International BusinessHM set to launch premium car
C K Birla group company Hindustan Motors(HM), the makers of the Ambassador car, is all set to launch a niche car in the premium segment.
- Life insurers post 4-fold rise in premium mop up between 2001-09 - Private port projects face environment freeze - Hindustan Motors to launch premium niche car - Net foreign debt shrinks to $1.5 bn in FY09 from $53.5 bn - Govt considering introduction of Banking Regulation Bill - Education-related forex outflow over $2 bn last fiscal
The company is now waiting for approval from the Automotive Research Association of India(ARAI), an industrial research organisation formed in collaboration with the automotive industry, Ministry of Industries of the government of India. ARAI has been providing technical expertise in research and development(R&D), testing, certification, homologation and framing of vehicle regulations in India.
R Santhanam, managing director of HM declined to give out further details. "It could be launched this year as well, if everything goes well. We are waiting for the homologation results of the vehicle", he said, adding that the technology would be sourced from Mitsubishi Motors of Japan. He,however, clarified that it would not be a small car and would make a unique style statement.
HM has a collaboration with the Japanese carmaker to manufacture the Mitsubishi Lancer, Pajero and Outlander here in India in its Tiruvallur plant near Chennai.
Meanwhile, HM has also planned a net investment of around Rs 75 crore for the modernisation of its Uttarpara plant, particularly the forging,casting and stamping units. A part of the investment would go for the HM Winner, a one-tonne mini truck, and into revamping the autocomponents unit at Uttarpara.