News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 16 years ago
Rediff.com  » Business » UK firm secures supply contract for Nano

UK firm secures supply contract for Nano

Source: PTI
February 12, 2008 14:27 IST
Get Rediff News in your Inbox:
TT electronics PlcĀ said on Tuesday it has secured a contract to supply speed sensors for the Indian conglomerate Tata's Rs 100,000 car, Tata Nano, which is expected to be launched later this year.

However, the financial details of the contract were not revealed.

In a regulatory filing in London, the firm said the sensors for the car would be manufactured by Padmini TT electronics Private Ltd, the joint venture between UK-based TT electronics and Padmini VNA Private Ltd, based in Gurgaon. The joint venture was formed in 2006.

"Although relatively modest in value terms, we regard this contract as a major breakthrough with Tata Motors and are very pleased to be part of the revolutionary 'one lakh car' project, which is expected to bring affordable four-wheel
transportation to millions of people across the globe," TT electronics CEO Neil Rodgers said.

"We are delighted with this news which further endorses our strategy of investment in India's thriving automotive industry," he added.

Prototypes of the Tata Nano speed sensor have already been supplied and Padmini TT is now increasing output, in preparation for high-volume vehicle production scheduled for September 2008, the filing added.
Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!