Popular Vehicles & Services Ltd receives LOI for setting up Ather facilities in Chennai

Popular Vehicles & Services Limited (NSE: PVSL, BSE: 544144), one of India's leading fully integrated automotive dealership player is pleased to announce that its 100% step down subsidiary Kuttukaran Cars Pvt Ltd has received a Letter of Intent (LOI) for setting up Ather facilities in Chennai, Tamil Nadu.

The facilities will be spread across two locations - one housing the Experience Centre, and the other accommodating the Service Centre and warehouse. The service centre will initially feature 5 bays, with capacity to service approximately 450 vehicles per month. Operations are expected to commence by the first week of September this year. Total investment for setting up these facilities is estimated at around Rs 75 Lakhs.

Commenting on this development, Mr. Naveen Philip, Promoter and MD, Popular Vehicles and Services Limited said, "We're pleased to announce the receipt of a Letter of Intent from Ather, marking an important milestone in our journey to grow within the two-wheeler EV ecosystem and deepen our presence in Tamil Nadu. This development reflects our continued focus on expanding our geographic footprint beyond Kerala and tapping into emerging opportunities in the electric mobility space.

Through this strategic collaboration, we aim to reinforce Ather's growing presence by establishing a robust service network and delivering an exceptional ownership experience to EV customers. Tamil Nadu is an important market in our efforts to gradually broaden our revenue beyond Kerala, and this initiative supports that direction."

Shares of Popular Vehicles and Services Limited was last trading in BSE at Rs. 135.70 as compared to the previous close of Rs. 136.05. The total number of shares traded during the day was 1514 in over 85 trades.

The stock hit an intraday high of Rs. 136.05 and intraday low of 133.70. The net turnover during the day was Rs. 204394.00.

Source : Equity Bulls

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