Mahindra & Mahindra, Indian SUV manufacturer is planning to expand it used car business First Choice Wheels with an investment of Rs 2 billion in the next five years.
According to CEO of First Choice Wheels, Vinay Sanghi ‘along with the expansion plans the company is also looking at an IPO in three years time.’ Currently M&M has 70 outlets in 40 cities and by 2013; it aims to have 300 outlets in 92 cities.
For its expansion plan program, the company raised Rs 800 million through private placement and preferential allotment.