The over 100-year-old TVS group is going through a transformation of a significant kind. It just underwent a smooth reorganisation. This saw four promoter-families aligning the ownership of different companies with the arms of the family that managed them. While this caught many by surprise, something else – a big one, at that – too is quietly happening at the TVS. And this has largely gone unnoticed. Is it becoming a truly Indian MNC conglomerate? Be it manufacturing or financial services, the foreign investors’ presence is fast evaporating. Global majors have all cashed out of the group by selling their holdings to the respective TVS companies. It all began in mid-90s with Abex Corporation exiting Sundaram Abex which became Sundaram Brake Linings. Later, Suzuki quit the two-wheeler joint venture which became TVS Motor. TRW, too, went out of Lucas TVS. In the last one year, the group saw Brakes India and Wheels India buying out the stake of foreign partners. Also, foreign partners in the insurance, housing finance and mutual finance ventures of Sundaram Finance have exited. More recently, TVS Supply Solutions has bought out the Canadian pension fund, CDPQ. Now, the only prominent JV in operation is Delphi-TVS, a JV of Lucas TVS. Group patriarch Suresh Krishna always talked of Indian MNCs. Well, TVS is on track.