Landmark Cars Ltd. has expanded its dealership network to 11 states after a tie-up with Honda Cars India Ltd. The Mumbai-based company has received a letter of intent from the Elevate SUV maker to acquire existing car dealerships in Jaipur, Alwar and Bhiwadi, according to an exchange filing on Thursday. These are owned by the same group in Rajasthan.
The deal, to be undertaken by wholly owned subsidiary Landmark Automobiles, will make Landmark Cars the biggest Honda Cars dealer in India, according to its chairperson.
"Over the years, Landmark has profitably scaled its operations with Honda to become the largest Honda dealer in India," Sanjay Thakker, chairperson of Landmark Cars, said "Honda is a consistent and profitable brand in Landmark's portfolio, and this development ties in with our expansion strategy, with existing and profitable brands."
Landmark Cars currently operates 10 Honda Cars dealershipsânine across Gujarat and one in Indore.
Overall, it had 117 sales touch points across 27 cities in India, as on March 31. Mercedes-Benz, Volkswagen and Mahindra & Mahindra are part of its retail network.
Shares of Landmark Cars were trading 0.46% higher at Rs 797 apiece on the NSE, compared to the 0.38% advance in the benchmark Nifty 50 at 1:45 p.m.
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