The company’s diesel engine plant at Manesar currently produces 2.8 lakh engines per annum but it needs about four lakh units for the Indian market
Looking to hit back at competitors with the new version of its premium hatchback Swift, Maruti Suzuki India (MSI) today said it will drastically cut exports of diesel engines to Hungary to concentrate on the Indian market.
The company, which has seen increased competition from new entrants likes Ford Figo, Toyota Liva and Volkswagen Polo, said it will increase production of the Swift to up to 18,000 units a month to reduce the waiting period. Honda’s upcoming Brio is also expected to add to the competition.
“We are reducing export of diesel engines significantly to cater to the domestic demand. Currently we export about 35,000 to 45,000 units every year to Hungary. We will reduce it to almost negligible levels in the next six months,” said Maruti Suzuki India (MSI), managing executive officer (Marketing and Sales) Mayank Pareek.
“The additional engine that we get (after cutting exports) will go for the Swift in India,” Pareek said.
With petrol prices going up, demand for diesel engine cars have soared. Most of the companies, which offer petrol and diesel variants of a car model are now witnessing demand in the ratio of 70:30 in favour of diesel cars.
MSI has invested over Rs550 crore on the development of the new Swift. It will be manufactured on an all-new platform.
“Production of Swift will be increased to about 17,000-18,000 units per month, from an earlier 10,000-11,000 units. Thus, the waiting period will come down to 2-3 months from 3-4 months earlier,” he said.
On the expected sales, Mr Pareek said it will be around 18,000 per month “but we will try to push for 20,000 per month.” Current sales of the Swift are around 12,000 units a month.
So far, the company has received bookings for over 30,000 units, he said, adding since its launch in 2005, Swift has clocked over 6 lakh units.
The new Swift will be powered by 1.2 litre petrol engines and 1.3 litre diesel engines.
Mr Pareek did not disclose the price saying it will be announced at the formal launch on 17th August, but sources said it will be about Rs30,000 more than the existing ones, which starts at Rs4.09 lakh and goes up to Rs5.38 lakh (ex-showroom Delhi).
The car will be produced at MSI’s Manesar plant, where unit ‘B’ will start operations in September with the production of the new Swift.
Maruti’s shares were trading at Rs1,200.75 (down 1.19%) during closing trade on the Bombay Stock Exchange.
LITL intends to set up power plant with a capacity of 2000MW
Lanco Infratech Limited (LITL), one of the fastest-growing integrated infrastructure enterprises and the largest IPP (independent power producer) in India, has emerged as the successful bidder and has been selected as the Mine Developer and Operator (MDO) for development, mining and operations of Gare Pelma II coal block of Maha Tamil Collieries Ltd (MTCL) and development of an associated power project.
MTCL is a joint venture company formed and owned by Tamil Nadu Electricity Board (TNEB)—77% holding—and Maharashtra State Mining Corporation (MSMC)—23%—for exploring, developing, mining, supply of coal and power from the Gare Pelma Sector II coal block located in Raigarh District, Chhattisgarh, having geological reserves of approximately 800 million tonnes. The bid envisages LITL to develop and operate the coal mine and setting up a power plant with 2000MW capacity.
Eight major companies including GMR, GVK, Jindal Power, L&T, Reliance Coal and Sterlite have participated in the bid called b¬¬y MTCL through a tender floated in July 2010.
Shares of LITL were trading at Rs18.10 in afternoon trade on the Bombay Stock Exchange (BSE), down 2.95% from its previous close.
The company has 72 generic products authorised for distribution in the US market
Glenmark Pharmaceuticals today said its subsidiary Glenmark Generics Inc had received final approval from the US health regulator for Verapamil tablets, which are used for treating hypertension.
"Today's approval completes Glenmark's marketing portfolio for the Verapamil extended-release product line," Glenmark said in a statement. The US Food and Drug Administration (USFDA) approval is for Verapamil extended release tablets in the strengths of 120mg and 180mg. The company had earlier received approval on the 240mg dosage in September 2009, Glenmark said.
Verapamil extended-release tablets are generics of Isoptin SR tablets of Ranbaxy.
"Verapamil extended release tablets are indicated in the management of essential hypertension and for the 12-month period ending March 2011, achieved sales of $52 million, according to IMS Health," it added.
The company has 72 generic products authorised for distribution in the US market and has over 35 ANDAs filed with the USFDA which are pending approval.
Shares of Glenmark were trading at Rs331.25 in afternoon trade on the Bombay Stock Exchange (BSE), up 0.41% from the previous close.