Mercedes-Benz India inaugurates its dealership in Surat

Mercedes-Benz India today formally inaugurated its new state-of-the-art luxury dealership – Benchmark Cars in Surat. This new dealership was inaugurated at the hands of Dr. Wilfried Aulbur, managing director and CEO, Mercedes-Benz India & Sanjay Thakker, chairman & Managing Director, Landmark Group. The event also witnessed unveiling of the two latest models from the Mercedes-stable: the E 250 and the E 250 CDI BlueEfficiency.

 

Spread over an area of 16,000 sq. ft., Benchmark Cars has a team of trained & dedicated personnel. Strategically located on Dumas Road, this showroom embodies all the brand attributes of Mercedes-Benz with facilities like a magnificent showroom, drive-in valet service, a luxurious customer lounge and well trained staff. The service centre is equipped with 3 mechanical bays with trained service personnel geared to ensure quick, efficient service delivery.

 

Commenting on the initiative, Dr. Wilfried Aulbur, CEO and managing director of Mercedes-Benz India mentioned: "Tier-II cities are rapidly emerging as the powerhouse of the new India and Surat is a shining example. The city has a good base of young entrepreneurs as well as professionals and establishment of Benchmark Cars- our dealership for Mercedes-Benz cars in Surat is a clear recognition of this potential."

 

Sanjay Thakker, also spoke about the new venture: "Surat and nearby markets represent a significant potential for us. Mercedes-Benz is an iconic brand and enjoys tremendous aspirational value. Our efforts will be to ensure customer delight and also to reach out to the existing and potential customers in a step-by-step manner."

 

Mercedes-Benz India has indicated an investment of Rs. 150 crore in network expansion and upgradation in 2009 – 2010 along with its network partners. The company has an extensive network with presence across 26 cities represented by more than 45 touch points across India with which is the largest as compared to any luxury player in India.

 

Recently, Dr. Aulbur had also dismissed reports that the company was losing out its numero uno status to BMW. Terming the competitor's lead a product cycle issue, he said: "We had only limited completely knocked down kits of the E-Class, which sold faster than we thought. We sold 686 kits and the demand was around 1,000 and we sold 1,600 cars of the C-Class," he said. Mercedes-Benz is intent on reclaiming the number one spot in the Indian luxury car market with sales in excess of 4,000 units this year.

TOI has reported that Mercedes Benz is internally targeting 40-50 per cent growth during this year against last year when sales had bottomed out due to the economic slowdown in the first quarter and non-availability of its E-Class vehicle in the next quarter.

Porsche Panamera awarded the Business Diamond Award

Porsche Panamera, which is also sold in the Indian market, continues to garner additional awards in the New Year: The sporty sedan was honored with the Business Diamond Award in the 'Automobile' category. 

 

At an award ceremony in Leipzig, Germany, Siegfried Bülow, chairman of the Board of Porsche Leipzig GmbH, accepted the Diamond award and said, "We are very pleased in winning the Business Diamond Award, and our fourth model has continued to strike such a positive chord."

 

The award is bestowed annually by the Busche Verlag [publishing house] and the conference and event agency Buchungsservice24. It pays tribute to continuous quality, unique service, customized concepts, and the courageous implementation of strategies in the following categories: hotel, airline, automobile, innovation, communication, and service provider. The jury is made up of members from the editorial board for conference hotels as well as of employees from the Buchungsservice24 agency.

 

On average, 20,000 Panamera models will be built annually throughout the entire product cycle. The fourth Porsche model will be manufactured at the Leipzig factory using the so-called model mix approach – it will be produced on one line along with Porsche's sporty SUV model, the Cayenne. The innovative and extremely lean production facility is considered a worldwide model of technology and efficiency in the automobile industry.

Toyota Kirloskar Motor signs MoU with State Bank of India

Toyota Kirloskar Motor Pvt. Ltd (TKM) has signed a MoU with the State Bank of India to provide auto retail financing to their prospective customers. The State Bank of India will be one of the preferred financiers for the entire range of vehicles marketed by Toyota Kirloskar Motor Private Limited (TKM) in India.

 

The agreement was signed by Mr. Sandeep Singh, DMD of Toyota Kirloskar Motor Private Limited (TKM), and  P. Nanda Kumaran, chief general manager, State Bank of India Personal Banking Business Unit in Mumbai in the presence of Anup Banerji, DMD & group executive (NBG) of SBI and  H. Nakagawa, managing director of TKM.  Among those present on the occasion were the officials of both SBI and Toyota Kirloskar Motor Private Limited (TKM).

 

The MOU aims at targeting high end customers who will be availing car loans from SBI above Rs. 5 lacs onwards. SBI has come out with a special scheme called SBI Advantage Car Loan Scheme for this niche segment. This scheme is applicable to individuals – Salaried, Professionals, Self employed, Businessmen and Proprietary /Partnership firms, who are income tax assesses and whose income/net profit or gross taxable income is Rs.2.50 lac and above. This scheme will be implemented in all RACPCs, all PBBs, all District Head Quarter Branches, Project area branches and Branches specially authorised by AGM (Region). Maximum loan amount will be 48 times of NMI or 4 times of NAI.

Narain Karthikeyan awarded Padma Shree award

'The Fastest Indian in The World', Narain Karthikeyan has been honoured by the Government of India by bestowing upon him the Padma Shree Award in recognition of his distinguished contribution in the sphere of sports. This is a great honour, not only for Narain himself, but also recognizes Indian Motorsport for the first time in history. Up to 2009, only 2,255 people have been granted this distinct honour.

 

Upon learning of his award, Narain said, "I am deeply honoured and humbled by the Government of India in receiving this award. It is truly a great day, not only in my life, but also in the life of Indian Motorsport. I have countless people to thank and credit for this achievement – first and foremost of which is my family, without whose unrelenting support, my career would not have taken the path it has. My sponsors, the Tata Group, Bharat Petroleum, JK Tyres and Amaron, who have supported me for so many years, as well as MRF Tyres, with whom I have recently entered into a partnership, have also been crucial to my success as a racing driver. I would like to take this opportunity to thank each and every person at all of these companies who have supported and believed in me for so many years. Last, but not least, I owe a huge debt of thanks to all of my fans, who have cheered me on through all of my successes. I dedicate this award to all of them."

 

Narain Karthikeyan, the first and the only Indian to have raced in Formula One, is ranked 126 in the Castrol Rankings for 2009. The rankings are motor sport's first-ever definitive system to determine the position of motor sports drivers internationally. Narain Karthikeyan has been rated as the top Indian racing driver in the world, ranking 126th out of 2,000 drivers in the overall world classifications, a massive 1,353 points, and 75 places ahead of his nearest Indian rival.   

 

Incidentally, MRF Tyres has appointed Narain Karthikeyan, India's first and only Formula One racing driver, as its 'Racing Brand Ambassador'. Karthikeyan, 35, supported by JK Tyre from his early racing days, said: "It is an honour for me to represent MRF Tyres and join their efforts to take motor racing to the next level in India."

 

Reacting to the announcement, Sanjay Sharma, Head of Motor Sport, JK Tyre, said: "Narain was our prodigy from the time he began racing. Now that he has opted to leave us, we only wish him well and are happy for him."

 

Ford Figo roll out by March 2010

 

 

Despite being absent from the high-decibel 2010 Auto Expo, Ford India is gearing up to introduce its first semi-compact car-Figo- by March this year. Based on the Fiesta's platform, Ford Figo will be built exclusively in India and exported to Asia-Pacific and Africa regions.

 

Ford Figo will be the made for India car and it will be launched in both petrol and diesel engine options which will be specially made by keeping in mind Indian road conditions and traffic. Based on the Fiesta platform, the car will be equipped with a 1.2L Rocam engine (known as Duratec to new buyers) or 1.4L diesel engine (Duratorq). Figo's 1.2L which is essentially a stripped down unit of Fiesta's duratec produces 70bhp of peak power at 6250rpm and a maximum torque of 104Nm at 4000rpm. Ford Figo 1.4L diesel engine pumps out 68bhp of peak power at 4000rpm and 160Nm of peak torque at 2000rpm.

 

The car will come in three variants – base, mid and high end (called platinum). The Titanium variant will have an optional pack (high plus). The 5-door hatchback car will come in seven colours: Diamond white, Panther Black, Moondust Silver, Chille, Sea Grey, Squeeze and Colorad Red. Although the price range of the model has yet not been announced by the company yet, there is a lot of buzz that the model would be available between Rs. 3.5-4.5 lakh (depending on the versions and the variants).

  

It may be recalled that the Ford Figo model was first unveiled in New Delhi in September this year. To facilitate the manufacturing of this model and also to double its manufacturing capacity to 2 lakh units the company is spending US$500 million on the Chennai plant.  A senior company official had earlier indicated that Ford Figo will feature an array of advanced third generation safety features like Dual Front Airbags that offers safety in case of front collision, ABS (Antilock Brake System) with EBD (Electronic Brake-Force Distribution) that enhance the stability of the car and provides more comfortable driving experience. Belt tensioners and Belt Force limiters, Seatbelt warning indicator, Door-ajar warning and many more safety features will be available with Ford Figo.

 

 

New livery unveiled for Mercedes GP Petronas F1 team at Stuttgart

On 25th January, 2009, the new Silver Arrows Formula One works team, Mercedes GP Petronas was presented at the Mercedes-Benz Museum in Stuttgart. Nico Rosberg and seven-time Formula One World Champion Michael Schumacher along with team management Ross Brawn, Nick Fry and Norbert Haug were introduced to guests with a presentation and press conference.

 

The new silver and green livery which has been especially created depicts a true marriage between the heritage of the Silver Arrows and the team's title partner Petronas. The legacy of the Silver Arrows goes back to the 1934 Eifel Race when, on the evening before the event, the white paint was sanded off the Mercedes W25 race car to fulfil weight regulations (750kg formula) and the silver colour of the aluminium surface of the car appeared. This season, with the return of the Silver Arrows, the MGP W01 will shine in silver combined with a flow of iridescent silver and green shading. On the nose and other parts of the car, traces of black carbon fibre visible are visible – a reminder of the first Silver Arrow of 1934.

 

The event opened with a welcome speech by Dr. Dieter Zetsche, CEO of Daimler AG and head of Mercedes-Benz Cars before Michael Schumacher and Nico Rosberg unveiled the new Silver Arrows livery for the 2010 season on last year's car. The team's 2010 car, the MGP W01, will make its track debut at the first Formula One test in Valencia on Monday 1 February; with the 2010 Formula One season starting in Bahrain on 14 March. 

 

Commenting on the occasion, Michael Schumacher said, "Finally the 2010 Formula One season is firing up! I have to say that I am totally committed to this new challenge. This season feels like a re-start for me and I am so motivated. We have a very exciting combination at Mercedes GP Petronas. We have a World Champion team in every sense of the word and I cannot wait to get into the car for the first time in Valencia. I am convinced that  the new team will be in a very good position to fight for the championships this season and I will definitely give it a go. Driving for Mercedes-Benz again is like the closing of a circle for me as I started my racing driver career with the three-pointed star on my helmet. This is another reason why I cannot wait for the competition to get underway."

 

Nico Roseberg said, "You can really feel the successful motorsport history of Mercedes-Benz here at the Museum in Stuttgart and to be part of the new Silver Arrows team and that racing heritage makes me feel extremely proud and motivated. Since joining the team in November, I have spent a lot of time at the factory in Brackley, at Mercedes-Benz High Performance Engines in Brixworth and here in Stuttgart, which has given me the opportunity to settle in and get to know everyone. I have seen how hard the team is working on the new car and I really can't wait for the opportunity to drive it for the first time in Valencia next week. I am looking forward to working with everyone at the new team and will give it my all to reward their fantastic efforts with good on-track results this season."

 

Ross Brawn, team principal, said, "It is a privilege to be here at the Mercedes-Benz Museum in Stuttgart today for the official presentation of the new Formula One Team. With your first look around the Museum, you realise the fantastic racing heritage of Mercedes-Benz and we hope to be able to contribute to those successes going forward. Our team have been working extremely hard throughout last year and over the winter on the development of the MGP W01 and everyone at the team is looking forward to the start of testing in Valencia next week. We have two excellent drivers in Nico and Michael, who will form one of the most exciting and one of the best partnerships on the grid, and with the support of Mercedes-Benz, Aabar, our new title partner PETRONAS and all of our team partners, everyone is looking forward to the 2010 Formula One season with anticipation."

 

Norbert Haug, VP, Mercedes-Benz Motorsport said, "With today's presentation of our new Formula One Team, a new and certainly the most important chapter of over 100 years of Mercedes-Benz motorsport history begins. The new Formula One season will offer challenges which will be bigger than ever before in over sixty years of the sport's history. We look forward to the cooperation with our drivers Nico Rosberg who has enormous capabilities and perspectives, and with seven-time World Champion Michael Schumacher who is no less motivated than at the time when he began his professional motor racing career with Mercedes-Benz and then made his first step into such a successful Formula One career with our support. Today I also cordially welcome our new title partner Petronas as well as our co-investor Aabar/IPIC together with all of our team partners. I warmly welcome all our colleagues from last year's World Championship team Brawn GP headed by Ross Brawn and Nick Fry to the Mercedes family. There are challenging tasks ahead of us and we will tackle them with power, consistency and full motivation."

 

Delphi targets doubling of revenues from India operations by 2015

On the sidelines of displaying its products at the 2010 Auto Expo, Delphi Automotive Systems has told reporters that it is aiming to post a twofold jump in its revenues from India by 2015, by which time the Asia-Pacific region is expected to account for 30 per cent of its global revenues. It is to be mentioned that Delphi supplies its numerous auto components like suspension, shafts, fuel pump motors, braking systems and other products to companies such as General Motors, Maruti Suzuki and Tata Motors. It has five plants in India with 65 distributors and around 4,000 dealerships.

"APAC (Asia-Pacific and China) is a key region for Delphi, representing many growth opportunities. With India and China contributing the lion's share, we expect revenues from the region to be around 30 per cent of our global turnover by 2015," Dominic Yuklam Seto, Managing Director, APAC, Delphi Product & Service Solutions (DPSS), was quoted as saying to The Hindubusinessline exclusively, adding," Verticals such as vehicle electronic systems, thermal products and chassis products have huge potential to grow as the market develops," he said. Delphi is also eyeing India as a major export base, especially with the joint venture with Roulands, which makes brake pads.

Recently, Delphi Product & Service Solutions (DPSS) announced the introduction of Compressed Natural Gas (CNG) Retrofit Kit to the Indian automotive aftermarket during the Automotive Expo in New Delhi. This new product is yet one more green innovation from Delphi that will help protect the environment, while fully answering the needs of today's marketplace.

"Delphi's long heritage of OE technology expertise allows us to bring innovative solutions to our aftermarket customers for real world issues such as the environment," said Dominic Seto, adding, "The launch of Compressed Natural Gas (CNG) Retrofit Kit will help to improve fuel economy and reduce emissions while offering a high-performance product to the Indian aftermarket."

Maruti Suzuki beats parent Suzuki in production figures during 2009

Maruti Suzuki is now renowned for creating one milestone after another. Of late, India's leading passenger carmaker has managed to overtake its Japanese parent company- Suzuki Motor Corporation- in overall production during 2009.  Last year, while Maruti Suzuki rolled out 966,399 units, its parent Suzuki Motor Corporation produced only 908,302 cars. Out of the total sales in 2009, Maruti Suzuki sold 836,893 units in the domestic market, with the remaining 130,688 units being exported in various nations, with A-Star accounting for a sizeable chunk of them. In the domestic market, its Alto ruled the sales charts with 2.4 lakh units, followed by the WagonR with sales of 1.4 lakh units during reporting period. Maruti Suzuki, which has more than 60 per cent share of the compact car market - the largest segment in India -, is seeing huge demand for some specific models. 

  

It was reported pretty recently that Maruti Suzuki has decided to expand capacity at its Manesar plant to 250,000 units per annum by 2012, for which it plans to invest Rs 1,700 crore. The country's largest carmaker, Maruti Suzuki, announced on Saturday that it would invest Rs 1,700 crore in a second line at its Manesar factory.  The company's second line at Manesar is expected to take the total capacity of the Manesar plant to 5.5 lakh units a year. The company's other plant at Gurgaon has an installed capacity of seven lakh units a year.

 

Speaking to a business daily, R. C. Bhargava, chairman of Maruti Suzuki, said the new line would mainly focus on compact cars, for which the demand is exceedingly high. He was quoted as saying,  "The new line would mainly manufacture compact cars such as the Swift and the Ritz and not sedans, for which you need different equipments and space. The investment on the plant is being internally funded."

 

The decision for capacity expansion has been taken by the company owing to the phenomenal huge growth posted by Indian car industry last year and the arrival of small cars by its competitors like Toyota, Honda, VW, Ford, Nissan, etc.

Jaguar GT racing car makes European debut

The new Jaguar RSR racing car makes its European debut this week at the 2010 Autosport International at the NEC in Birmingham, UK. It is the first and only chance for the public to see the stunning new XKR GT in the metal before it heads back to the US to compete in the entire 2010 American Le Mans Series (ALMS) in North America.

GT racing legend Paul Gentilozzi is taking a break from a gruelling development programme to feature the XKR in the largest dedicated trade motorsport exhibition in Europe. The racecar will be on display at the Jaguar stand alongside a production model XKR, XFR, and the fastest Jaguar ever – the Bonneville XFR prototype, which Paul drove to 225.675 mph on the Bonneville Salt Flats in 2008.

Jaguar asked the Michigan-based RSR team to help create a race car to compete in GT2 racing in 2010. The Jaguar engineering and design teams, based in Coventry, have jointly developed the car from a standard road-going XKR with the RSR team.

Paul Gentilozzi, principal Partner Jaguar RSR said: "Jaguar is so intertwined with British motoring history making this a fantastic opportunity to debut the Jaguar RSR XKR GT racecar internationally. Having our new GT racecar and the Bonneville prototype XFR on display at the biggest motorsport exhibition in Europe with the production cars that made these possible is such a great way to showcase our dedication to the Jaguar brand and to motorsports."

After taking centre stage at the car show, the Jaguar RSR XKR GT will visit "home" by making stops at Jaguar headquarter sites in Whitley and Castle Bromwich in the UK. "It will be incredibly exciting to take the Jaguar RSR XKR GT back to the team at Jaguar who worked so hard to make this dream a reality," added Gentilozzi. "A picture may be worth a thousand words, but seeing this car in person is priceless."

The competition car uses the standard Jaguar XKR lightweight aluminum monocoque together with additional steel reinforcements and safety structure developed by RSR. The 5.0-litre V-8 engine boasts 550 horsepower at 7000 rpm and a maximum speed of 180mph.

The Jaguar RSR XKR GT made its racing debut during the Petit Le Mans event at Road Atlanta in Braselton, Georgia, in September 2009. The car took its first green flag in the American Le Mans Series season finale at Mazda Raceway Laguna Seca in October and is set for a full-season championship effort in 2010.

Mike O'Driscoll, managing director of Jaguar Cars said: "Our designers and engineers have taken the best of our standard road-going XKR and with Paul Gentilozzi's motorsport expertise created a first-class competition car. Paul and his RSR team are confident that they can compete against some serious competition in the American Le Mans Series (ALMS).

"Motorsport has always been important to the Jaguar brand. Our domination of Le Mans in the 1950s was a foundation on which the company was developed. As we look to the future with our new range of high performance 'R' branded cars, we aim to make the Jaguar brand synonymous with motorsports once again."

In 1951, the C-type won Le Mans at its first attempt, with a further victory in 1953. The D-type took Le Mans wins in 1955, 1956 and 1957 while this racing success was followed in 1988 with the Jaguar XJR-9LM, a V12-powered Group C car. Another outright victory would follow in 1990 with the Jaguar XJR-12.

RSR principle partner Paul Gentilozzi will be in attendance at Autosport International. Aside from his role as team owner, Paul is one of the drivers for the #33 JaguarRSR XKR. Meanwhile, the RSR crew will stay busy with various projects despite the absence of the #33 car as they continue to prepare for the ALMS Winter Test February 22 – 23 at Sebring International Raceway in Sebring, Florida and Season Opener – the 12 Hours of Sebring, March 20.

Asia Motor Works targets Rs. 1,000 crore revenues for current fiscal

On the sidelines of launching its new range of trucks, Asia Motor Works has informed that it is looking to post a sales turnover of Rs. 1,000-crore by delivering 5,000 units by the end of the current fiscal. It was reported pretty recently that AMW had introduced its new 3118 haulage truck for heavy-duty, long distance applications in the Indian transport sector. The latest addition to AMW's product range was unveiled to a large gathering of customers, truck drivers and guests. The 3118 is ideally suited for transporting steel, oil, cement and is also intended for port applications and general market load. The 3118 fulfils the critical requirement of a high performance, robust vehicle suitable for on-road applications. It has been specially designed to offer the maximum cost-per-tonne performance combined with convenience, safety and comfort features that are the best in class in the industry.

Speaking at the launch eevent, Anirudh Bhuwalka, CEO and managing director, Asia Motor Works said, "At AMW we endeavor to provide best-in-class modern vehicles that symbolize product innovation, style, comfort and profitability to our customers. We believe that the 3118 haulage vehicle is a truly global product from our stable lending itself to numerous on-road applications thereby making it an ideal solution to the demanding transportation segment. Our Mobile Service Vans located every 200 km and a 2 hour call away, will be an added service differentiator to the on-road 3118. Backed by innovation and service, the 3118 will drive our product portfolio and ensure significant increase in our ever growing market share." He said the company was also providing air-conditioned, crash-proof cabins to the trucks for the safety and comfort of drivers. He added, "The company's share in the Indian market was only three per cent, but in the segments we are focusing on, our market share is 12 per cent."

In response to whether the underutilisation of the capacity at the Gujarat plant was not a matter of concern to the company, Bhuwalka said the full capacity of 50,000 vehicles a year had been created only six months ago and is rolling out products specially suited to Indian road conditions.

It is to be mentioned that AMW was founded in 2002 and has made a mark in niche segments of the medium and heavy commercial vehicle industry and its vehicles are manufactured at its sprawling 600-acre complex in Bhuj Gujarat. Its 4923 was declared 'Truck of the Year' by NDTV in January 2008. AMW's product portfolio includes its best seller, the 4923 Tractor - India's First vehicle in this segment, 4018 and 4023 tractors, 2523 Rock & Box body tippers, 2518 tipper, transit mixer and haulage vehicles. AMW has a network of over 40 dealers, 132 service stations and 450 authorized service centers across India
 

JK Tyre to establish a greenfield facility in Karnataka

JK Tyre & Industries Limited has recently announced that it is undertaking substantial expansion of its operations in one of the southern states. They had shortlisted Tamil Nadu and Karnataka for this purpose. In this connection Arun Bajoria, president JK Tyre met with a team of senior officials of Govt of Karnataka lead by V.P. Baligar, principle secretary (Industries) recently in Delhi. It is understood that Govt. of Karnataka has assured special incentives to the company for their forthcoming investments.
 

As part of company's growth strategy of expanding its capacity and strengthening R&D, JK Tyre will invest in the state to manufacture truck, bus and car radials to cater to both domestic and international markets.

Announcing the expansion plans, Arun Bajoria, president, JK Tyre & Industries Limited, said" There is an increase in demand for commercial vehicles as well as for passenger cars in the country. We had announced last year to undertake substantial expansion of our tyre operation, therefore our new plant in Karnataka is part of our long term growth strategy.

"Our all new green field plant will by far be a state of the art tyre plant in the country. It will also provide substantial employment to the youths of the state," he further added.

JK Tyre has recently completed expansion of Rs. 315 crore to increase its capacity of truck and bus radial tyres from 4 lakh to 8 lakh tyres per annum and is further planning to invest Rs. 1,200 crore in the next 3 to 4 years to fulfill the demand for quality tyres in the country.

 

Golden Peacock Award 2010 for Mahindra Yuvraj 215 tractor

Mahindra & Mahindra's Farm Equipment Sector kicked off the New Year by winning the prestigious 'Golden Peacock Innovative Product / Service Award - 2010' for Yuvraj 215, the first of its kind in the Indian tractor industry. The award was conferred by Salman Khurshid, Hon'ble Minister for Corporate Affairs, at a specially organized Gala Award Nite in the presence of business & political leaders of the country.

 

"We are delighted to receive the prestigious Golden Peacock award for excellence. The Yuvraj 215 tractor has proven itself as the most innovative product in the category. This victory is testimony to the Mahindra Group's focus on customer-centricity, innovation and technology which are key elements that go into development of every product," said Sanjeev Goyle, SVP, Marketing .

 

The Yuvraj 215, specially designed for farmers with small land holdings, will expand the tractor market at the bottom end of the pyramid and enable every farmer to maximize yield by leveraging mechanization. The tractor has the most superior technology in the 15HP category with best fuel economy and productivity. It also has low operating cost with affordable costs of acquisition.

 

It is to be mentioned that the Golden Peacock Awards were instituted in 1991 and have given tremendous boost to the Industry. For instance India's manufacturing success today is attributed to the competition fostered by the award. These awards are now recognised worldwide as the hallmark of corporate excellence because of their independence, integrity, transparency and through evaluation of application provides opportunity for self assessment and helps companies accelerate the performance and competition. Past winners of the Award include Reliance Industries Ltd, Wipro Infotech Ltd, Spice Mobiles Ltd, Godfrey Phillips India Ltd, Novartis India Ltd, Hindustan Aeronautics Ltd among others.

 

The awards are bestowed annually and are designed to encourage total improvement in each sector of our business. This is the only award, which has meticulously defined and transparent selection criteria and is determined by highly elaborate and independent assessment process.

 

Korean President confers Venu Srinivasan Order of Diplomatic Service Merit

Korean President confers Venu Srinivasan Order of Diplomatic Service Merit

 

Venu Srinivasan, Honorary Consul General of the Republic of Korea, Chennai and Chairman, TVS Motor Company was felicitated by the President of the Republic of Korea, His  Excellency Lee Myung-bak with the distinguished civilian honour 'Order of Diplomatic Service Merit' in recognition of his valuable contribution in promoting Korea-India bilateral relations. This award is conferred for meritorious service to the extension of national prestige overseas and to the promotion of friendship with other nations.

 

The 'Order of Diplomatic Service Merit' was bestowed on Mr. Srinivasan for his persistence, hard work and focused efforts in promoting inter-cultural dialogue by facilitating and accomplishing  consistent programmes that drew on the rich traditions of both India and Korea. This has also enhanced relations between the two countries, manifested in the increased understanding and strengthened friendships among our two great cultures.   

 

The award was conferred on Mr. Venu Srinivasan during the visit of the President of Korea to Hyundai Motor Company in Chennai, who is on a State visit to India and will also be the Chief Guest at the Republic Day Parade in New Delhi this year.

 

Mr. Venu Srinivasan, who is also the current President of CII has earlier been conferred with several honours including, Doctor of Science, University of Warwick, JRD Tata Corporate Leadership Award by All India Management Association (AIMA) and Doctor of Science, IIT, Kharagpur.  

 

Ashok Leyland signs MoU for vehicle financing with Karur Vysya Bank

Ashok Leyland, the Hinduja Group flagship and Karur Vysya Bank (KVB) with its dominant presence in the Southern states executed a Memorandum of Understanding, based on which KVB shall offer very attractive terms to all commercial vehicle purchasers, especially SRTOs. 

KVB is very active in financing Ashok Leyland trucks and buses. Given KVB's wide client base among SMEs, and expertise in solving their funding needs, this association will be of immense benefit to our mutual customers, said K. Sridharan, chief financial officer of Ashok Leyland. This MoU will enable synergizing the strengths of both organizations, stated T. M. Lakshmikanthan, executive Director of KVB.

Hero Honda third quarter PAT grows 78.3 per cent to Rs. 535.77 crore

Hero Honda Motors, the world's largest two-wheeler manufacturer, has reported a profit after tax (PAT) of Rs.535.77 for the third quarter (Oct – Dec'09) of  2009-10 - a growth of over 78.34 per cent over the corresponding period in the last fiscal. The company has recorded an EBIDTA margin of 17.27 per cent in the quarter. The EBIDTA margin in the corresponding quarter (Oct - Dec'08) was 14.47 per cent.  

It has been a remarkable year for Hero Honda with the company posting sales of over a million units and a PAT of over Rs. 500  crore in each of the quarters. With the third quarter of fiscal 2009, Hero Honda concludes the calendar year with record sales of over 4.4 million units, a growth of 22 per cent over the calendar year 2008 when the company had sold 3.6 million units. With this, Hero Honda has retained the coveted status of World No.1 two-wheeler manufacturer for the 9th consecutive year. 

Riding on a record cumulative sales of 34,13,594 million units of two wheelers in the fiscal so far, Hero Honda's total turnover (Net sales & Other Operating income) grew to Rs 11708.91 crore, a growth of 31.05 per cent over Rs 8934.36 crore recorded in the corresponding period last fiscal. The company has recorded an EBIDTA margin of 17.55 per cent in the nine months ending December 09. The EBIDTA margin in the corresponding previous period (April - Dec'08) was 13.44 per cent. The company continued with its commendable top line performance as sales volumes were up 25.31 per cent per cent during last nine months, while the industry grew by 20.05 per cent per cent during the same period. 
 

Dr. Brijmohan Lall, Chairman, Hero Honda Motors Ltd, said "Hero Honda's strong foundation, the value system and partnership with all our stakeholders have been the key to our continued success. I am delighted that the company has been making great strides in fulfilling its larger vision of a progressive India. I am confident that the company will continue with its sustainable contribution to making the dream of mobility for every individual in the country come alive."  

Pawan Munjal, MD & CEO, Hero Honda Motors Ltd., said "It has indeed been a phenomenal year for us, as reflected in our both top line growth and bottom line performance. In view of the projected GDP growth and the continued success of the government schemes directed at rural infrastructure and employment generation, we are expecting market demand to remain bullish. Therefore, going forward, we would also have to look at further augmenting our installed capacity in our existing manufacturing plants, and also at the possibility of a new plant sometime in the near future".  He added, "Instead of resting on our laurels, we are indeed relentlessly working towards bringing more innovative, value-added products for our customers. As we enter the calendar year 2010, and the fourth quarter of FY'10, we remain quite optimistic on our performance. In the short term, however, we are closely monitoring the movement of commodity prices which are on an upward trajectory. The rising input costs, as indeed the retail financing situation, remain areas of concern for the industry." 

As part of its product strategy, every year the company launches 8-9 new models. In line with this, Hero Honda has so far launched six new models during this financial year– the ZMR, Limited Edition Splendor, and the new Hunk, the new Passion Pro, the new Pleasure and the new Splendor NXG. During the balance months of the financial year, the company will further augment its product portfolio with new launches across segments. The scooter 'Pleasure' has also been growing strongly, with more than 16,000 units being sold every month on an average