Atul Auto Limited announced that it has completed acquisition of 70% equity share in Khushbu Auto Finance Limited. Prior to this, the company was holding 30% equity share capital of KAFL. KAFL is a Non-Banking Finance Company registered with Reserve Bank of India (RBI).
“With 100% control over KAFL, it will become a captive finance company. The sufficient availability of finance to the retail customers would give positive effect in sales of vehicles of the Company,” the company said in its exchange filing.
Khushbu Auto Finance Limited was incorporated as Private Limited Company on August 19, 1994. It was subsequently converted to Public Limited Company vide fresh Certificate of Incorporation issued on conversion by Registrar Of Companies on March 26, 2003. The Company is engaged mainly in the business of financing of three-wheeler automobiles. KAFL has business presence in the state of Gujarat, Haryana, Andhra Pradesh, Kerala and Karnataka.
Atul Auto Limited is leading three wheeler manufacturing company in Rajkot, Gujarat, India. The company has presence in 21 states with 200 primary and 130 secondary networks. The company’s dealership, sales, service, and spare parts network comprises over 600 touch points across the globe.
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