Automotive Updates - 9th March 2015

•  Auto-parts manufacturer Anand India and Federal-Mogul Powertrain today formed a joint-venture named as Federal-Mogul Anand Sealings India Limited and Anand I-Power Limited. Both companies entered into an agreement to convert the sealing and piston ring businesses of Anand into joint venture operations. In the newly formed JV, Federal-Mogul Powertrain will hold a 51 percent stake of the new sealing joint venture; Anand, along with smaller shareholders, will own 49 percent of the operation. This sealing joint venture will be known as Federal-Mogul Anand Sealings India Limited (gasket business). Anand will hold more than a majority stake in the piston ring joint venture, Anand I-Power Limited. (ETauto.com)

• Tata Motors shareholders have approved a proposal to raise Rs 7,500 crore via rights issue.In a filing to the BSE, the company said 93.97 per cent of the shareholders voted in favour of the proposal through a postal ballot.The Mumbai-based company intends to utilise Rs 7,500 crore to fund various activities, including introduction of more than 100 new commercial vehicles over next three years and passenger vehicles on new modular platform from FY 2016-17.The company, which recently announced a voluntary retirement scheme for its workmen to cut costs, also intends to use the funds to expand in international markets.(businesstoday.in)

• Ford India’s new car manufacturing plant near Sanand in Gujarat is being prepped for commencement this month. Anandiben Patel, Chief Minister of Gujarat, will inaugurate the plant, in presence of US Consulate, on 26th March, 2015. Investment for the new facility amounts to a massive sum of $1 billion (Rs. 6,278 crores). While the production capacity is 2.5 lakh cars per annum, initially the American automaker will utilise only a part of it, to make around 1.4 – 1.5 lakh units. On an average, the Ford Sanand plant will churn out 800 – 900 cars per day, in 2015. Given that Indian market is currently not demanding so much volume from Ford India, the company is working on expanding export operations from 50 to around 100 – 120 markets in due course, to make the Sanand plant contribute the largest part of shipment from India.Read more at http://www.rushlane.com/ford-sanand-plant-12146828.html#XwpOCvDcItp4Cgbo.99

• Renault will be launching the sub Rs. 4 lakhs XBA small car in India by may this year, its second launch after the Lodgy MPV in India. Banking on the Duster for 80 percent of its sales in the country, Renault India will be launching two new products this year which include the Lodgy MPV and the all-new XBA (codename) entry-level hatchback with both models expected to bring in major volumes for the company. Confirming the timeline for launching the models, the automaker stated that it will be bringing the Lodgy by the end of this month or early April; whereas the XBA will be launched after nine months.Read more at http://www.motorbeam.com/2015/03/cars/renault/renault-xba-hatchback-launch-december-india/#MCJUjzct3zqIH4tV.99

• The two wheeler arm of the country's leading Utility Vehicle manufacturer Mahindra & Mahindra has registered 'Luna' Brand hinting at a possibility to bring back the iconic product. Luna brand was once owned by Kinetic Motor company which later sold its major stake to M&M two wheelers.According to a report, M&M may enter moped segment with Luna and Luna TFR. It is also expected that M&M may upgrade the old 50cc engine of Luna to bigger engine of 75cc. (ETauto.com)

• Toyota Kirloskar Motor (TKM) has signed an MoU with Kamarajar Port Ltd (KPL), also known as Ennore Port, to facilitate expansion of its export business.  With this, TKM aims to build a long-term relationship with the port, grow its export business and thereby improve its commercial viability in a highly competitive market, while also benefiting from port-related tariff concessions. The 10-year MoU was signed by TKM officials in the presence of Union shipping minister Nitin Gadkari and minister of state for shipping P Radhakrishnan in New Delhi. Also present were Shekar Vishwanathan, vice-chairman and wholetime director, TKM. - See more at: http://www.autocarpro.in/news-national/toyota-eyes-expansion-export-business-india-7871#sthash.9prwweyq.dpuf

• India's largest carmaker Maruti Suzuki has been planning on introducing a fleet of interesting cars in the domestic market sometime soon. The company has been planning on launching a new B-segment vehicle sometime in May this year and the Hakuhodo Percept has won the advertising account for the upcoming vehicle at an estimated cost of about INR 100 Crore. Multiple agencies like Lowe, Capital and Dentsu had participated in the bidding whereas Hakuhodo Percept being a new entrant won the bid. The winning company is an equally owned joint venture endeavor between Hakuhodo Inc of Japan and Percept, the Indian media conglomerate.(cartrade.com)