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2014-10-03

Japan\'s Sumitomo Group acquires auto leasing unit of Carzonrent

SMAS is a joint venture between Sumitomo Mitsui and Sumitomo Corporation in which the two companies hold 60 per cent and 40 per cent stake, respectively.

Japan based Sumitomo Mitsui Auto Service (SMAS) and Sumitomo Corporation have for an undisclosed amount acquired the auto leasing business of New Delhi-based Carzonrent Private Limited, one of India’s leading automotive-related service companies, via SMAS Auto Leasing India Private Limited.

 

SMAS is a joint venture between Sumitomo Mitsui and Sumitomo Corporation in which the two companies hold 60 per cent and 40 per cent stake, respectively.

 

As part of its overseas expansion in the Asia-Oceania region, SMAS acquired by transfer the auto leasing business of Carzonrent, currently engaged in the auto leasing, rental car and taxi businesses in India, to add to those locations already established in Thailand and Australia.

 

Carzonrent India, which started as a corporate leasing and cab rental service provider in 2000 by Rajiv Vij, is now focusing heavily on the consumer side of the business. It also owns Easy Cabs cab service and MYLES, self-drive venture. Its car lease division has a fleet of about 2,000 cars and about 135 marquee corporate clients.

 

India’s auto leasing market consists of about 40,000 vehicles at the moment, but the market is expected to more than double to 100,000 vehicles within a few years, driven in part by higher demand from corporate clients. SMAS is seeking to establish an early foothold in the Indian market, which is anticipated to see dramatic economic growth, and further expand its auto leasing business.

 

SMAS and Sumitomo Corporation will continue to look beyond the Indian market to emerging countries in the Asia-Oceania region in order to further expand their overseas operations and auto leasing business.

 

Established in Feb 1981, Sumitomo Mitsui Auto Service Co is engaged in lease and instalment sale of various automobiles and vehicles.

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