The company is planning to make entries into all the countries where the promoter company Mahindra and Mahindra (M&M holds almost 70 per cent in the company) has introduced its vehicles.
M&M is already present in the US in the tractor segment and also in South Africa through vehicles like Scorpio and other pick-up vehicles.
Recently, TMLFSL, the vehicle-financing unit of Tata Motors, had also said that the company was looking for a maiden venture in South Korea.
With gross revenues of over Rs 840 crore (Rs 8.4 billion) logged in the last financial year as compared with Rs 596 crore (Rs 5.96 billion) recorded in the previous year, MMFSL is aiming to grow more robustly in the current fiscal too.
Ramesh Iyer, managing director, MMFSL, said, "We are aiming to keep up our current CAGR of 35 per cent per annum for this fiscal. The company is planning for launch in key markets like the US and South Africa and also where M&M will have presence in future".
M&M currently sells high-end tractors in the US and will soon launch high-powered Scorpio and other pick-up and utility vehicles there. In the South African market, the company sells similar products but without tractors.
Other countries like Brazil, Egypt, Malaysia and China also contribute to M&M world wide revenue.
The company in India finances tractors, cars, utility vehicles, two wheelers, light commercial vehicles, construction equipments and used cars through more 425 branches across the country.
The company even has plans to finance heavy commercial vehicles in future, but details for the venture are yet to be sorted out.
Anand Mahindra, VC and MD, M&M, on Friday unveiled the new corporate identity of Automartindia, which has now been renamed as First Choice. The multi-brand, used car company opened its first superstore in Mumbai with plans of opening similar outlets across five metros in India namely Bangalore, Pune and Chennai among others in the next 15 months.
Each of the superstore will come up at a cost in excess of Rs 10 crore (Rs 100 million), which can house about 150 used cars at any given point of time.
With the used car market today reaching a total of 1.3 million units, First Choice will look to grab a significant share of it through its 80 outlets spread throughout India.
In terms of pricing the company challenges to offer favourable prices compared to its competitors. Vinay Sanghi, CEO, First Choice, said, "You'll probably get better pricing of vehicles in First Choice than a True Value outlet".
The company has set a target of selling 25,000 units for the current financial year, up from about 12,000-13,000 units sold last year.
