Auto major Hindustan Motors Ltd said that it aims to double the sales of its Ambassador car to 24,000 units per annum in the next 15-18 months through launch of new variants.
The company plans to launch six new variants in both passenger and commercial vehicle segments in the next 12-15 months, starting the first quarter of 2011. Among the six variants, four would be of Ambassador.
The Ambassador is one of oldest passenger car model in the country and is manufactured at the company's Uttarpara facility in West Bengal. The company also makes auto components at its Uttarpara plant in West Bengal.
Hindustan Motors has a technical tie-up with Mitsubishi Motors and the company's facility in Chennai manufactures Mitsubishi's Lancer and Pajero vehicles. The Tamil Nadu plant assembles Mitsubishi's Outlander sport utility vehicle.
The company will raise the monthly output of its small truck-Winner-to 1,000 at its Indore facility which is manufacturing only commercial vehicles. Hindustan Motors, however, has not provided any time-frame for this.
On Friday, Hindustan Motors gained 2.29% to Rs26.75 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.73% down at 19,585.
APL Apollo Tubes Ltd said it has acquired Lloyds Line Pipes, a Maharashtra-based manufacturer of steel tubes and pipes. The acquisition, worth Rs40 crore, has been completed in an all-cash deal.
The Lloyds Line Pipes facilities will help APL Apollo manufacture up to 14-inch tubes. Located close to the ports, these facilities would not only ensure savings in logistics cost, but would also enable higher exports. With this acquisition, APL Apollo will strengthen its capacity from existing 400,000 tonnes per annum (tpa) to 490,000 tpa.
On Friday, APL Apollo Tubes ended 0.53% up at Rs143 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.73% down at 19,585.
State-run Indian Oil Corporation Ltd (IOC) said it will invest about Rs900 crore to pick up a 26% stake in Nuclear Power Corporation of India Ltd's (NPCIL) 1,400MW atomic power project at Kota, in Rajasthan.
NPCIL is setting up a 1,400MW (2x700MW) power plant, which is scheduled for completion by 2015-16. The joint venture agreement would be signed in a month.
IOC would hold 26% equity in the project, which is proposed to be financed by both partners in the debt-equity ratio of 70:30.
Meanwhile, the company is gearing up for its follow-on public offer (FPO) in January, through which it expects to raise about Rs20,000 crore.
The government plans to offload 10% of its equity holding in IOC through the FPO and an equal stake would be diluted by the company.
Following the stake sale, the government's holding in IOC would reduce to 64.57% from the existing 78.92%.
IOC has hired six investment banks-Merrill Lynch, Citigroup, ICICI Securities, Morgan Stanley, SBI Capital and UBS-to manage the public offer. The mega offer is a part of the government's Rs 40,000 crore disinvestment programme this fiscal.
On Friday, IOC ended 1.02% at Rs392.60 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.73% down at 19,585.