Jagdish Khattar is the founder of the Carnation Auto. 66 years old Jagdish Khattar was a former Managing Director of MARUTI – SUZUKI. He has left Maruti Suzuki 18 months left and started his own Venture – Carnation Auto on his own.
Carnation is the bold new venture in the Indian Automobile Industry. Modeled on similar third-party formats in the West, it plans to create a nationwide network of multi-brand outlets which will trade in new and used cars and spares and accessories, offer service, insurance and finance under one roof.
Carnation was formally launched in June this year and already has 10 company-owned outlets across India along with 6 joint ventures with local players in different states.
Khattar’s Model is ambitious but it’s by no means the first. MyTVS from the TVS Group, Mahindra First Choice and Reliance AutoZone have launched earlier with similar models but haven’t gone national.
The Company is funded by Premji Invest (Rs.80 Crore) and IFCI Ventures (Rs.28 Crore) in addition to Khattar’s own contribution. He adds he is on the verge of finalizing a Rs.170 Crore loan from a bank.
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