UML exits TVS for Rs. 1 b

United Motors Lanka Plc (UML) yesterday announced that on Monday it entered into a sale and purchase agreement with JV partner T V SundaramIyengar& Sons Ltd. India, to dispose of the entire shareholding of UML  in TVS Lanka  Ltd. amounting to 17.5 million shares (representing 50% of the stated capital) for the total consideration of Rs.1 billion. As at 31 March 2017, the investment in TVS Lanka was stated at Rs. 800.4 million.