September 08, 2023 / 09:41 AM IST
Landmark Vehicles shares were up 5 p.c at Rs 758.80 in the early exchange on September 8 after the company signed a dealership agreement with Mahindra & Mahindra.
"The automobile retailer has signed letter of intent (LoI) with Mahindra & Mahindra for opening dealership in Howrah, West Bengal," company stated in its beginning.
This dealership shall be established in concept to be one of the wholly owned subsidiary of the company Landmark Mobility.
This business will consist of gross sales and after gross sales of Mahindra’s Personal, Pickup and Supro range of automobiles in the areas of Howrah, Hooghly, Kolkata, North 24 Parganas and South 24 Parganas.
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Landmark Mobility Personal Dinky (LMPL) has incorporated as a unconditionally owned subsidiary of the company on September 4, 2023, Landmark Vehicles stated in a single other beginning.
Landmark Vehicles is the promoter of the stated wholly-owned subsidiary and the preliminary investment in the stated wholly-owned subsidiary would be related celebration transaction and could honest aloof be concept to be to be at hands’ length.
LMPL is yet to originate the business operations and intends to carry on the business of gross sales, after gross sales and allied business.
Landmark Vehicles had raised Rs 552 crore by strategy of IPO in December 2022. The stock has risen 43 p.c since then, from the space imprint of Rs 506.
Landmark Vehicles is a top price automobile retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, MG and Renault. The company also caters to the industrial vehicle retail business of Ashok Leyland in India.
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