Greater Noida, Sep 30 (UNI) With an aim to become the country's largest automotive product, sales and service provider Carnation Auto India today said it plans to invest about Rs 1,000 crore for setting up hundred service outlets in 65 cities across the country in the next five years, besides opening an automotive training institute.
''By the end of the current financial year, six service outlets will be operational... total investment in the project will be around Rs 1,000 crore,'' the company Managing Director Jagdish Khattar told reporters here.
The company will also set up an automotive training institute, Mr Khattar, the former Maruti Udyog Ltd Managing Director, added.
These institute will also have a pan-India presence in due course of time, he continued.
Initially, the company will focus on providing service, mechanical repair and body shop solutions for two to three auto majors, he said.
The company is also in talks with various state agencies such as RIICO, HUDA and UPSIDC to procure land for its various operations.
It will also seperately set up a wholly owned realty company -- Carnation Realty-- to focus on investing in the acquisition of key properties for the parent company.
''We are also trying to rop in real estate firms to jointly develop these concepts,'' Mr Khattar said while denying venturing into imports of models which are not available in the country.
Further, Azim Premji promoted investment firm Premji Invest and IFCI Venture have agreed to invest over Rs 100 crore in Carnation Auto.
Premji Invest has committed to infuse Rs 80 crore to acquire a significant minority stake in the company, while IFCI ventures will put about Rs 28 crore.
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