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Oct. 01, 2014
Sumitomo Mitsui Auto Service Co., Ltd.
Sumitomo Corporation

SMAS Auto Leasing India Acquires Auto Leasing Business

Sumitomo Mitsui Auto Service Co., Ltd. (Head Office: Shinjuku-ku, Tokyo; President; Masayuki Doi, hereinafter “SMAS”), and Sumitomo Corporation (Head Office: Chuo-ku, Tokyo President; Kuniharu Nakamura) have acquired the auto leasing business of Carzonrent Private Limited (hereinafter “COR”), one of India’s leading automotive-related service companies, via SMAS Auto Leasing India Private Limited (hereinafter “SMAI”), their joint venture company in India.

1. Purpose of business acquisition
As part of its overseas expansion in the Asia-Oceania region, SMAS acquired by transfer the auto leasing business of COR, currently engaged in the auto leasing, rental car, and taxi businesses in India, to add to those locations already established in Thailand and Australia.
India’s auto leasing market consists of about 40,000 vehicles at the moment, but the market is expected to more than double to 100,000 vehicles within a few years, driven in part by higher demand from corporate clients. SMAS is seeking to establish an early foothold in the Indian market, which is anticipated to see dramatic economic growth, and further expand its auto leasing business.
SMAS and Sumitomo Corporation will continue to look beyond the Indian market to emerging countries in the Asia-Oceania region and elsewhere, in order to further expand their overseas operations and auto leasing business.

2. Profile of SMAI

Trade name SMAS Auto Leasing India Private Limited
Head office location 10th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi, Delhi-110055, India 
Sales locations Mumbai, Bangalore, Pune, Hyderabad, Chennai
Representative Koichiro Nakayama
Date established November 27, 2013
Business lineup Auto leasing business
Ratios of shareholder/
voting rights
SMAS                   60% 
Sumitomo Corporation    40% 

3. Profile of COR (Business Transferor)
Trade name Carzonrent (India) Private Limited
Head office New Delhi
Representative Mr.Rajiv K.Vij
Year established 2000
Business lineup Auto leasing business, rental car business, taxi business
Vehicle fleet Auto leasing business: approx. 2,000 vehicles

Inquiries

Corporate Communications Department,
Sumitomo Corporation

TEL:+81-3-5166-3100News Release Contact Form

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