TVS Supply Chain Soars 3% on Extended Rolls-Royce Deal

20 Feb 2024 , 03:32 PM

TVS Supply Chain Solutions Limited, a global leader in supply chain solutions, announced on February 20th that it has extended its contract with Rolls-Royce, a renowned innovator in technology, for an additional five years until 2029.

The extension focuses on the advanced Parts Distribution Centre (PDC) situated in Singapore, which caters to the Asia Pacific markets for Rolls-Royce’s Power Systems business unit.

‘We are thrilled to prolong our collaboration with Rolls-Royce and contribute to the success of their Parts Distribution Centre in Singapore,’ stated Vittorio Favati, CEO of TVS SCS Global Forwarding Solutions. ‘The contract renewal underscores the efficiency and dependability of our customized supply chain solutions. We eagerly anticipate enhancing the operational excellence of the PDC and supporting Rolls-Royce’s continuous expansion in the Asia Pacific region.’

At 3:18 pm, shares of TVS Supply Chain were trading more than 3% higher at ₹196.80 on the National Stock Exchange (NSE).

TVS Supply Chain Solutions, a subsidiary of the Chennai-based TVS Group, debuted on the public market in August and has demonstrated growth and strong performance in its integrated supply chain business.

In a recent interview with CNBC-TV18, the company’s Executive Chairman, R Dinesh, mentioned that rising freight and insurance costs may persist, while freight forwarders are exploring alternatives to mitigate the impacts of the crisis-stricken Red Sea shipping route.