Auto industry veteran BVR Subbu’s Altius Autoworld’s new venture has run into a roadblock as current FDI norms don’t allow multi-brand retailing. Altius, a company co-founded by Mr Subbu’s Argentum Motors, had formed a JV with Japan’s Gulliver International to service high-end luxury cars and commercial vehicles through a multi-brand retail outlet. The JV aimed at servicing luxury cars and commercial vehicles after they exhausted their manufacturers’ warranty.
When contacted Mr Subbu said, “Although there is some ambiguity about the definition of FDI in the matter, we are studying the situation.”
However, Altius which has already managed to build a knowledge and relationship base of truck and construction equipment workshops, is understood to continue with its current business plan. Sources indicate that Altius will try and apply for FIPB approval for the new venture. Read more
Courtesy: economictimes.indiatimes.com
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