Luxury carmaker DaimlerChrysler India on Monday said it would come out of the purview of the Board for Industrial and Financial Reconstruction within this fiscal and wipe out its total accumulated losses of Rs 300 crore (Rs 3 billion) within the next 3-5 years.
The company, which is planning to launch the super luxury sedan 'Maybach' at about Rs 3 crore (Rs 30 million) next year, now plans to launch trucks with higher tonnage capacity, its managing director and CEO Hans-Michael Huber told PTI in New Delhi.
"We are close to the threshold of coming out of BIFR (which deals with sick companies) within the course of this financial year only," Huber said.
This year, DaimlerChrysler India hopes to boost its sales by about 16 per cent from Rs 320 crore in 2002, he said.
But, the profits would remain the same as last year at Rs 40 crore (Rs 400 million) due to 25 per cent rise in the value of the Euro, in which the company pays its bills, he added.
The Pune-based firm has a paid-up capital of Rs 600 crore (Rs 6 billion) while the accumulated loss of Rs 380 crore (Rs 3.8 billion) during 1995-2000 has been brought down to Rs 300 crore (Rs 3 billion) now.
"The outlook of the Indian industry looks very positive. There is greater emphasis on road networks and we find the idea of launching trucks in India good.
"The feasibility study is on," Huber said when asked about the plans to launch premium trucks in the domestic market.
Declining to give any timeframe for the proposed launch, he said, "At this point of time, the only thing I know is that the trucks will have lots of tonnage capacity".
The company has targeted to post a growth of 37 per cent by selling 1,575 cars this year against 1,150 cars sold in 2002.
Of this, the top-end 'S Class' is expected to contribute 75 units, the 'E-Class' 650 units, the 'C-Class' 750 units and 100 units as completely-built-units.
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