The newly formed company also plans to expand its operations here through distribution of spare parts, cars, commercial vehicles and equipments, according to a press release.

An agreement to this effect was signed on Friday by R Dinesh, executive director of TVS & Sons Ltd, and Akthar Hussain, vice chairman of Rian Motors Ltd.

"We believe that this joint venture will make meaningful impact on the rapidly growing competitive automotive market of Bangladesh," said Dinesh.

"The collaboration with TVS & Sons will offer us the opportunity to expand our business," Akthar Hussain was quoted as saying.

In addition to the Victor brand, TVS Auto Bangladesh will distribute StaR range of 100 CC motorcycles; electric start version of GLX and few other new products, including Scooty, a two-wheeler exclusively for the women.

TVS will bring in its 80 years of experience in the industry, while Rian Motors, a concern of Rangs Group, aims to be one of the major players in Bangladesh's auto industry through this joint venture.