Carnation Auto, promoted by Jagdish Khattar, former chairman and managing director of Maruti Suzuki, has signed a joint venture pact with the Variety Group to set up multi-brand auto solution hubs in Andhra Pradesh.
The venture would offer service and maintenance, sale of secondhand cars, insurance services, and accessories i. e. all services under one roof. The company, in near future, has also plan to sell new cars.
Under the arrangement, Carnation would hold a 51 per cent stake in the latest JV while Variety will hold the remaining stake in it.
to invest Rs 1,000 crore in the next five years. He is a former manager of leading passenger car company, Maruti. Now, he would start his new company, Carnation Auto India Ltd to start a new venture in the multi branded car market. He would get 80-crore investments from Wipro chairman Azim Premji’s PremjiInvest and rest of Rs 28 crore from IFCI Venture Capital Funds to achieve his objective.
