Carnation Auto inks JV pact with Variety Group

Carnation Auto, promoted by Jagdish Khattar, former chairman and managing director of Maruti Suzuki, has signed a joint venture pact with the Variety Group to set up multi-brand auto solution hubs in Andhra Pradesh.

The venture would offer service and maintenance, sale of secondhand cars, insurance services, and accessories i. e. all services under one roof. The company, in near future, has also plan to sell new cars.

Under the arrangement, Carnation would hold a 51 per cent stake in the latest JV while Variety will hold the remaining stake in it.

According to company officials, the Hyderabad-based group will invest Rs 40 crore in phases for setting up about 10 auto solution hubs including four in Hyderabad.

It may be noted that Carnation Auto has received Rs 250 crore of investment, including Rs 108 crore by Premji Invest and ICICI Ventures. In addition, the company already has JV partners in Uttar Pradesh, West Bengal, Karnataka and Maharashtra.

Carnation Auto intends to open about 100 outlets across the country at an investment of about Rs 1,000 crore in the next four years to set up a pan-India network of outlets to provide automobile solutions.

According to reliable sources, out of total planned outlets, about 40-50 outlets are expected to go on stream by March next year. For the current financial year, Carnation Auto is expecting revenues of Rs 300 crore.

SYSTIME strengthens executive leadership team

Mumbai, Mar 10 (ANI/Business Wire India): SYSTIME, a CMS Group Company and the largest Oracle JD Edwards Practices globally, has recently announced the appointment of Indu as Chief Operating Officer (COO).

In this position of COO Indu will be responsible for the following functions: Global Delivery and Resource Management, Global HR and Recruitment, Global IT, Global Quality, Training and Workplace Management Group (Administration).

Indu brings to SYSTIME 21 years of senior management experience with Fujitsu ICIM and Wipro, handling varied roles in multiple regions around the world, including India, Europe and the United States.

Among other things, she was instrumental in establishing and growing new development centers, managing integration synergies in a M and A situation and managing business growth by delivering value while managing cross-cultural teams. More recently, she was center head for one of the DC’s and also was a part of Wipro’s Corporate Team managing company-wide transformation initiatives.

Vishal Grover, President and CEO, SYSTIME welcomed Indu to the management team.

“In past few years SYSTIME has gone from strength to strength and has had phenomenal growth in revenues, profits and clients. We are sure that Indu who brings with her vast experience in our industry, knowledge of the market and proven leadership qualities will take our business to the next level,” said Grover.

“SYSTIME has been recognized for delivering high value to their customers and has a team of exceptionally talented and motivated employees. I believe that SYSTIME is uniquely positioned for growth through their bouquet of services around JD Edwards and I am excited to be a part of this growth. Though these are economically challenging times, it will be our endeavor to drive value for our customers.” said Indu Khattar, COO, SYSTIME.

Indu is a graduate in computer engineering from Jadavpur University and has done her PGDBM from IIMC. (ANI)