by admin | May 25, 2021 | Corporate, Corporate Governance
Mumbai : Automobile major Tata Motors has said it received a loan worth Rs 584.8 crore and not a “grant” from Gujarat government for setting up a factory in the state.
“The investor friendly environment created by the Government of Gujarat (GoG) encouraged Tata Motors to set-up its manufacturing plant in Sanand, with a long-term vision to make it one of the leading automotive hubs, further enabling Gujarat to contribute to the prosperity and growth of India,” the automobile major said in a statement on Thursday.
“Given the scale of the project and its potential to drive growth in the state, the GoG offered Tata Motors an incentive package in the form of a loan (not a grant), which is to be repaid to the state government as per the Loan Agreement executed. The loan given to Tata Motors from the GoG is from taxes paid by Tata Motors. Until now, the state government has given a loan of Rs 584.8 crore to Tata Motors.”
The development comes after Congress Vice President Rahul Gandhi had alleged the state government had doled out favours worth crores to the company to set up its factory in the state.
“Since the establishment of the Sanand plant, there has been a spurt in economic activity and growth in employment (direct and indirect) within the state, making Gujarat one of the key auto hubs within the country with huge employment generation,” the statement said.
“The project has also given rise to capital investments which has further resulted in the development of incidental industrial activities and employment generation in small and medium scale industries.”
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Emerging Businesses
New Delhi : Energy Efficiency Services Limited (EESL) on Friday said that it will procure 10,000 electric vehicles from automobile major Tata Motors.
According to EESL, Tata Motors was selected through an international competitive bidding aimed at increased participation.
“Tata Motors won the tender and will now supply the electric vehicles (EVs) in two phases – first 500 e-cars will be supplied to EESL in November 2017 and the rest 9,500 EVs will be delivered in the second phase,” the company under the administration of central government’s Ministry of Power said in a statement.
“The tender floated by EESL is the world’s largest single electric vehicle procurement. Three leading manufacturers – Tata Motors, Mahindra & Mahindra (M&M) and Nissan participated in the tender.”
The company disclosed that Tata Motors quoted the lowest price of Rs 10.16 lakh exclusive of GST in the competitive bidding.
“The vehicle will be provided to EESL for Rs 11.2 lakh which will be inclusive of GST and comprehensive five year warranty which is 25 per cent below the current retail price of a similar e-car with three year warranty,” the statement said.
“EESL will also identify a service provider agency. This agency, also appointed through competitive bidding, will carry out end-to-end fleet management of the procured vehicles for the concerned government customer.”
EESL’s plans to replace the petrol and diesel cars used by government and its agencies over a 3-4 year period.
The total number of vehicles used by the government and its agencies is estimated to be five lakh.
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
Mumbai, March 1 (IANS) Automobile major Tata Motors on Tuesday hiked prices of its passenger vehicles by Rs.2,000 to Rs.35,000.
“In line with the cess levies from the budget announcement, we are increasing the prices of our passenger vehicles with immediate effect,” said a spokesperson for Tata Motors.
According to the company, prices have been raised in the range from Rs.2,000 to Rs.35,000, based on the exact cess amount for the specific category.
On Monday, Finance Minister Arun Jaitley proposed to impose an infrastructure cess ranging from one to four percent on passenger vehicles in the Union Budget 2016-17.
by admin | May 25, 2021 | Corporate, Corporate finance, Markets, Technology
New Delhi/Chennai:(IANS) A decline in interest rates, fuel costs, low base and pick-up in consumer sentiment helped the Indian automobile manufacturers report healthy sales figures for the last month on Saturday.
Passenger automobile major Maruti Suzuki’s July sales grew by 20.1 percent to 121,712 units from an off-take of 101,380 units in the corresponding month of 2014.
The company’s domestic sales rose by 22.5 percent at 110,405 units. However, exports were subdued. They marginally rose by 0.2 percent to 11,307 units.
Chennai-based Hyundai Motor India’s sales rose by 5 percent to 50,408 units – up from 48,014 units sold in the corresponding month of 2014.
“The tremendous response for the Creta, i20 Active and Elite i20 showcase customers increasing preference and early adoption for game changer products offering novelty value in style, first in segment features and strong after sale assurances,” said Rakesh Srivastava, senior vice president for sales and marketing, HMIL.
The domestic sales last month rose by 24.7 percent to 36,500 units. However, the largest passenger car exporter only managed to ship out 13,908 units in July, which is a decline of 25.8 percent.
Indian automobile giant Tata Motors’ closed last month with a marginal up-tick. It closed July with a gain of one percent in its total sales at 40,154 units against 39,629 vehicles sold during the same month in 2014.
Domestic sales, however, registered a decline of one percent during the period at 35,076 units compared to 35,266 vehicles sold during July 2014.
The company’s sales from exports stood at 5,078 units in July 2015 – higher by 16 percent compared to 4,363 vehicles in July 2014.
However, Mahindra & Mahindra (M&M) closed last month with sales coming down by three percent as compared to July 2014.
The company sold 34,652 units last month down from 35,567 units sold in July 2014.
“While the auto industry is currently seeing muted growth, we do believe that the launch of some exciting new products will help it turn the tide,” Pravin Shan, president and chief executive (automotive) was quoted as saying in the statement.
“In addition, with the advent of a good monsoon till date and reduction in fuel prices, we expect sentiments to improve, leading to overall growth in auto sales,” he added.
Indo-Japanese joint venture (JV) Toyota Kirloskar Motor (TKM) sold 12,070 units in July 2015 compared to 11,921 units, registering a one percent growth in the domestic market.
TKM sold a total of 13,699 units in July 2015 and exported 1,629 units of Etios series last month.
Another Japanese auto manufacturer Honda Cars India registered sales growth of 18 percent during July. The premium car manufacturer’s domestic sales grew to 18,606 units in July from 15,709 units in the corresponding month last year.
In the two-wheeler segment, Suzuki Motorcycle registered a 33 percent increase in their July 2015 sales at 36,081 units from 27,118 units sold in the same month last year.
“We expect an even larger percentage increase in sales around the festive period, and have a positive outlook for the coming quarter,” said Suzuki Motor Corporation’s Executive Vice President Atul Gupta.
Honda Motorcycle and Scooter India reported a 2 percent growth in sales during the last month. The company sold a total of 389,626 units from an off-take of 381,411 units during July, 2014.
Two and three-wheeler maker TVS Motor closed last month with two percent growth in volumes as compared to July 2014.
The company sold a total of 218,321 units from 214,324 units sold in July 2014.
Royal Enfield’s, the two-wheeler arm of Eicher Motors, total sales grew by 49 percent in July at 40,760 units sold over the corresponding period last year when it had an off-take of 27,314 units.
by admin | May 25, 2021 | Entrepreneurship, Women Entrepreneur
(from left) Adhilakshmi, Bhuvaneshwari and Jayanthi are employed with ‘Auto Ranis’, a call auto service. Photo: B. Jothi Ramalingam (Photo Credit: The Hindu)
Gwalior:(IANS) Veerangana Express, an autorickshaw service by women for women has been launched by Tata Motors and Laxmibai Mahila Nagari Sahakari bank, it was announced here on Saturday.
“We are delighted to associate with Veerangana Express, a unique customer-focused service aimed at supporting women commuters by women operators with one of our best solutions in last mile public transport, the Tata Magic IRIS,” said K. Sanjeeva Rao regional sales manager, commercial vehicles, Tata Motors.
The service, which will ply within Gwalior’s municipal limits, is funded by Laxmibai Mahila Nagari Sahakari bank and supported by the district collector and transport department, he added.
“We are glad that all government authorities and Tata Motors through its channel partner are supporting this initiative. We hope the Veerangana pink cabs, which is for the women, by the women, will further encourage women, without having to worry about their commuting woes,” said Alka Srivastsava, founder, Laxmibai Mahila Nagrik Sahakari Bank.
Initially, eight pink and white diesel-powered Tata Magic IRIS autorickshaws will be pressed into service whose drivers will be trained by Tata Motors dealer SGS Motors.
Tata Motors has collaborated with another customer in Bhopal to run a similar service called Shakti Express with 10 Tata Magic IRIS vehicles and discussing with Indore authorities to launch similar Ahilya Express Service.
