Background: TVS Motors Company Limited (TVSM) is the third-largest two-wheeler manufacturer in India with revenues of INR 182bn in FY19. The company manufactures motorcycles, scooters, mopeds and three-wheelers and has a production capacity of 4mn two-wheelers and 0.12mn three-wheelers.TVS Motors is credited with many innovations in the Indian automobile industry, notable among them being the introduction of India's first two-seater moped, the TVS 50cc. The company has 4 manufacturing plants in total with three of them in India (Hosur, Mysore and Nalagarh in India and one in Indonesia, Karawang). In FY19, 40% of volumes were from sale of...