Sumitomo Group from Japan has acquired the lease car division of Carzonrent India for around Rs. 200 crore.
The Sumitomo Group runs Japan’s largest car lease business with over 6 lakh cars and has set up a new company dubbed as SMAS Auto Leasing India which will get the rights to the car lease division of Carzonrent. Carzonrent has a fleet of around 2,000 cars and 135 marquee corporate clients in India.
Carzonrent now wants to focus on investing Rs. 2,000 crore to expand their network from current 39 cities to 100 cities and increase their fleet size from 7500 cars to 30,000 cars for the car-with-driver and self-drive services which are categorized under ‘Easy Cabs’ and ‘Myles’.
Source – ET Auto