Mahindra
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