Sumitomo Group of Japan on 30 September 2014 acquired the car lease division of Carzonrent India for 200 crore rupees.
Carzonrent had a market share of about 18% in the domestic organized car rental sector. Carzonrent will now focus on investing 2000 crore rupees in the next four years to grow its network from 39 to 100 cities in India, increase the fleet size of 7500 cars to 30000 cars in the car-with-driver and self-drive services and foray into markets outside India.
Sumitomo Group runs Japan's largest car lease business with over six lakh cars. It has set up Sumitomo Mitsui Auto Service Company Limited (SMAS) Auto Leasing India.
It will gain rights to car lease division of Carzonrent with a fleet of about 2000 cars and about 135 marquee corporate clients spread across India.
The company was founded by Rajeev K. Vij in year 2000 and caters to over 6000000 customers annually. It operates Easycabs radio taxis and provides car rentals and self-drive cars.
When: 30 September 2014