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Carnation Auto, Variety Group sign agreement

HYDERABAD: Carnation Auto, promoted by Jagdish Khattar, former chairman and managing director of Maruti Suzuki, entered into a joint venture with Variety Group, promoted by K. Sathya Reddy, for expanding the multi-brand auto solutions network here on Monday.

Addressing a press conference, Mr. Khattar said he had entered into five partnerships across the country so far and three outlets were opened and hoped to open another seven within a month. These outlets would provide sales, service, insurance, accessories and spares of all brands of cars.

He said Carnation Auto was talking to a few other partners. Many automotive dealers were snapping their connections with a few companies, other than Maruti, Hyundai and Tata, as there were no volumes of business. Carnation Auto was acquiring such units to expand business. Every joint venture would work in a state with about ten outlets. The company was expecting revenues of Rs. 300 crore in a year. It has received Rs. 250 crore of investment, including Rs. 108 crore by Premji Invest and ICICI Ventures.

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