AB Business Enterprises plans to raise Rs 250 cr pvt equity

AB Business Enterprises, which operates transportation service provider Parveen Travels, is in talks with investment bankers to raise private equity of about Rs 250 crore and also planned to introduce battery operated vehicles by 2019, a top company official said.
The company also inducted Rolls-Royce into its fleet aimed at serving elite customers.
"Parveen Travels has been a household name in South India and has always been an industry leader.. In order to propel the growth of the company, we are in talks with leading investment bankers to raise private equity funding to the value of Rs 250 crore," AB Business Enterprises, Chairman and Managing Director, Mohammed A Afzal said in a statement.

On the induction of Rolls-Royce bus, he said, the newly inducted Rolls Royce limousine would cater to elite community, star hotels and international passengers.
The company recently signed a Memorandum of Understanding with Hungary-based Csepel Holding Plc, to bring in 100 battery operated inter-city luxury buses for transportation of passengers, he said.
AB Enterprises which began operations in 1967, currently has over 1,500 vehicles, the statement added.