Mahindra First Choice Services (MFC) has acquired Carnation Auto India Pvt. Ltd. for an undisclosed amount.
MFC will control key assets of Carnation’s car-servicing business, the ‘Carnation’ trademark, its website, software licenses and workshop network. With this deal, MFC will add about 100 new outlets and service stations to its roster.
Mahindra First Choice plans to have 1,000-1,200 outlets in the next 3-4 years. The company is also looking to raise Rs. 120 crore and aims to achieve a turnover of Rs. 500 crore in the next 5 years. Currently, MFC services about 4.8 lakh cars annually, which is reported to rise to 6 lakh cars. The acquisition of Carnation will also allow MFC to expand its footprint into cities like Delhi-NCR and Mumbai.
Carnation was founded in 2008 by Jagdish Khattar, ex-MD of Maruti Suzuki.
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