Chennai, Dec 7(PTI) AB Business Enterprises, whichoperates transportation service provider Parveen Travels, isin talks with investment bankers to raise private equity ofabout Rs 250 crore and also planned to introduce batteryoperated vehicles by 2019, a top company official said.
The company also inducted Rolls-Royce into its fleetaimed at serving elite customers.
"Parveen Travels has been a household name in South Indiaand has always been an industry leader.. In order to propelthe growth of the company, we are in talks with leadinginvestment bankers to raise private equity funding to thevalue of Rs 250 crore," AB Business Enterprises, Chairman andManaging Director, Mohammed A Afzal said in a statement.
On the induction of Rolls-Royce bus, he said, the newlyinducted Rolls Royce limousine would cater to elite community,star hotels and international passengers.
The company recently signed a Memorandum of Understandingwith Hungary-based Csepel Holding Plc, to bring in 100 batteryoperated inter-city luxury buses for transportation ofpassengers, he said.
AB Enterprises which began operations in 1967, currentlyhas over 1,500 vehicles, the statement added. PTI VIJROH.
This is unedited, unformatted feed from the Press Trust of India wire.