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Home : Venture Capital : IFCI Venture Capital invests Rs 28 cr in Carnation Auto
IFCI Venture Capital invests Rs 28 cr in Carnation AutoIFCI Venture Capital Funds today announced an investment of Rs 28 crore in Carnation Auto, a venture of former Maruti Suzuki Managing Director Jagdish Khattar.
The country's first multi-brand car sales and service network being set up by Carnation would enable it to provide unique and value added car sales network support to large-fleet owners, IFCI Venture Funds Chairman Atul K Rai said. The business model of Carnation will also help OEMs to avail optimum sales & service solutions, he said. This is the second project funded by IFCI under its recently launched India Automotive Component Manufacturers Private Equity Fund-1-Domestic. The fund has a target corpus of Euro 60 million equivalent to Rs 396 crore and will be dedicated for investment mainly in Indian Automotive Component companies and in other related sectors, he said. With a vision of developing the largest independent multi-brand automobile sales and service network, Carnation has announced the company's first round of funding of over Rs 100 crore arranged from IFCI Ventures and PremjiInvest. http://ip-pbx.tmcnet.com/news/2008/10/21/3719353.htm 386 times read
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