Popular Vehicles and Services Limited has informed the Exchange regarding a press release dated Jun 17, 2025, titled "Receipt of Letter of Intent by step down subsidiary, Prabal Motors Private Limited.".
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Awaiting price reaction for this filing.
Popular Vehicles' 100% step-down subsidiary Prabal Motors has received a Letter of Intent to establish eight 3S (Sales, Service, Spare Parts) facilities for BharatBenz in Punjab, marking the company's entry into the state as the exclusive BharatBenz dealer. The eight integrated facilities will include showrooms, bodyshops, spare parts distribution, and pre-owned car operations, with 32 service bays in total. The investment is approximately ₹13 crores. This makes Punjab the third state in the BharatBenz dealership network, after Tamil Nadu and Maharashtra, as the company diversifies beyond its Kerala base.
Positive for the stock — this is a new-state entry and exclusive dealership rights in Punjab, expanding the commercial vehicle segment's footprint into Northern India. The ₹13 crore investment is modest relative to the company's scale, so near-term earnings impact will be limited, but long-term growth potential in a new geography is a positive signal.