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Mumbai, Jun 24 (UNI) Auto major Mahindra &Mahindra (M&M) today announced that it has raised Rs 80 crore, through a private placement, to unlock value in FirstChoice Wheels, the country's largest chain of multi-brand pre-owned cars and to fuel growth.

The funds raised, would be used to finance the roll out of FirstChoice's chain of 300 owned and franchise outlets, across the country. The private placement agreement was inked with Phi Advisors, which is promoted by Mr Anupam Thareja and Mr P Sivaram.

The new After Market Sector, which was launched recently, was looking at augmenting the presence of its pre-owned car multi-brand stores across the country.

The After-Market Sector is a new business vertical, which aims to replicate the new vehicle eco-system in the pre-owned vehicle space.

Mr Rajeev Dubey, President After-market Sector, M&M, said, ''Our vision is to corporatise the pre-owned used car business, which is a pioneering effort by the Mahindra Group. FirstChoice is at the threshold of its next phase of growth and the infusion of funds and a partner like Phi would help transform the company into a truly pan - Indian player, helping us consolidate our leadership in the multi-brand pre-owned car industry.'' UNI VK SR SKB1820

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