Mahindra First Choice Services Acquires Key Assets of Carnation Auto
Deepthi | Myequity news | Date : 03-12-2018 13:00:00 IST
Mahindra First Choice Services (MFC Services) 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.
About Mahindra First Choice Services
Mahindra First Choice Services (MFC Services) is a wholly owned subsidiary of the USD 20.7 billion Mahindra group and is India's largest chain of multi-brand car workshops with over 330 car workshops, present in 250+ towns across 25 states.