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Sumitomo Buys Car Leasing Unit in India
Sumitomo Corp. has acquired the leasing operations of Carzonrent India Pvt. Ltd., India's largest personal ground transportation services provider, for an estimated 2 billion-3 billion yen ($18 million-$27 million).
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Sumitomo Corp. has acquired the leasing operations of Carzonrent India Pvt. Ltd., India's largest personal ground transportation services provider, for an estimated 2 billion-3 billion yen ($18 million-$27 million).
The deal does not include Carzonrent's Easy Cabs taxi service and Myles rental car businesses.
The sale gives Sumitomo and its Sumitomo Mitsui Auto Service affiliate control of a fleet of 2,000 vehicles serving 135 corporate clients. The companies will operate the business as SMAS Auto Leasing India.
India's car-leasing market is expected to rise from 40,000 vehicles to 100,000 vehicles within a few years, according to The Nikkei.
Carzonrent says the sale will enable it to focus on its cab and self-driving businesses.