Landmark Cars has entered into a share purchase agreement for the acquisition of the remaining 17% equity shares of Landmark Cars (East) (LCEPL) from Autocity Services, Sanjay Thakker and Ami Thakker. The company will acquire 15% stake from Autocity Services at a cost of Rs 12.50 crore. Further, the 2% stake will be acquired from Sanjay Thakker and Ami Thakker (each holding 1%) at cost of around Rs 1.66 crore (Rs 83.33 lakh for each 1%).
LCEPL is engaged in the business of Sale and after Sale Services of Mercedes-Benz brand of cars. Upon completion of the acquisition, Landmark Cars (East) will become a wholly owned subsidiary of the company. The acquisition is expected to be completed within the period of one week.
Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
