Tatas still keen on Rs 1-lakh car
New Delhi: Ratan Tata confirmed that his company's proposed new sub-Rs 1 lakh car may be developed and launched in about four-to-five year's' time. He said while the new four-wheeler will bridge the gap that now exists between two-wheelers and passenger cars, it will attempt to carve out an exclusive niche for itself in the market and will not be a stripped-down variant of a traditional passenger car.

"We want to start with a clean sheet of paper for designing and conceptualising this vehicle. It will not be a stripped down version of a car, but there will also be nothing too fanciful about it," Tata said. He said the company is planning to build the new vehicle in such a way as to make upgrades possible for the customer.
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Bajaj Tempo to enter HCV segment
New Delhi: Bajaj Tempo Ltd says it will enter the heavy commercial vehicles (HCV) segment in the next 12 months following its technology tie-up with MAN of Germany. The company also said that it will be investing Rs 400 crore to set up two manufacturing facilities for producing vehicles and CRDi engines.

"The sites under consideration for the two manufacturing facilities are Pune and Pithampur (near Indore) for producing the engines and vehicles respectively," Abhay Firodia, chairman and managing director, Bajaj Tempo, said. The initial capacity at the facility for HCVs, which will be in the range of 16 tonnes to 50 tonnes, will be about 6,000 units per year. MAN would be providing the technology for manufacturing of the vehicles. Firodia said Bajaj Tempo will supply engine components to its German partner.
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Lotte picks up 60.39% in Parrys Confectionery
Chennai: The Murugappa group has said that it is selling its 60.39-per cent stake in a group company, Parrys Confectionery Ltd (PCL), to Lotte Confectionery Co Ltd of Korea for Rs 64.47 crore. This will work out to a price of Rs 283.12 per share. Lotte said it will make an open offer to acquire another 20 per cent at Rs 283.25 per share.

M V Subbiah, Chairman, PCL, said the group has been consolidating its portfolio for sometime and had decided to sell its stake in the company as part of this effort. In the last 10 years, the group had not been able to invest enough money to meet the competition from multi-national companies, he said. PCL had also slipped from its leadership position. The PCL Board will continue for the next nine months till the formalities are over, Subbiah said. N C Venugopal, managing director, PCL, and the senior management will continue with Lotte in its new avatar.
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Finolex Industries net doubles to Rs 28.4 crore
Pune: Finolex Industries Ltd (FIL) has doubled its net profit for the quarter ended December 2003 as compared to the quarter ended December 2002. The net profit stood at Rs 28.4 crore as compared to Rs 12.86 crore for the quarter ended December 2002, an increase of 121 per cent. The turnover during the quarter ended December 2003 has increased by 18 per cent to touch Rs 266.64 crore (Rs 226.28 crore).

The company noted that the net profit for the quarter ended December 2003 had been good due to better sales realisation with substantial increase in margins. While the prices of raw material in international markets remained subdued, the prices of PVC in international markets firmed up during the quarter ended December 31, 2003. Earnings per share (EPS) for the quarter ended December 31, 2003 stood at Rs 2.29 (Re.1.00) and cash earnings per share (CEPS) was Rs 3.16 (Rs 1.82). FIL has already disbursed an interim dividend of Re 1 per share for the current year.
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TVS plans to launch electric three-wheeler
New Delhi: TVS Motor Company plans to launch an electric-powered three-wheeler in the next 24 months, a senior company official was quoted as saying. The concept electric vehicle is also being showcased at the ongoing Auto Expo in New Delhi. The vehicle, with a 48-V battery, has a range of 100 km per charge with a charging time of eight hours.

"However, the requisite regulations for electric vehicles need to be in place before the vehicle can be rolled out," Harish K, vice-president (marketing), TVS Motor Company, said. The company expects to launch its conventional three-wheelers in the next 12-15 months. The launch of the three-wheelers is expected to provide a boost to the company's overall exports as well.
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Nissan to launch X-Trail SUV
New Delhi: Nissan Motor Corp will launch its X-Trail sports utility vehicle (SUV) in India before June 2004. The company will be bringing in two models — the Elegance and the Comfort. The former will feature more features and cost more, but both will have the same diesel engine.

Nissan's distribution company Sumikim Bussan Corporation, based in Mumbai, will be importing the cars as completely built units. As sales pick up, the company will also look at introducing passenger cars or other vehicles, Sumikim Bussan's senior staffer Hideo Niwa told FE, though he did not comment on which models.
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