Automotive

Pre-Merger Consultation to be Available Soon

Feb. 18 – The Competition Commission of India (CCI) is considering a new scheme that will provide pre-merger consultation for companies mulling over potential mergers and acquisition.

This will allow companies the opportunity to seek competition regulator’s views prior to filing proposals and cut down on approval times and delay that sometimes can take as long as 210 days. “We are considering having pre-merger consultations clause for vetting mergers under sections 5 and 6 of the Competition Act,” CCI chairman Dhanendra Kumar said in a statement during the Indo-U.S. Economic Summit held in New Delhi. Continue reading →

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India Forecasts 7.2 Percent Growth, Per Capita Income Increases

Feb. 9 – India’s domestic economic growth is forecast to reach 7.2 percent for 2009-10, against the 6.7 percent recorded a year ago, according to advance gross domestic product estimates released by the Central Statistical Organization (CSO).

As per forecast estimates, per capita income is set to rise to US$945 from US$864 in 2008-09, an increase of nine percent. Farm output is expected to contract by 0.2 percent while maintain moderate growth. Moreover, the manufacturing is estimated to grow by strong 8.9 percent. Continue reading →

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Bugatti Supercar to Launch in India

Dec. 15 – Volkswagen will soon launch the legendary French car Bugatti in India, probably the fastest and most expensive car to be released in the country.

The Bugatti Veyron, which can reach speeds of more than 400 kilometers per hour, will cost between US$1.2 million and US$2.5 million when it hits the Indian roads. Continue reading →

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All-Electric Indica Set for 2011 Global Launch

Nov. 25 – Tata Motors is pushing to launch the electric version of its highly popular Indica in 2011, aiming at exploiting the growing market for eco-friendly cars.

Tata Motors Managing Director (India operation) Prakash Telang said Tata would launch the electric Indica simultaneously in India and worldwide. “We will begin a feasibility study by next year for introducing the product,” The Hindu quoted him as saying. Continue reading →

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Luxury Auto Brands Head to India Salesrooms

Nov. 16 – India’s big spenders are seducing the world’s premium auto brands to make their products more easily available in India.

Audi, Bentley, Lamborghini, Mercedes and Porsche are all sending their premium vehicles to the Indian market, even as U.S. automakers are scaling down operations and reworking their strategy towards fuel-efficient smaller vehicles.

“Today, Indians will no longer settle for anything but the best. With disposable incomes on the rise, it’s a matter of time before more and more such super premium car makers target the Indian market place,” said Abdul Majeed, the automobile practice leader of PricewaterhouseCoopers. Continue reading →

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Iconic Volkswagen Beetle to be Launched in India Next Month

Nov. 12 – Not satisfied with selling the Passat, Jetta and the Touareg in India, Volkswagen is now expected to bring the new Beetle to launch in India before the year’s end, if we’re to believe a report that has revealed to the Indian media during the India economic summit.

Although the Volkswagen Beetle was originally built as the “people’s car,” it’s not the case anymore as prices usually range around US$20,000 – which is a bit steep for the Indian market once you consider that the Tata Nano is selling for as low as US$3,500. Continue reading →

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India’s Tata Motors Takes Control of Spain’s Hispano

Oct. 22 – Tata Motors has taken full control of Spanish bus and coach manufacturer, Hispano Carrocera S.A., by acquiring a 79 percent stake in the firm.

The Indian vehicle company already holds a 21 percent stake in Hispano, which it bought in 2005 for around US$700 million. “Tata Motors has acquired the remaining 79 percent shares in Hispano by way of exercise of the existing call option, through mutual agreement with other shareholder, Investelia SA Spain,’’ the company said in a statement. Continue reading →

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Tata Motors Reaches US$600 Million Target in Less Than An Hour

Oct. 12 – Top Indian auto manufacturer, Tata Motors, decision to offer global depository issues and convertible bonds to help pay for debt incurred from purchasing Jaguar and Land Rover was met with enthusiasm when its initial fund-raising target of US$600 million was reached in less than an hour.

Due to the positive response, the company had to raise its initial offering by 25 percent. Tata Motors was able to raise a total of US$750 million. Ravi Kant, vice-chairman of Tata Motors, was quoted by The Economic Times as saying that the successful fund raising was a reaffirmation of investor confidence in the global auto sector, and bore testimony to the trust reposed in the long-term outlook for Tata Motors. Continue reading →

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