Japanese trading giant Mitsubishi Corporation is set to venture into the Indian car sales business this summer by acquiring a stake of more than 30 per cent in TVS Mobility, which operates car dealerships nationwide, according to a report by Nikkei Asia.
Pending regulatory approval, Mitsubishi’s investment is estimated to range from 5 to 10 billion yen ($33 million to $66 million). Upon completion of the investment, Mitsubishi will deploy its personnel at the dealerships.
Under the agreement, TVS Mobility, a car sales firm in India, will spin off its car sales division, with Mitsubishi acquiring a stake of over 30 per cent in the newly formed entity.
