Carnation Auto today announced its financial closure of Rs.170 Crores with Punjab National Bank for extending the nation-wide rollout of its multi-brand auto solution hubs.
The agreement was signed by Mr. Jagdish Khattar, Chairman and Managing Director, Carnation Auto, and Mr. V. Gujjal, DGM, Large Corporate Branch, New Delhi, Punjab National Bank.
Speaking on the occasion, Mr. Jagdish Khattar, Chairman and Managing Director, Carnation Auto said, “We are extremely pleased to partner with Punjab National Bank to further expand the Carnation network with a funding of Rs 170 crore. Their support will help us to achieve our vision of making Carnation Auto the leading Independent, multi-brand auto solutions hub and provide car owners a one-stop shop for all their auto needs.”
Under the agreement, the flow of funds from Punjab National Bank will be channelized towards the rollout and expansion of Carnation Auto’s hubs across the country and its various business verticals including certified pre-owned cars, preventive maintenance, general repair, body works, workshop on wheels, car customization with Dilip Chabria’s DC Design, insurance, new cars sales, e-business and accessories.
Carnation Auto already has 12 Multi Brand Auto Solutions Hubs operational across India in Amritsar, Chennai(2), Gurgaon, Noida (2), Mumbai (3), Hyderabad (2) and Kochi – and is in the process of growing that to about 30 by end of this fiscal year. Carnation Auto has retained the services of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading IT services, business solutions and outsourcing organization, for implementing SAP (NYSE: SAP) across all their locations. Carnation is also using the services of Genpact (NYSE: G) to outsource their call center, CRM and select business process activities.