LG Balakrishnan & Brothers has received an approval to initiate steps to terminate the Dealership & Hire Purchase Agreements between the company and Tata Motors within December 31, 2017. The board of directors at its meeting held on October 31, 2017 has approved for the same.
The decision to close the Dealership & Hire Purchase Agreements is based on allowing Tata Motors to find a more suitable partner since the company has not had a comfortable fit in operations.
LG Balakrishnan & Brothers is a transport company. The company is engaged in the business of manufacturing chains, sprockets and metal formed parts for automotive applications. The company’s segments include transmission, metal forming and others.