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After so many years the great HM has come back to life! Got this news over the Eco Times!
C.K. Birla-controlled Hindustan Motors Ltd (HM) plans to launch a “niche” vehicle from the Mitsubishi Motors stable soon. The new product, is likely to be along the lines of a James Bond-like automobile and is expected to fire up Mitsubishi Motors’ portfolio in India. HM has recently launched two new Mitsubishi models out of its Chennai plant --‘Outlander’, a SUV in October 2008 and ‘Montero’, a premium SUV in March 2009.
“We are gearing up for the launch of a niche vehicle, hopefully, within this year, for which we are awaiting requisite homologation from ARAI (Automotive Research Association of India), HM’s managing director R Santhanam said on the sidelines of the company's 67th AGM on Friday. He however refused to comment on the price bracket for the new car.
HM will invest Rs 75 crore in its Uttarpara factory to expand its castings and forgings business and to set up an assembly line for ‘Winner,’ a new mini truck launched recently.
The company is hopeful of moving ahead with its real estate project at Uttarpara within this fiscal. “Sale of the fifth and final lot of land will be made to Bengal Shriram Hi-Tech City during the current fiscal for an auto ancillary park and IT township on 314 acres near our Uttrapara factory,” C K Birla, chairman of HM said.
On Friday, HM also reported a higher net loss of Rs 21 crore in the first quarter of 2009-10 against a net loss of Rs 8.36 crore in the first quarter of 2008-09. The company’s turnover also plunged to Rs 119.95 crore during April-June 2009-10 from Rs 188.72 crore in the Q1 of 2008-09. However, HML managed to reduce its expenditure during the quarter ended June 30, 2009 was at Rs 140.44 crore against Rs 196.25 crore.
“Margins in the automobile business remain under pressure, though in the last two months we have seen definite signs of a recovery,” HM’s managing director R Santhanam told reporters after the AGM. In response to a specific query on utilisation of its plants at Chennai and Uttrapara, Mr Santhanam said: “All I can say is we would like to operate at 2 to 3 times the present level.”
In 2008-09, HM sold 9211 vehicles including Ambassador, Lancer, Cedia, sports utility vehicle (SUV) and other utility vehicles compared to 12713 vehicles old in 2007-08.
Source: ET
C.K. Birla-controlled Hindustan Motors Ltd (HM) plans to launch a “niche” vehicle from the Mitsubishi Motors stable soon. The new product, is likely to be along the lines of a James Bond-like automobile and is expected to fire up Mitsubishi Motors’ portfolio in India. HM has recently launched two new Mitsubishi models out of its Chennai plant --‘Outlander’, a SUV in October 2008 and ‘Montero’, a premium SUV in March 2009.
“We are gearing up for the launch of a niche vehicle, hopefully, within this year, for which we are awaiting requisite homologation from ARAI (Automotive Research Association of India), HM’s managing director R Santhanam said on the sidelines of the company's 67th AGM on Friday. He however refused to comment on the price bracket for the new car.
HM will invest Rs 75 crore in its Uttarpara factory to expand its castings and forgings business and to set up an assembly line for ‘Winner,’ a new mini truck launched recently.
The company is hopeful of moving ahead with its real estate project at Uttarpara within this fiscal. “Sale of the fifth and final lot of land will be made to Bengal Shriram Hi-Tech City during the current fiscal for an auto ancillary park and IT township on 314 acres near our Uttrapara factory,” C K Birla, chairman of HM said.
On Friday, HM also reported a higher net loss of Rs 21 crore in the first quarter of 2009-10 against a net loss of Rs 8.36 crore in the first quarter of 2008-09. The company’s turnover also plunged to Rs 119.95 crore during April-June 2009-10 from Rs 188.72 crore in the Q1 of 2008-09. However, HML managed to reduce its expenditure during the quarter ended June 30, 2009 was at Rs 140.44 crore against Rs 196.25 crore.
“Margins in the automobile business remain under pressure, though in the last two months we have seen definite signs of a recovery,” HM’s managing director R Santhanam told reporters after the AGM. In response to a specific query on utilisation of its plants at Chennai and Uttrapara, Mr Santhanam said: “All I can say is we would like to operate at 2 to 3 times the present level.”
In 2008-09, HM sold 9211 vehicles including Ambassador, Lancer, Cedia, sports utility vehicle (SUV) and other utility vehicles compared to 12713 vehicles old in 2007-08.
Source: ET
