KOCHI: I ndel Automotives, a fully-owned subsidiary of Mumbai-based Indel Corporation, has acquired MGF Motors Ltd, Kerala Cars Pvt Ltd and Omega Motors Pvt Ltd.
A Rs 500 crore company, Indel Corporation has long-standing interests in hospitality and leisure, finance and insurance, automotive, infrastructure contracting, agriculture, media and entertainment across various states in the country.
The company has completed a one-and-half-year long process of one of the largest auto dealership network takeovers in India including one of the largest Ford’s dealerships group, Kerala’s leading Hyundai and Volvo dealerships.
Worth more than Rs 400 crore, the takeovers include the 18-year-old Kochi-based MGF Motors which controls MGF Hyundai, one of the leading Hyundai dealers in the country; Kerala Cars which owns Kairali Ford, and Omega Motors, the Volvo dealership.
The aggressive shopping spree of the group comes as part of an organic growth trajectory. Indel has already got a very strong presence in the automotive industry, with dealerships of Yamaha and Suzuki two-wheelers and Honda cars.
With these takeovers, the number of auto dealer touch points controlled by Indel Automotive has crossed 70, including two-wheelers.