Ride-hailing company Grab on Friday announced it has secured debt facilities of up to US$700 million and signed an exclusive partnership with SMRT to build the "largest and most advanced (rental) fleet in Singapore".
The debt facilities are provided by "leading global and regional banks", says Grab, without naming any financial organisations, and will be used to create a car rental programme with "favourable rental terms and conditions", with the aim of having the largest car rental fleet in South-east Asia by the final quarter of 2018.
SMRT will make its current and future taxi and private car fleet management capabilities exclusively available to Grab, in addition to its entire network of taxis and Strides private-hire cars.
Grab says drivers who rent vehicles through Grab's car rental business - GrabRentals - will enjoy competitive vehicle rental and maintenance rates, have access to commercial vehicles, and benefit from SMRT's fleet management capabilities.
The above article was sourced from The Business Times and can be read in its original form here.