Mahindra First Choice Services (MFC Services) today announced that it has entered into an asset acquisition agreement with the official liquidator of Carnation Auto (India) Pvt. Ltd. (CAPL). As a result, MFC Services will acquire key assets of Carnation's car-servicing business including the trademark 'Carnation', its website, software licenses and Carnation's workshop network. It will also drive MFC Services strategic vision of organizing the unorganized Indian automotive aftermarket industry.
Mr. Rajeev Dubey, Group President (HR & Corporate Services) CEO (After-Market Sector) said, "This strategic acquisition will strengthen Mahindra First Choice Services' business and its leadership position in the Indian automotive aftermarket industry. It will also bring new growth opportunities, thanks to synergies between the two brands, and expanded access to new institutional customers including insurance companies and fleets."
"We are pleased to welcome Carnation's franchisees into the MFC Services family. With this acquisition, we will add significantly to MFC Services existing network of 330 workshops. This will enhance our presence across India and help us offer our customers a more comprehensive and attractive service solution." said Mr. YVS Vijay Kumar, CEO, and Mahindra First Choice Services.
This asset acquisition does not include the liabilities and past dues of CAPL which is currently under liquidation. MFC Services will now increase its penetration in metro cities, especially in Delhi, the NCR and Mumbai, which are strategic to its business growth plans.
Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.790.2 as compared to the previous close of Rs. 773.1. The total number of shares traded during the day was 347291 in over 3833 trades.
The stock hit an intraday high of Rs. 796.45 and intraday low of 776. The net turnover during the day was Rs. 273675693.