The used-car arm of the Indian conglomerate Mahindra & Mahindra, Firstchoice is on track with its plans to launch an IPO for the Indian market by the year 2013. The Group is planning to reach a turnover of Rs. 2,000 crore before it goes in the equity market to as for additional funding.

According to the sources, the plan was to launch an IPO after 5 years of the private equity investment.

Notably, the company received the private equity handle in the year 2008. The company is expecting to close the current fiscal with a turnover of Rs. 400 crore, way high as compared to its Rs. 140 crore turnover in the last year.

The company also signed a MoU with the TVS promoted roadside repair arm, MyTVS. Under the deal, the Firstchoice customers are now empowered to avail round the clock roadside assistance in case of a breakdown in the first year of purchase from his company.

The company is expecting to close the fiscal with a unit sales of 18,000 up against the 10,255 units sold in the last fiscal. The company is aiming for a bullish target of 1,00,000 unit sales in the 2013 fiscal.