STFC to open 50 auto malls

Shriram Automall India Limited, a subsidiary of the Shriram Transport Finance Company (STFC), will set up 50 auto malls in the country. These auto malls are large-format sales outlets, offering transaction infrastructure for buying and selling of commercial vehicles initially and construction equipment later.

"In our mall concept, sellers can come with their vehicles and we will auction it for them. The auto malls would help STFC in financing used commercial vehicles also. We already have four auto malls in India at Vadodara, Chennai, Gudgav and Panvel and 46 more such auto malls will be opened in near future," said Parag Sharma, chief financial officer, STFC.

Last year STFC had made advances of Rs 1,900 crore for commercial vehicles while it is targeting to lend about Rs 2200 crore for financial year 2011-12.