Shriram group firm to set up 11 auto malls in Andhra Pradesh

Shriram Automall India Ltd, a subsidiary of the Shriram Transport Finance Company (STFC), will set up 11 auto malls in Andhra Pradesh by the end of this fiscal.

These auto malls are large-format sales outlets, where the company would offer transaction infrastructure for buying and selling of commercial vehicles initially and construction equipment later, according to R Sridhar, managing director, STFC.

Each of these would require 10 acres of land, which would be taken on lease, he told the media here today.

These are part of the company's plan to open a chain of 60 such malls across the country, of which the first two are functional in Chennai and Vadodara, and two more will be opened before July 31 in New Delhi and Mumbai.

For STFC, the state accounts for the biggest share of its business at 20 per cent, Sridhar said. The auto malls would help STFC in financing used commercial vehicles also.