New Delhi (PTI): Mumbai-based V-Link Taxis on Thursday announced the launch of radio taxi service in the national capital with a fleet of 250 cars in the first phase and said it plans to expand network across major cities in India by March next year with an investment of Rs 200 crore.

The company, which currently operates 'Meru' taxi service in Mumbai and Hyderabad, plans to spread its network to Bangalore followed by Delhi.

"By March next year, we will have 1,000 cabs in Delhi, while a fleet of 4,000 taxis across the four cities. The total project cost is Rs 200 crore, a mix of debt and equity, of which Rs 60 crore has already been invested," V-Link Managing Director Neeraj Gupta told reporters.

He said the company, an investee of India Value Fund - a private equity fund, is also planning to set up service stations at the centres.

V-Link Taxis is a wholly-owned subsidiary of V-Link Travel Solutions, while India Value Fund manages a direct corpus of USD 650 million (Rs 2,500 crore) and has invested in businesses like Trinethra Retail, Radio City, RDC Concrete and Robo Silicon.