The sale is expected to be completed by June 22. M&M would receive Rs 45 crore from the deal.
Ki Mobility Solutions would raise funds to the tune of Rs 85 crore from Pratithi Investment Trust represented by trustee and Infosys co-founder Kris Gopalakrishnan and SeaLink Capital Partners (SCP).
Through this partnership, TVS Automobile Solutions Ltd would advance its goal of creating a 'digital ecosystem' empowering thousands of small entrepreneurs across automotive retailers and garages.
Together with MyTVS, Nissan plans to have eight authorised service points in Tamil Nadu, in addition to its own dealers network of 23 outlets, to improve customer access to car service.
TVS Automobile Solutions on Wednesday announced its decision to hive off the roadside assistance business which it entered a decade ago and floated TVS Auto Assist India Ltd, a Joint Venture with UK-based The Automobile Association.
TVS Automobile Solutions, promoter of MyTVS brand, has forayed into the eastern and western markets with an aim to have a pan-India presence by year-end, a top company official said today.