Hinduja Group flagship company Ashok Leyland on Tuesday announced a price hike of its entire range of commercial vehicles by up to Rs 50,000 on account of rising input costs with immediate effect.
Ashok Leyland is likely to increase prices of its commercial vehicles across all models by April 2010 to offset rising input costs.
The company had implemented a programme to encourage employees to come out with new innovations. Following this, it was able to save money and reduce the inventory level to Rs 90 crore from Rs 120 crore, said K Sridharan Balaji, general manager -- manufacturing, Ashok Leyland. These innovations will conserve Rs 90 lakh each year as recurring savings, including Rs 40 lakh from three projects.
The group has already announced plan to invest $50 billion in power, realty, auto, healthcare and oil and gas projects in India, whose appetite for infrastructure funds is pegged at about $500 billion over the next four-five years.
The Hinduja Group-owned Amas Bank (Switzerland) Ltd on Monday said it has changed its name to Hinduja Bank to show the group's increased commitment to its banking business in Switzerland.
Japanese automobile major Nissan Motor Company and Hinduja Group's flagship Ashok Leyland are looking to fortify their management teams for Light Commercial Vehicle joint venture.
L&T is the largest single shareholder in Satyam holding a 12 per cent stake in the IT firm.
Ashok Leyland, the Hinduja group flagship company and a leading manufacturer of commercial vehicles, on Friday said it would cut its proposed investment size and would undertake cost-cutting measures, including a 20 per cent reduction in wages, in view of the slowdown in the industry.Speaking to reporters, K Sridharan, chief financial officer, said the company's margin outlook is currently under pressure and it may continue like that till next month.
The Hinduja Group chairman, who was in Davos to participate in the World Economic Forum, however, noted that the incident might not have much impact on the reputation of India Inc in the eyes of foreigners, who are more used to such scams. Raju's confession not only shocked India Inc, but investors all over the world. Such type of wrongdoings are more prevalent in the western world and foreigners are used to this kind of happenings, Hinduja said.
After the UK-based Hinduja group, Oil and Natural Gas Corporation's proposed Rs 26,500-crore (Rs 265 billion) refinery at Kakinada, Andhra Pradesh, has found new suitors in Reliance Industries and Essar Oil.
The combined market capitalisation of the top 873 family-owned companies was down 26.3 per cent year-on-year (YoY) to Rs 61.8 trillion at the end of trading on Tuesday. It had grown 6 per cent in FY19 and nearly 20 per cent in FY18.
R N Rao, special director, sales and marketing, Ashok Leyland said the company is going ahead with its expansion of capacity despite a drop in sales during the current financial year owing to the economic slowdown in the country. The company is likely to close the current financial year ending March 2009 with a 30 per cent drop in its sales to around 60,000 units including exports compared to the last fiscal, he said.
Ashok Leyland, which was producing vehicles all seven days in a week, had slashed production to three days at its all six manufacturing units in November 2008 in the wake of slackening demand. The company's decision to increase working days to five comes after it reported 33 per cent increase in the sales in February. Its sales in February stood at 3,245 units compared to 2,444 in January.
Hinduja Global Solutions, the BPO arm of the Hinduja group -- one of the interested parties in acquiring the scam-tainted Satyam Computer Services -- said it has chalked out a 100-day plan, just in case it is successful in its attempt. Meanwhile, it has written to the merchant bankers involved in the transaction. "We are very interested in Satyam and accordingly, we have written to the merchant bankers but are yet to receive any reply," said Anand Vohra, CFO.
Kanika Myer goes back in time to share her memories.
Billionaire S P Hinduja believes the 'whole world has awakened to this evil of terrorism' because of the Mumbai attacks. He said he was especially glad that the attacks 'have mobilised our youth like never before.'
The ONGC-Hinduja combine would meet Iranian the authorities around mid-April to finalise 'participating agreement' for the development of Phase-12 of the giant South Pars gas field and South Azadegan oilfield, ONGC Chairman and Managing Director R S Sharma told reporters in New Delhi on Wednesday. The consortia was in Tehran earlier this month to do technical due diligence for the two fields but ended up being shown old data for the Phase-12 and no data of South Azadegan.
Board to meet investment advisors Goldman Sachs and Avendus today.
A Rs 250-300 crore (Rs 2.5-3 billion) healthcare facility in Tamil Nadu with a capacity of 200-300 beds is being planned by the Hinduja Group of Companies.
State commerce and industry minister, Nirupam Sen, and secretary, Sabysachi Sen are in Mumbai and have held a series of meetings with industrialists in Mumbai, including Tata group chairman, Ratan Tata, Mukesh Ambani of Reliance and Ashok Hinduja of the Hinduja group.
The Hinduja Group-promoted business process outsourcing firm HTMT Global Solutions has set aside Rs 400 crore (Rs 4 billion) to close two acquisition deals in the US by the end of this year.
India Inc is looking at the public sector to steer its ambitions, as former PSU heads are taken on board to lead the private sector.
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
The Rs 31,000-crore refinery and petrochemical plant being planned by Oil and Natural Gas Corporation in Kakinada in Andhra Pradesh is likely to have a new partner -- the Bangalore-based GMR group. GMR is the latest to join the long line of suitors, including the Hinduja group, Reliance Industries and Essar Oil, for the refinery.
Hinduja Group firm heavy commercial vehicle maker Ashok Leyland has drawn up a Rs 4,000 crore (Rs 40 billion) capital expenditure plan for building capacity, developing products and upgrading technology, a top official said.
The Hinduja family is planning investments of about $50 billion (Rs 2 lakh crore) in the next five years in India and abroad, led by a foray into oil and gas in Iran. The closely held group, run by four billionaire brothers, is also planning large investments in real estate, automotives, power and infrastructure, mostly in India, Europe and West Asia.
The joint venture of Ashok Leyland and Nissan for manufacturing light commercial vehicles would become operational during the current financial year, executive vice-chairman of Hinduja Group India Subir Raha said.
The London-based Hinduja conglomerate has begun work on the $15-billion investment plan for India's power sector that will result in generating 10,000 MW for the national electricity grid.
The British teleco is bidding hard for cellular operator Hutchison Essar. At stake: the world's fastest growing mobile market-and Vodafone's reputation.
The Hinduja group says it will bid for Italian tyre and real estate major Pirelli's stake in Telecom Italia only if the acquisition gives it management control in Italy's largest telecommunications operator.
In a bid to enter India's booming petroleum sector, the Hinduja group has entered into a joint venture agreement with Oil and Natural Gas Corporation
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The Hinduja brothers, who top Britain's rich list, said in a statement that Finance Minister Arun Jaitley's Budget had set the direction for a 'very positive long-term agenda'.
"India has immense credibility in the whole world because it is the largest and is a true democracy and I believe India can play a very important diplomatic role in bringing both sides together to resolve the misunderstandings they have," S P Hinduja, chairman of The Hinduja Group, said. "No one should suspect India because it is the best democracy in the world," he added.
Hutchison Telecom is expected to complete the sale of its 67 per cent stake in the country's fourth largest telecom company, Hutchison Essar, before the Chinese New Year holiday, which begins February 17.
Hinduja Group chairman S P Hinduja on Friday called for transparent policies, simplified procedures, and better business environment in India to attract investments from overseas Indians and foreigners.
'We believe that the Clintons have emotional ties and relationship with India and it is time to bring a friend who knows about India and who knows about the Indian-American and that is why we support Hillary for President'
Hinduja group company Hinduja TMT Ltd said on Thursday it has completed the sale of its entire stake in Hutchison-Essar Ltd for over Rs 2,089 crore (Rs 20.89 billion).
Mahindra & Mahindra (M&M), the country's largest tractor company, has acquired the controlling stake in Punjab Tractors Ltd (PTL), the fourth largest tractor firm, outbidding Hinduja group firm Ashok Leyland.
Financing would not be an issue for the group that had business interests in global finance, telecommunications, film, oil and the automotive sector.
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