Hertz (I) to invest Rs1,000 cr to expand fleet by 2011

Hertz (I) to invest Rs1,000 cr to expand fleet by 2011
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First Published: Sun, Nov 25 2007. 12 27 PM IST
Updated: Sun, Nov 25 2007. 12 27 PM IST
PTI
New Delhi: Banking on a robust car rental market in the country, Hertz India has earmarked an investment of Rs1,000 crore over the next three years for a 10-fold increase in its fleet size to 25,000 cars by 2011.
The company, which presently operates a fleet of 2,500 cars, expects its top-line to touch Rs1,000 crore over the next four years, up from 2007-08 estimates of Rs130 crore.
“The car rental market in India is expanding exponentially and offers huge opportunities. To keep up with the growing demand from the market, we have earmarked Rs1,000 crore to expand our fleet to 25,000 cars by 2011,” Hertz India chief executive officer Rajiv K Vij told PTI.
Hertz offers car rental (both self and chauffeur-driven), car leasing and radio cab services in the country.
The company is also in the process of setting up 25 exclusive car rental outlets across the country targeted at tourists.
“Tourists now want to hire cars and travel without a driver as is prevalent in west” he added. The first such outlet opened in September in Delhi and the company would soon set similar outlets in Mumbai, Bangalore and other metropolitan cities by the end of this fiscal, he said.
Hertz would dedicate as many as 500 cars to these outlets by March next year.
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First Published: Sun, Nov 25 2007. 12 27 PM IST