Mitsubishi Corp. to set up car dealer network in India

TOKYO/CHENNAI, India -- Japanese trading house Mitsubishi Corp. will enter the car sales business in India this summer, taking a stake of more than 30% in an Indian company that operates car dealerships in the South Asian nation.

India ranks third in the world in new car sales after China and the U.S., but Japanese automakers have a weak presence there with the exception of Suzuki Motor. Mitsubishi aims to sell Japanese cars through the new company in addition to local brands.