Mumbai:Sumitomo Mitsui Auto Service Co. Ltd (SMAS) of Japan has acquired the car lease business of Carzonrent India Pvt. Ltd, which operates Easycabs radio taxis and provides car rentals and self-drive cars. SMAS said in a press release that it made the acquisition through SMAS Auto Leasing India Pvt. Ltd, its Indian joint venture. The statement did not disclose the value of the transaction.

Sumitomo said the acquisition was part of its expansion in the Asia-Oceania region. The deal is expected to give the company—which operates in Thailand and Australia—a foothold in the Indian market.

“SMAS is seeking to establish an early foothold in the Indian market, which is anticipated to see dramatic economic growth, and further expand its auto leasing business," Sumitomo said in the statement.