a release.
She is also the recipient of the Economic Times “Young Leaders – 40 under 40” recognition. Dr. Lakshmi is also the Managing Director at Sundaram-Clayton Ltd., a leading automotive component manufacturer. She is a graduate from Yale University and a Doctorate in Engineering Management from the University of Warwick, U.K.
The ownership and management of TVS Holdings and Tractors and Farm Equipment Ltd (TAFE) is being aligned among the family members, sources said.
Sudarshan Venu, Managing Director of TVS Holdings Ltd already leads TVS Motor Company as its Managing Director. He is also the Chairman of TVS Credit Services, the Non-Banking Financial Services company of the Group.
Sudarshan’s sister Lakshmi Venu, daughter of Venu Srinivasan, Chairman Emeritus of TVS Motor Company, and Mallika Srinivasan, Chairman and Managing Director of Tractors and Farm Equipment Ltd (TAFE), has been elevated to Vice Chairman of TAFE.
In March 2024, Venu Srinivasan had announced that his family members had executed a memorandum of understanding (MoU) to avoid competition among themselves.
Under the MoU, Sudarshan Venu had agreed that he and persons controlled by him shall not use certain trademarks (including TVS) in relation to certain businesses, including design, manufacturing and supply of aluminium and magnesium die castings/ machined castings for OEMs and the after-market. Further, he also agreed not to compete for a defined period, including in the business of agricultural machinery such as tractors and self-propelled farm equipment.
Mallika Srinivasan and Lakshmi Venu have agreed that they and the people controlled by them will not use certain trademarks (including TVS) in relation to certain businesses, including two-wheeler and three-wheeler vehicles, financial services, and real estate business, and they have also agreed to not to engage in certain businesses, including two-wheeler, and three-wheeler vehicles, parts and/or accessories for any such vehicles, for a defined period.
Further to this MoU, it is now evident that a clear separation of ownership and management of businesses is happening between the children of Venu Srinvasan and Mallika Srinivasan, sources said.
Sudarshan will continue to lead TVS Holdings and it subsidiary companies, TVS Motor, TVS Credit Services, and Home Credit India, along with TVS Emerald. Lakshmi will succeed Malika Srinivasan in TAFE and lead Sundaram Clayton Ltd, they added.
Published – March 17, 2025 03:18 pm IST
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