Parsoli wins dealership with BMW

Ahmedabad: Known for their Islamic Equity Index, the promoters of Ahmedabad-based Parsoli Corporation are foraying into automobiles through group company Parsoli Motors. The new company will be headed by Talha Sareshwala, who is the younger brother of Zafar Sareshwala, founder of Parsoli Corporation. Parsoli Corporation has just bagged its first auto dealership with BMW India and is planning an investment of Rs 30 crores into the venture.

BMW India's dealers are asked to provide showroom, sales, services and systems under one roof. Accordingly, Parsoli Motors has set up a showroom near Thaltej Circle on SG Road and a fully equipped workshop is located at Sanathal on Sarkhej Sanand Highway. The company is planning to extend its dealership network to Surat and Rajkot in the coming few months.

'As with our finance products, our strength lies in sales and we are looking at bringing premium vehicles to Gujarat. We see a lot of potential for sales in Mehsana and Unjha along with major cities in the state, ' said Zafar Sareshwala, Director of Parsoli Motors.

He added that the investment into the venture will be funded through internal accruals.

'We are confident that this new partnership in Ahmedabad, a very important market and one of India's most historic and vibrant cities, will help fuel BMW's growth plans in India.' said Peter Kronschnabl, President, BMW India. He said that BMW India has invested Rs 1.1 billion in India till date.

The company delivered 1,387 vehicles in India in 2007. The company aims to deliver 2,000 vehicles in India in 2008.