Popular Vehicles and Services Limited has informed the Exchange regarding a press release dated July 10, 2025, titled "Receipt of Letter of Intent (LOI) for setting up Ather facilities in Chennai by wholly owned subsidiary 'Kuttukaran Cars Private Limited'".
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Popular Vehicles and Services Limited (PVSL) announced that its wholly-owned subsidiary Kuttukaran Cars Pvt Ltd has received a Letter of Intent from Ather Energy to set up Ather-branded facilities in Chennai, Tamil Nadu. The setup will span two locations — one for an Experience Centre and another for a Service Centre and warehouse — with the service centre starting with 5 bays capable of servicing around 450 vehicles per month. Operations are expected to begin by the first week of September 2025, with a total estimated investment of about Rs 75 lakhs. This marks PVSL's continued push into the electric two-wheeler segment and an effort to grow revenue beyond its home market of Kerala into Tamil Nadu. The company already operates Ather dealerships as part of its diversified auto dealership portfolio across four states.
This is a modest, incremental expansion rather than a transformative deal — the Rs 75 lakh investment and 450 vehicles/month service capacity are small relative to PVSL's overall scale. For shareholders, it signals continued diversification into EV dealerships and geographic expansion, which is positive for long-term growth, but is unlikely to drive a meaningful near-term re-rating of the stock.