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Azim Premji to invest $20 Million in Carnation Auto
By siliconindia
New Delhi: Wipro promoter Azim premji will invest $20 Million (Rs 80 crore) to acquire a minority stake in Carnation Auto company handled by Jagdish Khattar. Khattar, former Managing Director of Maruti Suzuki India has turned an entrepreneur with his new venture, Carnation Auto.
Khattar is planning an investment of Rs 1,000 crore ($250 million) in the next five years to launch a nation-wide multi-brand automobile sales and service network. While Premji will be investing through his investment fund PremjiInvest, IFCI Ventures will also be investing Rs 28 crore in the company.
Khattar has now joined the growing club of auto professionals turning entrepreneurs. It already includes BVR Subbu, former President of Hyundai Motors India, who set up Argentum Motors to contract-manufacture for large carmakers. Subbu has also started another company, Altius Autoworld, in a joint venture with Japanese giant Gulliver International to provide after-sales service for luxury cars and heavy commercial vehicles.
Earlier, Premji had bought 10 percent in low-cost retail chain Subhiksha for around Rs 230 crore. Carnation is his second investment within a couple of weeks. Carnation Auto will be launching its service and sales network hubs in 100 locations in 65 cities in the next five years.
"Khattar, Chairman, Managing Director, Carnation Auto said, "By the end of this financial year, we will be launching at least half-a-dozen auto solution hubs in the National Capital Region, Hyderabad and Cochin. In the next financial year, we plan to launch 25 to 30 such hubs across India."
These multi-brand sales and service hubs are mostly targeted at new automobile manufacturers, especially those with limited market share and capacity constraints.
