Shares of Popular Vehicles and Services Ltd (PVSL) gained over 3% on Thursday, August 21, after the company announced that its step-down subsidiary, Prabal Motors Pvt. Ltd., has completed the acquisition of BharatBenz dealership operations in Punjab from Globe CV Private Limited.
The transaction involves eight state-of-the-art facilities across Punjab, including seven integrated 3S outlets (sales, service, and spare parts) and one dedicated spare parts unit. The deal was executed for a consideration of ₹12 crore, with vehicle inventory worth ₹22 crore also transferred as part of the acquisition.
With this move, Popular Vehicles strengthens its commercial vehicle presence in northern India, building on its existing footprint in Maharashtra and Tamil Nadu. The company will now be the exclusive dealer partner for BharatBenz in Punjab, a state seen as a key growth market for freight and passenger movement.
Commenting on the development, Naveen Philip, MD of PVSL, said the acquisition aligns with the company’s long-term strategy of expanding beyond its strongholds in southern India. “Punjab is a key market with significant potential. We are confident our entry will capture this opportunity while delivering a superior customer experience,” he noted.
Popular Vehicles operates a diversified auto dealership portfolio, spanning passenger vehicles, commercial vehicles, EVs, pre-owned vehicles, servicing, spares, and allied financial products. With this strategic expansion, the company has reinforced its partnership with Daimler India Commercial Vehicles and aims to scale its CV business across India.
