Automotive Updates - 20th March 2015

• Coimbatore-based Pricol Ltd, one of South India’s leading auto component players, has sold its 49 percent stake in joint venture with Denso Corporation to the  Japanese company. In a statement, Pricol informed the Bombay Stock Exchange (BSE) that as per the share purchase and joint venture JV termination agreement between Denso Corporation, Japan and Pricol, the Indian company has sold its equity in Denso Pricol India for a consideration of Rs 20 crore. Subsequent to the aforesaid sale, Denso Pricol India has become a wholly owned subsidiary company of Denso Corporation, Japan. - See more at: http://www.autocarpro.in/news-national/pricol-exits-joint-venture-denso-7970#sthash.jVCzpfvh.dpuf

• Force Motors on Thursday said its promoters have acquired more than 100,000 shares of the company from the open market, thereby increasing their stake in the vehicle manufacturer to over 60%. “The promoters of the company, Jaya Hind Investments Pvt. Ltd, have acquired 100,200 equity shares of Rs.10 each from the market on 13 March 2015,” Force Motors said in a filing to BSE. With this acquisition, the number of shares held by the promoter group stands increased from 7,821,295 equity shares to 7,921,495 equity shares, from 59.36% to 60.12% of the total paid up share capital of the company, it added.Read more at: http://www.livemint.com/Money/BtfUzJ3trB6vZSH5s2daOL/Force-Motors-promoters-hike-stake-in-co-to-over-60.html?utm_source=copy

• German auto parts maker Bosch Friday said operations at its Jaipur plant will remain shut due to a day-long strike called by the labour union over wage settlement issues."Labour Union of the company's Jaipur plant has called for a 'one-day strike' today in connection with the ongoing wage settlement," Bosch said in a BSE filing.(ETauto.com)

• Germany’s 838 million euro Marquardt Group, a leading manufacturer of electro-mechanical and electronic switches and switching systems for automobiles and other sectors, opened up its first-ever global research and development centre in India in Pune today. Spread across 25,000 square feet, this all-new R&D centre will employ around 80 skilled professionals under phase one, and will scale up to 200 employees within next five years. According to company officials, having recruited as many professionals at its Pune-based R&D centre in the near future, this will become the largest R&D centre for the Marquardt Group globally. - See more at: http://www.autocarpro.in/news-national/germanys-marquardt-sets-centre-pune-bags-tata-7996#sthash.IcrMTZFd.dpuf

• The Gujarat government admitted in the Assembly that it had paid Rs 456.79 crore as a “loan” to Tata Motors to set up its Nano plant near Sanand in Ahmedabad district.During yesterday’s question hour in the Gujarat Assembly, senior Congress MLA Shaktisinh Gohil sought details aboutloans given to Tata Motors for its Nano plant under the agreement signed between the company and stategovernment on January 2009.In her written reply, Gujarat Chief Minister Anandiben Patel who handles the industries portfolio, stated that as on January 31, 2015, the Gujarat state government had paid Rs 456.79 crore as a “loan” to Tata motors to set up its plant.(financial express)

• Tata Motors is aggressively driving its commercial vehicle export programme. The company, which has notched 7.51 percent YoY growth in this fiscal with overseas sales 41,067 units, today launched its range of Prima heavy commercial vehicles in the UAE and Oman.   In the UAE, two variants were launched in Dubai with dealer-partners United Diesel and in Abu Dhabi with Dalma Motors. In the UAE, the Prima 4438.S (4X2) tractor head and Prima 4038.K (6X4) construction tipper have been introduced. In Oman the Prima will be available as a prime mover, rigid tipper and tanker in 4x2 and 6x4 configuration, with the Prima 4438.S and the Prima 4038.K catering to fleet owners, goods transportation, construction and waste management companies. - See more at: http://www.autocarpro.in/news-international/tata-motors-pushes-hcv-exports-launches-prima-uae-oman-7994#sthash.OSSbZ0Ck.dpuf

• In the market for utility vehicles in India, Tata Motors has been losing ground to its chief rival, Mahindra. The company is now planning a fightback and intends to launch six utility vehicles over the next 3-4 years. The range will include compact urban SUVs, rugged MUVs for rural markets and premium crossovers.The first model to be launched will be the Hexa crossover . It is expected to hit showrooms in the first half of 2016. It will be pitted against the Mahindra XUV500.(teambhp)