Mahindra Tractors rolls out Samridhi Samman in Jamnagar

Mahindra & Mahindra recently held the first ever Kisan No. 1 - Mahindra Samriddhi Samman in Jamnagar, Gujarat. A pioneering customer centric initiative for the farming community, the event seeks to felicitate farmers who work together with Mahindra’s Samriddhi centers to achieve an increase in productivity through the use of innovative farming technologies. Over 1,000 farmers attended the function. The Kisan No. 1 - Mahindra Samriddhi Samman will initially be held at 10 Samriddhi Centres all across India. In addition to awards being presented to farmers, 20 tractors were also delivered on the occasion.

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Volkswagen and BYD China sign MoU for hybrids and electric cars

Europe’s largest carmaker, Volkswagen AG, on 25th May, 2009, has said it had signed a Memorandum of Understanding (MOU) with Chinese carmaker, Build Your Dreams company (BYD) to jointly develop hybrid and electric vehicles powered by lithium-ion batteries. The agreement was signed during an informational visit by the Chinese carmaker led by the chairman of the Board of Management, Wang Chuanfu. The deal will make Volkswagen the first major automotive partner for BYD, itself an auto producer as well as China's largest maker of rechargeable batteries.
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Hyundai Motor India mini-car could be launched by 2011

On the sidelines of inaugurating its new dealership at Vadodara in Gujarat , Hyundai Motor India Limited (HMIL) has told reporters that its unchristened low-cost car would be launched in India by 2011, and would be positioned below its Santro model. As reported earlier, the fuel-efficient low cost car is estimated to be priced at around US$ 3,500, though no official comments have been made by the company. The new vehicle which is in the conceptual stage at its R&D centre in Korea, will presumably be pricier than Tata Motors' Nano, Bajaj's ULC and GM's upcoming mini-car.
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Honda SIEL to focus at enhancing localisation of its cars to get competitive

Even as global car makers are stepping on the gas to make India an important production base, some of them have already started eyeing the R&D pool in the country. Indian arm of Honda - Honda Siel Cars India - has recently established an in-house research and development (R&D) centre in the country, which is now focussing on enhancing the localisation of its cars in order to make its prices competitive. It is widely believed that the company has resorted to such a move in a bid to curtail its dependence on imported auto components from countries such as Japan, where its prices are skyrocketing due to the appreciating Yen against the Rupee. The current strength of Honda Siel's R&D team is around 25-30 which would be ramped up in phases.
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Tata Motors extends its bridge loan maturity till Dec 31, 2010

Tata Motors, on 27th May, 2009, has concluded an agreement for amendment of its bridge finance loan, extending the final maturity of US$ 1 billion by 18 months up to 31st December 2010. This agreement, along with the earlier repayments and the Bond issue last week, completes the refinancing of the bridge finance of 12 months of US$ 3 billion raised in June 2008 for the acquisition of Jaguar Land Rover. 21 lenders, including two new banks, participated in this agreement, leading to an oversubscription of 47 per cent of the extended loan.
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