Azim Premji funds new venture by Jagdish Khattar
Carnation Auto, the brainchild of Jagdish Khattar, the ex-chief of Maruti Suzuki, is a multi brand sales and service network that will aim to cater to vehicles of all types and brands.
This is the holding company, through which Khattar also has plans to get into real estate and other joint ventures. Initially, the investment in the new venture is expected to be around Rs.100 crore. Khattar has roped in no less than Azim Premji, the Wipro bossman, albeit the latter is doing so in his individual capacity via his PE arm, Premji Invest, along with IFCI.
The company aims to become a one stop shop for new and used cars, service network for maintenance, mechanical and collision repair and other value-added services, and would have dedicated teams to manage each brand.
It seems like a pretty good idea and manufacturers will be interested in being able to cut down on some of their overhead costs.
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