Renault launches its luxury model in India

Petrol variant of Fluence will come with a 2 litre engine while the diesel option will be powered by a 1.5 litre engine

French carmaker Renault has launched its luxury sedan ‘Fluence’ in India with both petrol and diesel options, priced between Rs12.99 lakh and Rs14.40 lakh (ex showroom Delhi).

“The Renault Fluence was designed for the Asian market and hence we are confident that it will not only shake up the segment, but also give the Indian customer their first taste of what Renault is capable of bringing to the Indian market,” Renault India managing director Marc Nassif said.

This is the first Renault branded car to be assembled in India at its Chennai facility, he added.

Petrol variant of Fluence will come with a 2 litre engine while the diesel option will be powered by a 1.5 litre engine.

Renault along with its global alliance Nissan has committed an investment of Rs4,500 crore by 2015 at Chennai facility, which will have a total production capacity of 4 lakh units per annum.

The French company is currently considering setting up an engine plant at the facility.

After Fluence, Renault will introduce a sports utility vehicle ‘Koleos’ this year, followed by three more car in 2012.

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FICCI appoints Rajiv Kumar as secretary general

Rajiv Kumar joined FICCI as director general in October 2010

Industry body FICCI  (Federation of Indian Chambers of Commerce and Industry) said it has appointed Rajiv Kumar as the new secretary general of the chamber.

Mr Kumar, a well-known economist and the author of several books, would succeed Amit Mitra, who has become the Finance Minister of West Bengal.
Rajiv Kumar joined FICCI as director general in October 2010.

Earlier, he was director and chief executive of an economic think-tank, the Indian Council for Research on International Economic Relations (ICRIER).

"I see this as one of my most challenging assignments, which will not only require my total commitment, but will also serve as a substantial learning experience," Mr Kumar said.

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EGoM may meet this week to decide on diesel, LPG rates

A ministerial panel headed by finance minister Pranab Mukherjee is likely to deliberate on the oil ministry’s demand for a minimum Rs4 a litre hike in diesel prices and a Rs25 per cylinder increase in LPG rates to partly bridge the gulf between domestic prices and their international cost

New Delhi: A week after the steep hike in petrol prices by Rs5 a litre, the government today said a ministerial panel is likely to meet in the next few days to take a decision on raising diesel, LPG and kerosene rates, reports PTI.

An Empowered Group of Ministers (EGoM) headed by finance minister Pranab Mukherjee is likely to deliberate on the oil ministry’s demand for a minimum Rs4 a litre hike in diesel prices and a Rs25 per cylinder increase in LPG rates to partly bridge the gulf between domestic prices and their international cost.

“I think the EGoM meeting on diesel pricing will be called this week,” agriculture minister Sharad Pawar, who is also a member of the ministerial panel, told reporters on the sidelines of an ICAR-CII event here.

Asked if it was apt to hike diesel prices at a time of high inflation, Mr Pawar said, “I can’t react now as we have to assess the situation—we have see whether petroleum companies are earning or losing. We have to see how recent happenings in Gulf countries have created problems for India.”

Headline inflation stood at 8.66% in April.

The EGoM was originally scheduled to meet on 11th May, a day after polling in West Bengal ended, but the panel's meeting was postponed and no new dates have been intimated yet.

Oil companies are losing Rs18.19 on the sale of every litre of diesel at the current price of Rs37.75 per litre in Delhi.

In addition, state oil firms lose Rs29.69 per litre of kerosene and Rs329.73 per 14.2-kg domestic LPG cylinder.

Recently, finance minister Pranab Mukherjee had stated that the meeting of the EGoM on diesel pricing will be held this week.

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