Khattar's Carnation Auto raises Rs 170 cr from PNB

Jagdish Khattar-promoted Carnation Auto today said it has raised Rs 170 crore debt from public sector lender Punjab National Bank to fund its expansion programme.

As per the financial closure, Punjab National Bank (PNB) would fund Carnation Auto's expansion of multi-brand auto solution hubs across the country, the multi-brand car service provider Carnation Auto said in a statement.

"We are extremely pleased to partner with Punjab National Bank to further expand the Carnation network with a funding of Rs 170 crore," Carnation Auto Chairman and Managing Director Jagdish Khattar said.

Carnation Auto currently operates 12 multi-brand outlets across the country and the company had earlier announced taking the total of such outlets to 30 by March 2010.

The company would utilise the fund for expanding its various verticals like certified pre-owned cars, preventive maintenance, general repair, body works, workshop on wheels, car customisation with Dilip Chhabria's DC Design, insurance, new cars sales, e-business and accessories.