The Hinduja Group said on Thursday that it is looking to expand the geographical reach and production capacity of flagship automobile firm Ashok Leyland in a big way to make the company one of the top 10 global commercial vehicle producers in the next five years.
'Wherever the government has provided incentives for the purchase of two-wheelers, three-wheelers, cars, buses, and trucks, it gets a push for most of these alternate fuels. '
Just six months after pulling out of Hutchison Essar, the Hinduja group is set to throw its hat into the ring for the country's fourth largest telecom company.
Commercial vehicle maker Ashok Leyland, part of the London-based Hinduja Group, is to enter Britain's mid-range truck market through a tie-up by its Prague-based subsidiary, Avia Ashok Leyland.
West Bengal Chief Minister Mamata Banerjee's maiden visit to the financial capital Mumbai drew an enthusiastic response from India Inc with industry captains queuing up to attend the meeting called by her.
'Taking into account the inventory in pipeline and the suppressed market demand, Ashok Leyland has decided to moderate the production plan for the next two months,' the company said. Manufacturing facilities would also reduce the number of working days to three a week till December this year, it added. 'This decision has also been partially influenced by the problems encountered by the suppliers as a result of the power shortage in some parts of the country,' it said.
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 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.
Ashok Leyland is likely to increase prices of its commercial vehicles across all models by April 2010 to offset rising input costs.
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.
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.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
For the first quarter this fiscal, domestic sales went up by 8.7 per cent to 7,859 vehicles, the highest ever for the company.
While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented. The scheme is expected to help companies address the skill gap in employment. Dheeraj Hinduja, chairman, auto major Ashok Leyland, said: "We had started an internship programme at our plant in Pantnagar, which we established in 2010 with colleges there.
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 Hinduja Group flagship firm Ashok Leyland is planning to set up a multi-million dollar plant in Iran for assembling CNG trucks and buses.
Leyland expects the digital drive to help tap its in-house strength as well as segments such as passenger cars and two-wheelers.
The state government has announced a five-level plan to relax the coronavirus-induced restrictions in the state from Monday, based on the weekly positivity rate and the occupancy of oxygen beds. A notification to this effect was issued on Friday night.
The industry said if the policy was announced, it would have taken 28 million vehicles bought before March 2005 off the road.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
'It is a balanced and prudent Budget that sets the foundation for future growth in the economy.'
Partnership between Israel and India is doing wonders, the visiting prime minister tells business leaders.
India's flagship motor show Auto Expo 2023 kicked off on Wednesday with the global unveiling of Suzuki Motor Corporation's concept electric SUV 'eVX' which is slated to hit the market by 2025. The company's Indian arm Maruti Suzuki India is among the major manufacturers participating in the show that has returned after three years. The Concept eVX is a mid-size electric SUV concept designed and developed by Suzuki Motor Corporation (SMC), Japan. It will be powered by a 60 kWh battery pack offering up to 550 km of driving range on single charge.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
'Investors are now getting clarity on policies.'
Top ten billionaires in India.
Announcing their first product carrying Ashok Leyland's badge under the joint venture -- the 'Ashok Leyland DOST' -- in Chennai on Tuesday, Hinduja Automotive chairman and Nissan Ashok Leyland Powertrain Ltd chairman V Sumantran said another product from Nissan's stable would be launched next year.
Netanyahu will cap his hectic schedule by attending the 'Shalom Bollywood' event.
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.
Gautam Adani, who is diversifying into many businesses, saw a 48 per cent rise in his wealth to Rs 1.40 lakh crore and moved up two places in rankings to being the fourth richest Indian. Hinduja Brothers and HCL's Shiv Nadar were ranked 2nd and 3rd. Wipro's Azim Premji slipped two places to fifth place.
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.
Japanese carmaker Nissan on Tuesday said it is in talks with Hinduja flagship company Ashok Leyland for developing a small car for the global market that could be priced around $4500-5000.
The Mumbai-based firm has lost almost 10 percentage points in market share since 2009-10, even as other brands have fought hard to wrest share away.
Kavita Karkare, widow of former Maharashtra Anti-Terror Squad chief Hemant Karkare who died fighting terrorists during the 26/11 attacks in Mumbai, has been admitted to a hospital after she suffered brain haemorrhage and slipped into coma, police sources said.
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.
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.
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