Carnation Auto promoted by Jagdish Khattar - former of Maruti - today announced its future businesses plan.
The company plans to invest Rs 1000 crore over the next 5 years to launch its multi brand automobile service and sales network. the network will be spread over 100 locations across 65 cities in India.
According to Khattar, the company will initially focus on providing service , mechanical repair and body shop solutions across these facilities.
Further, Azim Premji promoted investment firm and IFCI Venture have agreed to invest over Rs 100 crore in Carnation Auto. While Premji Invest has committed to invest Rs 80 crore to acquire a significant minority stake in the company,IFCI ventures will be investing around Rs 28 crore.