Hanjin Group said Wednesday that it has sold a rent-a-car unit to Lotte Rental to focus on strengthening its core business in logistics and parcel services. 

According to the company, it has clinched a deal to transfer 60 billion won ($48 million) of assets to Lotte Rental, which also runs a rent-a-car business. Hanjin also handed over some 3,000 vehicles.

The deal was discussed in mid-February, while the finalization process is to take place by May, Hanjin Group said. 

“We will do our best to strengthen our core business and increase business management efficiency by selling units that we cannot focus on to gain competitiveness,” said a Hanjin Group official in a statement.

The amount secured through sales will be spent to improve infrastructure for automated services for its parcel delivery and logistics business so the company can increase its market share, the company said. 

Last year, Hanjin Group sold its two bus terminals in Daegu to secure 40 billion won in capital.

By Kim Da-sol (ddd@heraldcorp.com)