Today's Top StoriesIndian Chennai-Oct-1-IANS-Auto-major-Mahindra-and-Mahindra-Ltd-plans-to-invest-around-Rs-8-billion-174-million News

 

Chennai, Oct 1 IANS Auto major Mahindra and Mahindra Ltd plans to invest around Rs.8 billion $174 million in its used car business, being done by Mahindra First Choice Services Ltd MFCS under the brand of CarXSpace, a top group official said here Wednesday.

BUS12BusinessMahindra to invest Rs.8 bn in used car businessChennai, Oct 1 IANS Auto major Mahindra and Mahindra Ltd plans to invest around Rs.8 billion $174 million in its used car business, being done by Mahindra First Choice Services Ltd MFCS under the brand of CarXSpace, a top group official said here Wednesday."In five years time, we will open around 300 outlets across the country," Rajeev Dubey, Mahindra group management board member, told reporters.A subsidiary of the $6.7-billion Mahindra and Mahindra, MFCS is in the space of servicing and sales of used cars and also spare part sales.Inaugurating the company's first CarXSpace outlet here, Dubey said the turnover of MFCS will reach Rs.65 billion by 2015.MFCS may get into e-commerce mode by setting up a common platform for buyers and sellers, he added.According to Dubey, in India around one million used cars were sold last year."The sales of car spares at the retail end is estimated to be around Rs.200 billion," he added.MFCS is also in talks with non-life insurance companies to offer cashless damage claims settlement for car owners.--Indo-Asian News Servicevj/sj/dg202 Words01101615