Mumbai: Having sold a record one lakh scooters in a span of just 10 months, auto major Mahindra & Mahindra (M&M) is now firming up plans to enter the domestic motorcycle market by end-this year, reports PTI.
"We have achieved a milestone by selling one lakh scooters in just 10 months as against a set target of 18 months. Our plan now is to enter the motorcycle market by end of this year," Mahindra Two Wheelers' president Anoop Mathur told PTI here.
"We are working on a unique product that will be assembled in the same plant where our scooters are manufactured," he said.
The company is designing the motorcycle at its Italy-based Engines Engineering, which was acquired by the Mahindra group in 2008.
Presently, the company's Pithampur facility (where it makes its scooters) has a capacity to make five to six lakh scooters annually.
Buoyed by the robust market response for its scooters, M&M now aims to double its scooter sales from one lakh to two lakh by December 2010.
"What we have achieved in 10 months, we (would) like to achieve in (the next) five months. We plan to sell another one lakh scooters in the next five months," he said.
The company clocked a 329% jump in its two-wheeler sales in July at 12,033 as against 2,808 units in the year-ago period.
"Our July sales have given us the confidence that we can achieve this other milestone in the next five months," the M&M official said.
The Mahindra group had picked up an 11% stake in Kinetic Motor two years ago to gain an entry into the two-wheeler segment. The group had also acquired Engines Engineering of Italy, a design house for two-wheelers, in 2008.
Innovation will hold the key going forward, Mr Mathur said, adding "innovations will help us become a significant player in the global market."
"We aim to establish the Mahindra two-wheeler brand in the international market in the next few years," he said.
The company sees more potential in rural markets in India and plans to significantly increase its dealership network in Tier II and III destinations.
"Presently, we have 350 dealers pan-India and plan to add 50 more this fiscal," he said.
M&M, which is currently exporting two-wheelers to Bangladesh, Nepal and Sri Lanka, is eyeing more global markets.
"We will be exporting our two-wheelers to Cambodia, South Africa and a few other countries in the coming days. Our dream is to become a global player," he said.
Pharmaceutical company Lupin Ltd said it appointed Paul McGarty as president of its US-based subsidiary, Lupin Pharmaceuticals Inc.
Mr McGarty has over 25 years experience in the pharmaceutical industry spanning across brand and specialty pharmaceutical companies, the company said in a release.
On Tuesday, Lupin shares rose 0.7% to Rs1,916 on the Bombay Stock Exchange, while the Sensex closed 0.2% higher at 18,114 points.
Tata Communications Ltd said it appointed Laurie Bowen as its president of sales and strategy for global data and mobility.
Responsible for all sales and marketing globally (excluding wholesale voice), Ms Brown will lead the global carrier and enterprise solutions teams to devise go-to-market strategies and identify opportunities to enhance the solution portfolio, it said in a release.
On Tuesday, Tata Communications shares ended 0.7% up to Rs275 on the Bombay Stock Exchange, while the Sensex closed 0.2% higher at 18,114 points.