Popular Vehicles & Services has announced that its subsidiary Imperion Cars Private Limited has executed an Asset Purchase Agreement with Olympus Motors Private Limited for acquiring Audi dealerships worth ₹9.75 crore. The agreement was signed on December 31st, marking the completion of the previously announced acquisition deal.

Deal Structure and Execution Details

The acquisition has been structured through Imperion Cars Private Limited, a 100% subsidiary of Popular Mega Motors (India) Private Limited, which is itself a wholly-owned material subsidiary of Popular Vehicles & Services. The deal involves purchasing assets used in Audi dealership operations on a going concern and asset-by-asset basis.

Target Business Profile

Olympus Motors Private Limited, incorporated in 2007, operates as an authorized dealer of Audi India across Telangana and Andhra Pradesh through a network of 5 operational locations. The company represents a division of SKODA AUTO Volkswagen India Private Limited in these markets.

Strategic Impact and Market Expansion

This acquisition represents Popular Vehicles & Services' strategic expansion into the luxury automotive segment and marks the group's entry into Andhra Pradesh. The deal is expected to strengthen the company's presence in premium vehicle retail operations across South Indian markets.

The transaction is structured as a non-related party deal, with no promoter or promoter group interest in the acquired entity. The acquisition is subject to immediate completion upon satisfaction of agreement terms and conditions, requiring no additional governmental or regulatory approvals.

Popular Vehicles & Services has announced that its subsidiary Imperion Cars Private Limited has secured three Letters of Intent (LOIs) from Audi India for retail operations across Telangana and Andhra Pradesh. Imperion Cars is a wholly-owned subsidiary of Popular Mega Motors (India) Private Limited, which is itself a subsidiary of Popular Vehicles & Services.

Strategic Partnership and Facility Details

The LOIs enable the company to take over the business of existing Audi dealers in these states, marking the commencement of a new dealer relationship with the premium luxury automobile brand. The partnership will establish a total of 5 Audi touchpoints across both states.

Market Expansion Strategy

This development represents an important milestone in the company's growth strategy and strategic expansion of its luxury portfolio, building on its existing presence through Jaguar Land Rover. The Hyderabad facility reinforces the company's recent expansion in Telangana, while establishments in Visakhapatnam and Vijayawada mark the company's entry into Andhra Pradesh.

The company will have an exclusive Audi presence in both Visakhapatnam and Vijayawada, strengthening its position in these key, high-growth markets.

Management Commentary

Commenting on this development, Mr. Naveen Philip, Promoter and MD of Popular Vehicles and Services Limited, stated: "We are pleased to announce the commencement of our relationship with Audi India, further expanding our luxury segment portfolio. This partnership represents an important milestone in our journey as we continue to strengthen our presence in high-growth markets."

He further added: "The addition of Audi aligns well with our strategy of diversifying beyond our traditional geographies, while also strengthening our position in existing markets. We believe the luxury car market in these regions offers significant long-term potential."

Company Overview

Popular Vehicles and Services Limited operates multi-brand automobile dealerships across six states with an extensive network comprising 56 showrooms, 139 sales outlets and booking offices, 33 pre-owned vehicle showrooms, 159 authorized service centers, 50 retail outlets, and 25 warehouses. The company operates passenger vehicle dealerships of Maruti Suzuki India Limited, Jaguar Land Rover India Limited, commercial vehicle dealership of Tata Motors and Bharat Benz, and Ather Energy in the electric vehicle space.