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Pune-based automobile manufacturer Force Motors and Rolls-Royce Power Systems today signed an agreement for a joint venture, in which Force Motors will hold 51 per cent stake and Rolls-Royce Power Systems the balance.
Force Motors today signed its joint venture with Rolls Royce Power Systems, for developing diesel engines and gensets. CNBC-TV18's Uttkarsh Chaturvedi caught up with Prasan Firodia, MD of Force Motors to get more details on the partnership.
3:30 pm Market Closing: The market closed mildly higher amid volatility ahead of two-day US Federal Reserve meeting beginning later in the day. (58-0)
Rolls Royce Power Systems has tied up with Force Motors to shift the manufacturing base of an engine series for power generation from Germany to India, and thereby reduce costs.
2:40 pm New Telecom Policy: Union Minister Manoj Sinha said the new telecom policy is almost ready and will be brought in the next session of Parliament after a Cabinet nod. (45-0)
New Delhi: Force Motors Ltd on Tuesday said that it has entered a joint venture agreement with Germany’s MTU Friedrichshafen GmbH, an arm of Rolls-Royce Power Systems AG, to foray into the business of engines.
US car maker General Motors may be on exit mode in India, but in its last year of operations in this country, the company has managed to sell more than some of its foreign and Indian peers. Even in inventory clearing mode, GM sold 2,500 vehicles between April and December 2017, which is more than what Force Motors, Mahindra Electric Mobility, Isuzu Motors were able to sell in the same period. GM exited India in December 2017. (2-0)
Maruti Suzuki, which rules the domestic car market with a fifty per cent share, is slowly but surely started marking its presence in the new business of light commercial vehicles (LCV or goods carrier). The Suzuki-promoted company had entered the LCV business in July 2016 and is now the fifth player in the segment, though market share is just 2 per cent. The company had sold 460 units of LCV, branded as Super Carry, in the April-January period of FY17. (4-0)
The Government is planning to come out with two new policies in the auto space -- the first is designed to support the automobile industry as a whole and the second will be focused on electric vehicles. Anant Gangaram Geete, Union Cabinet Minister for Heavy Industries and Public Sector Enterprises, said that the new auto policy will be foolproof and will address all the concerns of the automobile industry.
Force Motors today reported 36.98 percent decline in standalone net profit at Rs 14.65 crore for the third quarter ended December 2017.
New Delhi: Force Motors on Monday reported 36.98% decline in standalone net profit at Rs14.65 crore for the third quarter ended December 2017.
Organised dealers, which received a breather from the GST Council that lowered the goods and services tax rate on used cars, said margins would now improve and the market would see more discounts. In its 25th meeting on January 18, the GST Council lowered tax rates on 29 products and 54 services. Among these, the GST rate on used medium and large cars and SUVs was cut from 28 per cent to 18 per cent, and the rate on small cars and motor vehicles was reduced from 28 per cent to 12 per cent.
The government may nudge automotive companies to make Bharat Stage VI (BS-6) certified cars capable of running on BS-IV fuels. Such a policy could result in huge savings for oil marketing companies (OMCs) which are preparing for pan-India BS-VI fuel roll out.
The government may nudge automotive companies to make Bharat Stage VI (BS-6) certified cars capable of running on BS-4 fuels. Such a policy could result in huge savings for oil marketing companies (OMCs) which are preparing for pan-India BS-6 fuel roll out.
Rising income, expanding product lines and affordable repayment options have fueled India’s appetite for luxury cars, pushing the market 21 spots in just 10 years in world ranking.