Maruti Suzuki to enter MPV segment with Ertiga

The Ertiga will be available in both petrol and diesel variants. Maruti Suzuki claims that the petrol variant delivers a fuel economy of 16.02 kmpl and the diesel one gives 20.77 kmpl

The country's largest car maker Maruti Suzuki India (MSI) is turning to the multi-purpose vehicle segment with its upcoming model Ertiga, as it looks to complete its portfolio of passenger vehicles. The vehicle will witness its global launch next month in India that has seen an investment of about Rs400 crore by the company as development cost.

"What we are trying here is to create a new segment of compact MPVs, just as we did with Swift in the hatchback segment. We have not been present in the MPV segment despite being the overall market leader in the country," MSI managing executive officer (marketing and sales) Mayank Pareek told PTI.
He said with Ertiga, the company will have a “complete range of passenger vehicles”.

Commenting on the significance of Ertiga, Mr Pareek said: “The MUV and SUV segment in India is about 30,000 units a month. We will now have a presence there with the new vehicle.”

He added: “In India, there are about 15 million cars and about 8 million owners are looking to upgrade, but not all of them are simply just considering bigger cars. They are looking for family oriented MPVs, which is what we are targetting.”

Mr Pareek, however, declined to comment on the company's sales expectations from the new model.

The Ertiga will be available in both petrol and diesel variants. While the petrol variant is powered by a 1.4 litre engine, the diesel will have a 1.3 litre powertrain. The company claims that the petrol variant delivers a fuel economy of 16.02 kmpl and the diesel one gives 20.77 kmpl.

On the sales growth prospects for the next fiscal, Mr Pareek said the first half will still be tough as market situation hasn't changed.

“Towards the second half, sales are expected to pick up, especially around the festive season. Overall the industry should grow between 5% and 10% and as a company, we expect to do better than that.”

MSI has so far witnessed its total sales falling by 12.29% during the current fiscal at 10,07,743, compared to 11,49,053 units in the April-February period of 2010-11.

In the early afternoon, Maruti Suzuki India was trading at around Rs1300 per share on the Bombay Stock Exchange, 2.33% down from the previous close.

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Tilaknagar Industries acquires 100% stake in Mykingdom Ventures

“Tilaknagar Industries is set to enhance its market share and capitalize the opportunities offered in the alcobev sector,” said Sethi, president & chief financial officer, Tilaknagar Industries.

Tilaknagar Industries (TI) said that it has acquired Mykingdom Ventures. “With TI growing its business scale and with plans, to expand market presence in the IMFL segment, on the anvil, this acquisition will help TI leverage the in-house expertise in infrastructure development to its benefit. Such know-how will aid TI with rapid implementation solutions which will reduce costs and ensure execution of new projects within stipulated time frames,” said Lalit Sethi, president & chief financial officer, Tilaknagar Industries.

The acquisition of Mykingdom Ventures, currently engaged in the business of construction and infrastructure development, is expected to enable the company to strengthen its in-house expertise in new projects.

TI, currently, has its manufacturing facilities spread across India which it operates through 1 owned, 9 subsidiaries, 9 lease arrangements and 17 tie-up arrangements. Its primary manufacturing facility is in Shrirampur, Maharashtra with an installed capacity of 100 KLPD including a new 50 KLPD molasses based distillation plant commissioned in October 2009. The company commenced commercial production at its new grain based distillery of 100 KLPD. The company recently acquired 'Punjab Expo Breweries Private Limited' (Punjab Expo), in October 2011, with a bottling capacity of 50,000 units.

“TI is set to enhance its market share and capitalize the opportunities offered in the alcobev sector,” concluded Mr Sethi.

In the early afternoon, Tilaknagar Industries was trading at around Rs58.20 per share on the Bombay Stock Exchange, 0.43% up from the previous close.

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Dolphin Offshore wins contract worth Rs270 crore from ONGC

The scheduled completion date of the contract is 15 May 2013 and the contract value is approximately Rs270 crore.

Dolphin Offshore Enterprises (India) has received a notification of award of contract for OGIP Power to ESP Project from Oil & Natural Gas Corporation.
The scheduled completion date of the contract is 15 May 2013 and the contract value is approximately Rs270 crore.

In the early afternoon, Dolphin Offshore Enterprises was trading at around Rs87.35 per share on the Bombay Stock Exchange, 3.74% up from the previous close.

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