Landmark Cars to fully acquire East India subsidiary

Landmark Cars Limited has announced its definitive move to acquire the remaining 17% equity shares of Landmark Cars (East) Private Limited (LCEPL). This acquisition, executed today via a Share Purchase Agreement, will transform LCEPL into a wholly-owned subsidiary. The total cost for the 17% stake is INR 14.16 Crore, comprising INR 12.50 Crore from Autocity Services Private Limited and INR 83.33 Lakhs each from Mr. Sanjay Thakker and Mrs. Ami Thakker.

LCEPL, a subsidiary engaged in the sale and after-sale services of Mercedes-Benz vehicles in West Bengal and Sikkim, reported a revenue of INR 10,522.02 Lakhs and a profit before tax of INR 1,188.66 Lakhs for the fiscal year 2024-25. The acquisition is intended to consolidate business operations through vertical integration.

The acquisition involves related party transactions, as Mr. Sanjay Thakker and Mrs. Ami Thakker, members of the promoter group, hold 1% each of the target company. The transaction is at arm's length, with the remaining 15% stake acquired from an unrelated party. The completion of the acquisition is expected within one week, subject to closing conditions.