Financial Daily from THE HINDU group of publications
Thursday, Apr 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 21, 2005 |
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Corporate
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Outlook Sonalika group co begins trials for three-wheeler Neha Kaushik
New Delhi , April 20 THE current fiscal will see the entry of a new player in the Indian three-wheeler market. International Cars & Motors Ltd, a Sonalika group company, has begun trials of its three-wheelers (goods carriers and passenger carriers) and looks to make a mark in the fast growing market this year. "Our three-wheeler project is almost complete. We have been test marketing the product and have received a very positive response. Anticipating good demand, we plan to ramp up the three-wheeler capacity at our facility to 36,000 units next year from 18,000 units," Mr L.D. Mittal, Chairman, Sonalika group, said. While the company sources engines from domestic manufacturers for the three-wheelers, it is also in talks with a few overseas companies for more cost-effective options. Mr Mittal said International Cars and Motors would export the vehicles to Africa. On the company's multi-utility vehicle manufacturing project, Mr Mittal said it was on track despite the collapse of its technical partner MG Rover. "The transfer of technology has already happened. Samples of our MUV would be launched by Diwali this year. We are yet to finalise the name of the new vehicle," he said. The company looks to price the vehicle competitively to grab a slice of the fast growing MUV segment. "We are looking to price the vehicle in the Rs 6-lakh range. Since the vehicle is being produced in Himachal Pradesh, an excise-free zone, we will be making substantial savings on the excise front which we will pass on to the end consumer. The Himachal plant has a capacity of 24,000 units," Mr Mittal said. The Sonalika group eyes a turnover of Rs 1,200 crore in the current fiscal. The company has a technical tie-up with Renault for production of tractors.
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