Mitsubishi to invest in 750 million euro expansion of Turkish car fleet company

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ISTANBUL (Bloomberg) -- Ekim Turizm Sanayi & Ticaret AS, Turkey's largest car fleet rental company in which Mitsubishi holds a 45 percent stake, will invest 750 million euros ($946 million) over four years to expand its fleet to 80,000 cars from 26,000, said Vural Ak, the company's Turkish partner.

Intercity Rent-a-Car, as the unit is known, may also sell shares through an initial public offering next year should the market conditions be favorable, Ak, the founder and majority owner of the Istanbul-based company, said in a telephone interview on Friday.

The fleet will be about 30,000 vehicles at the end of this year, Ak said.

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