Landmark Cars Inks Mahindra Dealership Deal, Shares Surge 5%

8 Sep 2023 , 11:25 AM

Landmark Cars’ shares saw a 5 % increase, reaching Rs 758.80 in early trade on September 8, following the announcement of a dealership agreement with Mahindra & Mahindra. The automotive retailer signed a letter of intent (LoI) with Mahindra & Mahindra to establish a dealership in Howrah, West Bengal.

This dealership will operate under Landmark Mobility, one of the wholly-owned subsidiaries of Landmark Cars. The business scope includes both sales and after-sales services for Mahindra’s Personal, Pickup, and Supro vehicle ranges, covering areas like Howrah, Hooghly, Kolkata, North 24 Parganas, and South 24 Parganas.

Landmark Cars disclosed the recent incorporation of Landmark Mobility Private Limited (LMPL) as a wholly-owned subsidiary on September 4, 2023. Landmark Cars clarified that it serves as the promoter of LMPL, and the initial investment in LMPL is considered a related party transaction conducted at arms’ length.

While LMPL has not yet initiated its business operations, it intends to engage in sales, after-sales, and related businesses. Landmark Cars successfully raised Rs 552 crore through an Initial Public Offering (IPO) in December 2022, with the stock witnessing a 43 % increase from its issue price of Rs 506.

Landmark Cars holds a prominent position in India’s premium automotive retail sector, boasting dealerships for renowned brands like Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, MG, and Renault. Additionally, the company is involved in the commercial vehicle retail business for Ashok Leyland in India.

The partnership with Mahindra & Mahindra signifies Landmark Cars’ continued expansion efforts and commitment to providing high-quality automotive solutions to customers across the country.

For feedback and suggestions, write to us at [e-mail]