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| Arval to increase fleet size, to invest Rs 100 cr this year |
| Press Trust of India / Mumbai Jul 24, 2009, 11:42 IST |
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Car leasing and fleet management company, Arval, is planning to take its total fleet strength to 6,500 in the next two years, a top company official said.
"We will be increasing our fleet size to 6,500 vehicles by 2011. During this calendar year, we will be increasing our number of vehicles to 1,700," Arval India Managing Director Liam Donnelly told reporters here.
As on December last year, Arval had a fleet size of 465 vehicles. The company which invested Rs 25 crore in 2008, is planning an investment of Rs 100 crore in 2009.
"We will be investing Rs 100 crore by the end of this year and further invest Rs 350 crore by 2011," Donnelly said.
The company which had a market share of four per cent last year, is targeting a 11 per cent share by 2009 and 16 per cent by 2011, he said.
The major competitors for Arval in the country are Lease Plan, Orix and ALD.
Donnelly further said that the corporate vehicle market is very small in India but has good growth prospects.
"The total corporate vehicle market is in the nascent stage with only 3,500 vehicles but there is a massive potential for new ones," Donnelly said.
At present, the company offers services to 110 corporate clients in the country.
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