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FINANCIAL NEWS
Saudi UniTrans acquires 32.5% stake in India’s TranzLease
04 Jan 2013
(MENAFN) Saudi United International Transportation Company’s (UniTrans) chairman, Sheikh Abdulillah A Zahid, stated that the firm has invested in TranzLease Holdings India Pvt Ltd. (TranzLease) through acquiring a 32.5-percent stake in the car leasing company, reported Arabian Business.
Zahid said that UniTrans, one of the largest leasing and car rental firms in the Gulf Cooperation Council (GCC) region, has completed the deal through an infusion of growth capital into TranzLease.
The chairman said that the acquisition is the first step in the company’s expansion into the South Asia region, adding that over the past two years, UniTrans has been evaluating the Indian leasing market, and has chosen TranzLease for its innovative team and passion to expand their business.
It is worth noting that UniTrans, majority owned by the Zahid group, has a fleet of over 20,000 cars in the Kingdom.
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