MERCEDES-BENZ, MAHINDRA SIGN MoU WITH GOVT
Article Abstract:
Mercedes-Benz India Limited (MBIL) together with Mahindra Ford India Limited (MFIL) has signed MoU with the Director General of Foreign Trade (DGFT). The MoU is for importing auto kits. With this move, the number of MoUs signed by car companies with the government has increased to five. Under the agreement with DGFT, MBIL plans to import vehicle parts and components worth of $142 million by 1999-2000 AD. MBIL has achieved 58 percent indigenisation of components as against stipulated 70 percent by 1999-2000 AD. It has brought in $70.56 million as foreign equity in convertible currency during 1997-98. MFIL is also committed to achieve 70 percent indigenisation of components in as stipulated in the the MoU policy by 1999-2000. This will result in a foreign exchange outgo of $110 million. (gs)
Comment:
Signs pact with Director General of Foreign Trade for importing auto kits
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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`MAHINDRA FORD'S PROJECT IN CHENNAI AS PER SCHEDULE'
Article Abstract:
According to Mr John Parker, managing director of Mahindra Ford India Ltd (MFIL), the passenger car project coming up in Chennai, is expected to be commissioned on schedule, despite the economic sanctions imposed by USA following the nuclear tests. Till now, the company has invested Rs400 crore in the greenfield project, being set up in Maraimalainagar near Chennai. MFIL has already set up another plant in Nasik at a cost of Rs200 crore to manufacture Ford Escort car models. (gsh)
Comment:
Expects to commission passenger car project in Chennai, India, despite US economic sanctions following nuclear tests
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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MAHINDRA FORD MAY SHIFT GEAR TO MEDIUM-SIZED CAR SEGMENT
Article Abstract:
Mahindra Ford India Ltd (MFIL) is thinking of shifting towards the production of cars in the small and medium segments in the next 3-4 years. MFIL is a joint venture between Ford of the US and Mahindra & Mahindra. The company's unit at Maraimalai near Chennai is almost complete and will produce a car based on the Fiesta platform. The company's Ford Escort has been selling far less than the projected 15,000 cars per annum. (khr)
Comment:
Is thinking of shifting towards the production of cars in the small and medium segments in the next 3-4 years
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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