TVS Group firm Lucas Indian Service today announced its foray into the organised car accessories retail market with plans to set up 108 outlets in the country over the next five years at Rs 180 crore.
“The Indian car accessories market is estimated at Rs 4,500 crore and it will grow up to Rs 8,500 crore by 2014. To tap this market we will be launching three different formats of outlets across the country,” Lucas Indian Service president Sandeep Abbi told reporters.
The company plans to provide a complete range of accessories of cars through its exclusive outlets under the brand ‘Carplus’ across the country, he added.
“We will invest Rs 180 crore to set up 108 stores in 32 cities in India over the next five years,” Abbi said, adding the company is expecting to have a turnover of Rs 560-600 crore from ‘Carplus’ outlets in the next five years.
The company today launched the first outlet in Gurgaon and will roll out two more stores in Mumbai and Ludhiana in the next five months.
Source: Business Standard