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Chandaria Industries buys stake in low-cost car firm
Mobius Motors Limited founder and chief executive officer Joel Jackson (left) and Chandaria Industries director Darshan Chandaria at the Caramel Restaurant in Nairobi on November 10, 2014. PHOTO | SALATON NJAU |
Billionaire businessman Mahesh Chandaria’s family has acquired an undisclosed stake in Mobius Motors, the start-up auto firm that is building Africa’s cheapest car.
Chandaria Industries, makers of hygiene products that are the flagship of the Chandaria Group, made the investment through capital injection into Mobius in return for a stake in the early stages of the car maker, highlighting increased investor interest in the low-cost vehicle market.
