Chennai, July 16 (IANS): City-based bus fleet operator Parveen Travels P Ltd is planning to raise Rs.250 crore from private equity to expand its offerings, said a top company official.
"We are looking to raise around Rs.250 crore from private equity firms to be invested in our business over a period of three years," A.Afzal, managing director, Parveen Travels told reporters here.
He said the percentage of equity dilution has not yet been decided.
The company operates a bus fleet of around 1,300 and is adding more.
On Wednesday Afzal accepted the key to a Scania premium bus from Scania Commercial Vehicles India Pvt Ltd's managing director Anders Grudstromer.
According to Afzal though the Scania buses are costly by around 20 percent, it is a value for money as the vehicle offers better comfort and safety for the passengers.