Pawan Goenka

M&M makes bid to acquire 51% stake in Peugeot Motocycles

Mahindra MahindraNew Delhi: Homegrown auto major Mahindra & Mahindra on Tuesday said its two-wheeler arm has made an offer to acquire 51 percent stake in Peugeot Motocycles, part of the 54 billion euro PSA Group based in France.

In a statement, M&M said under the "binding offer" made by Mahindra Two Wheelers Ltd (MTWL), there would be an "infusion of 15 million euro into Peugeot Motocycles (PMTC) to finance projects implemented through strategic partnership, and further sale of shares by PSA, which would allow MTWL to take 51 percent stake in PMTC."

Mahindra & Mahindra to acquire Navistar’s stake in joint ventures

Mahindra & Mahindra to acquire Navistar’s stake in joint venturesIndian auto giant, Mahindra & Mahindra has said that it will soon acquire the stake of its US based partner, Navistar Group from their two joint ventures between the two companies.

Mahindra & Mahindra will acquire Navistar's stake in joint ventures for manufacturing of truck and buses, and engines in a deal valued at Rs 175 crore in $33 million. M&M President for Automotive and Farm Equipment Sectors, Pawan Goenka described the deal as a friendly buyout as Navistar is looking to focus on its core business activities.

Petrol price hike won’t reduce charm of diesel cars for buyers

Petrol price hike won’t reduce charm of diesel cars for buyersThe recent hike in the price of diesel will not lead to any decline in charm of diesel cars for buyers as the cost of running a diesel car vis-a-vis a petrol car is still considerably lower.

According to an analysis of the costs of running diesel and petrol cars revealed that the cost of running a petrol car is Rs 4.89 per kilometer, much higher than that of a diesel car which is Rs 2.47 per kilometer.

Therefore, analysts as well as auto market players are sure that the hold of diesel on the passenger cars will continue as it is.

Automakers to quit Maharashtra over VAT issues

Automakers to quit Maharashtra over VAT issuesAuto sector firms, Volkswagen, Mahindra and Bajaj have warned that they might be forced to move out their investments from the state of Maharashtra due to issues relating to Value Added Tax or sales tax at source.

The state government would loose Rs 4,000 crores of new investments from Mahindra alone, if the company decides to abandon the state over taxation disagreements with the authorities.

Mahindra Planning Expansion at West India Plant

Mahindra Planning Expansion at West India Plant Mahindra & Mahindra Ltd. has started working on its expansion plans and thus the company is all set to start with new planning, which primarily aims to raise the production capacity of the company at its western India plant.

The company, presently, manufactures 8,000 units and has plans to increase this figure to 12,000 vehicles a month, confirmed a senior executive on Wednesday.

India Still Holds Top Position in Passengers Sales Growth

India Still Holds Top Position in Passengers Sales GrowthSales growth in passengers’ vehicle in India is the highest in the world. The information came in lime light when the Society of Indian Automobile Manufacturers (Siam) presented the data for the June quarter in which the recorded growth of India was 18.2%.

After India, other countries which registered positive growth were -America with 14.4%, Germany with 14.3% and China with 11%.China’s position has dropped drastically as compared to last year as China was former topper.

Rise in Interest Rates Can Lead to Deviating Impact over Auto Industry

Rise in Interest Rates Can Lead to Deviating Impact over Auto IndustryThree months earlier, the vehicle sales growth as announced by Automobile industry body SIAM, The Society of Indian Automobile Manufacturers, was 12-15%, but after noticing higher interest rates and rising fuel prices, this today has been lowered down to 11-13% for the financial year 2012.

It was earlier announced to have a sales growth of 16-18% during 2011-12, but now even this has been predicted by SIAM to be around 10-12 % only.

Dispute among the Car companies over import duty

Pawan-GoenkaThe upcoming trade agreement between India-EU has created a spat between car makers and Pawan Goenka who is the president of industry body Society of Indian Automobile Manufacturers (Siam). This agreement has been opposing several progresses so as to cut duty on imported cars.

On the other hand several members, along with the foreign luxury carmakers such as Audi, Mercedes and BMW are batting for lower tariffs.

SIAM vouches for voluntary emissions

SIAM vouches for voluntary emissionsThe Society of Indian Automobile Manufacturers has recently said that it is in favour of implementing the uniform emission norms in the Indian market. The industry body made this announcement at its 50th Annual Convention.

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