Indian SUV and tractor manufacturer Mahindra & Mahindra`s (M&M) used car business FirstChoice Wheels is planning to invest Rs 2 billion in the next five years for its expansion.
Mr. Vinay Sanghi, CEO of First Choice Wheels said that as of now they are looking at debt and internal accruals apart from the recently raised fund to finance their expansion. At the same time they are also looking at an IPO in three years time.
The company plans to have 300 outlets in 92 cities by 2013. It currently has 70 outlets in 40 cities.
The company had recently raised Rs 800 million through private placement and preferential allotment, which was aimed at funding existing expansion program.
FirstChoice would be following both company-owned and franchise model for its various outlets.
