Vizag and Hyderabad Maruti dealer is number one
Visakhapatnam: Varun Motors Private Ltd, the dealer for Maruti Udyog in Visakhapatnam and Hyderabad, has been ranked number one among 190 dealers of the company.

Osamu Suzuki, the Chairman of Suzuki Motor Corporation Worldwide, presented the award to V. Prabhu Kishore, the Managing Director, Varun Motors, recently in Bangkok, according to a press release issued here by the company.

The release added that the company's turnover touched the Rs.200-crore mark in 8 years.
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Fake auto spares market in the country at $1 billion
New Delhi: Despite the production of high-quality auto components in India, counterfeit spare makers are thriving in the country, with the market for fake parts estimated at close to $1 billion (around Rs.4, 700 crore).

According to auto companies, the counterfeit spares account for as much as 25-30 per cent of the Rs.15, 000-crore replacement market, with Northern India accounting for a major share with Delhi and Mumbai being the main distribution centers.

The companies estimate the revenue loss to the Government on account of these counterfeit spares at around Rs.3, 600 crore annually.
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SAIL to pick up stake in foreign mine
New Delhi: Steel Authority Of India Ltd (SAIL) is likely to reach an agreement with an overseas coal mining company in the coming days for picking up a minority stake through the joint venture route in order to overcome the shortage of coking coal.

SAIL, which has a long-term plan to expand capacity to 20 million tonne by 2010-11, is understood to have mandated SBI cap as an advisor for the purpose.

Steel minister Ram Vilas Paswan had also announced recently that SAIL would sign a MoU with a foreign company before August 31. It could be a joint venture or a long-term agreement, he indicated.

SAIL has got an offer from a Chinese company for equity participation and the steel major was looking into various aspects of the proposal. Apart from this, SAIL is also in discussion with a few Australian companies.
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NUSI withdraws stir
Mumbai: The National Union of Seafarers of India (NUSI) has decided to withdraw its proposed protest on board of ships on August 31, 2004. The protest was withdrawn after NUSI received a firm assurance from Union minister of shipping TR Baalu conveying the governments concern on the seamans provident fund fraud.

The strike call would have severely impacted the country's international trade, which has already suffered with the weeklong transporters strike. Moreover, the trade which has been keen on cashing in on the pre-Christmas boom in the US and Europe, is already reeling under the congestion pressure at major ports. NUSI has membership strength of 55,000 seafarers controlling around 400 Indian flag vessels and another 250 foreign flag vessels.

NUSI had called the proposed protest over the fraud of over Rs.93 crore in the Seamans Provident Fund two years back. NUSI had asked the government to make good the amount. The issue has been hanging for quite some time, with the shipping ministry finding it hard to convince the finance ministry on the issue.
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Fiat to introduce new models in India
New Delhi: After the write-off of Rs.1, 300 crore accumulated loss, Fiat India has embarked on a massive restructuring exercise that will see the company launch new models, which includes hatchbacks Panda and Idea and the sedan Albea, as well as strengthen its dealer and service network.

According to the company, it is undergoing a massive restructuring exercise and 2004 will be a year of consolidation. The company has just finished a clinic study with new models this month and a final decision on which car comes in first as well as its pricing and positioning will be taken at Turin (Italy) soon.

The Idea is a compact multi-purpose vehicle while the Panda is a premium hatchback. On the other hand, the Albea is a luxury sedan. While the Idea is likely to compete in the premium hatchback market pitted against Fords Fusion and the soon-to-be-launched Getz from Hyundai, the Panda is likely to be up against the likes of Marutis Wagon R, Zen and Hyundais Santro.

On the other hand, the sedan Albea will increase the offerings of Fiat India in the mid-size car market. The company has introduced the Petra EL and ELX in the segment, which are powered by a 1910 cc diesel engine. While the Petra EL is available for Rs 5.63 lakh, the Petra ELX will cost Rs 5.98 lakh (both ex-showroom Delhi).

Fiat India has also made efforts to improve the fuel efficiency of its Palio model, which brings in the majority of volumes in terms of sales. The company is also looking at strengthening its 58-unit-strong dealer network across the country, sending its own technicians to train the staff.
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