Posted by meb at November 15th, 2008

Japan’s Mitsubishi group and Turkish car rental company Intercity are to invest $3 billion over four years in Turkey’s rental car market.

Intercity Chief Financial Officer Mete Önol told Reuters Mitsubishi will take a 45 percent stake in Intercity. He declined to give a value for the stake. “Mitsubishi Corp and Mitsubishi UFJ will take a 45 percent stake in Intercity. With its new partners Intercity will invest $3 billion within four years,” Önol said. The companies are due to hold a news conference to announce details of the project on Nov. 18. Intercity said on its Web site it was the market leader with a 23 percent market share in the car rental sector and that it has offices across Western Turkey.
source: Today’s Zaman

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