India's Mtandt Rental has big growth plans

By Maria Hadlow20 October 2011

Rakesh Modi, a founder and owner of OnRent, based in Chennai, India.

Rakesh Modi, a founder and owner of OnRent, based in Chennai, India.

Mtandt Rentals of Chennai, India, which operates under the Onrent name, said it will invest €1.2 billion in 3500 new aerial platforms, telehandlers, cranes and skid steer loaders over the next four years.

Rakesh Modi, Mtandt's chief executive officer, told Access International that the company would raise half the funds required via a "fresh equity infusion" with the rest to come from manufacturer finance programmes.

Mdandt wants to negotiate a five year product support agreement with its suppliers as part of the contracts. The plan is to add around 600-800 machines in 2012.

Mr Modi said Mdandt would open five new depots every year for the next four years as part of the plan. It currently has just four locations, in Chennai, Delhi, Mumbai and Kolkatta.

In addition, Mr Modi said Mdandt plans to establish rental businesses "in all the SAARC (South Asian Association for Regional Cooperation) countries by 2015." SAARC nations include India, Afghanistan, Bangladesh, Bhutan, Nepal, Pakistan and Sri Lanka.

He told AI that India's GDP will grow by 8-9% this year "and we expect huge demand, due to the large infrastructure projects in the pipeline."

Mdandt said it was currently in negotiations with several manufacturers, with tenders to be submitted by early November.

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