Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Mahindra First Choice Services (MFC), part of the $20.7 billion Mahindra group, is open to talks with strategic investors to raise Rs. 125 crore. “We need at least Rs. 125 crore to accelerate our expansion programme,” said CEO YVS.Vijaykumar. “The funds will be invested in technology and brand building.”He said the firm was not in a hurry to raise resources and that it may sew up the deal in the next 6-12 months. Two years ago, MFC Services had decided to raise Rs. 250 crore, but the plan was shelved “as the time was not right then.” Currently, the firm has a portfolio of 330 car workshops in over 250 towns and plans to ramp up to 1,000 in three years. “While the auto aftermarket industry is growing 9%-10% per annum, we are growing higher than that. Last year, we posted revenue of Rs. 91 crore and expect to post a 50% increase in this fiscal,” he said.
