Landmark Cars drives into high growth city of Jaipur, marking its presence in eleventh state

Landmark Cars Limited (BSE: 543714 & NSE: LANDMARK), one of the leading premium automotive retail businesses in India, has entered its eleventh state with dealership for Honda Cars in Rajasthan. The Company has received a Letter of Intent from Honda Cars India Limited to acquire existing dealership operations in Jaipur, Alwar and Bhiwadi. These dealerships are owned by the same group in Rajasthan.

This asset acquisition will be undertaken by Landmark Automobiles Ltd., a wholly owned subsidiary of Landmark that runs existing operations of Honda Cars.

Commenting on this development Mr. Sanjay Thakker, Promoter and Chairman, Landmark Cars Limited said, "The auto industry is witnessing a trend of OEMs preference to consolidate retail level operations and work with well capitalized and professionally managed organizations. Over a period of time, Landmark has built a solid reputation as a preferred choice of partner for OEMs. This transaction demonstrates Honda's continued trust in Landmark.

I am very excited about Landmark's entry into the state of Rajasthan. Over the years, Landmark has profitably scaled its operations with Honda to become the largest Honda dealer in India. Honda is a consistent and profitable brand in Landmark's portfolio. This development is strategic and bodes well with Landmark's expansion strategy of expanding with existing and profitable brands."

Shares of Landmark Cars Limited was last trading in BSE at Rs. 783.55 as compared to the previous close of Rs. 797.60. The total number of shares traded during the day was 10057 in over 792 trades.

The stock hit an intraday high of Rs. 800.80 and intraday low of 781.65. The net turnover during the day was Rs. 7931208.00.

Source : Equity Bulls

Keywords

LandmarkCars INE559R01029 AutoDealer HondaCars Rajasthan Dealership