Landmark Cars shares up 5% on dealership pact with M&M

Landmark Cars

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Landmark Cars shares were up 5 percent at Rs 758.80 in the early trade on September 8 after the company signed a dealership agreement with Mahindra & Mahindra.

"The automotive retailer has signed letter of intent (LoI) with Mahindra & Mahindra for opening dealership in Howrah, West Bengal," company said in its release.

This dealership will be established in one of the wholly owned subsidiary of the company Landmark Mobility.

This business will include sales and after sales of Mahindra’s Personal, Pickup and Supro range of vehicles in the areas of Howrah, Hooghly, Kolkata, North 24 Parganas and South 24 Parganas.

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Landmark Mobility Private Limited (LMPL) has incorporated as a wholly owned subsidiary of the company on September 4, 2023, Landmark Cars said in another release.

Landmark Cars is the promoter of the said wholly-owned subsidiary and the initial investment in the said wholly-owned subsidiary would be related party transaction and will be considered to be at arms’ length.

LMPL is yet to commence the business operations and intends to carry on the business of sales, after sales and allied business.

Landmark Cars had raised Rs 552 crore via IPO in December 2022. The stock has risen 43 percent since then, from the issue price of Rs 506.

Landmark Cars is a premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, MG and Renault. The company also caters to the commercial vehicle retail business of Ashok Leyland in India.

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