Auto ancillary Lucas TVS is going to invest Rs 180 crore in the next five years to open 100 auto accessory retail stores in India under the Carplus brand name.
The company`s move has been prompted by the limited presence of organised players in the Indian car accessory market. Lucas-TVS, which a part of Chennai-based TVS Motor group, estimates this market to be around Rs 4,000-Rs 4,500 crore and expects it to grow to Rs 8,000-Rs 8,500 crore over the next five years.
The company plans to set up 35 stores in the first phase, covering 32 cities. The first such store was inaugurated on Wednesday in Gurgaon, Haryana, and would be followed by a store each in Mumbai and Ludhiana later this calendar year. The Carplus stores would have three formats - Super centre (4,000 sq ft.), Express (2,000 sq ft) and flagship (10,000 sq ft).
"The stores would be completely owned by the company. We are not looking at following a franchisee model," Carplus vice president Arun Lamba said. "As of now, we have tied up with market leaders in several accessory categories and might look at launching a few private labels at a later date."
Besides a range of accessories, including seat covers, steering wheels, mirrors, navigating system and tyres, Carplus stores would also provide advisory services and specialised services such as performance enhancement.
The company has also asked for permission from government agencies for adding CNG installation services
|
|
Posted On : 05 Jun 09
|
|
|
|
|
|
