- Auto major Mahindra and Mahindra has received shareholders' approval to raise up to Rs 5,000 crore through issuance of securities on private placement basis in domestic and/or international markets.In a filing to the BSE, Mahindra and Mahindra (M&M) said its shareholders have approved resolutions, including raising up to Rs 5,000 crore, at its annual general meeting (AGM) held on August 7.(Etauto)
- LyondellBasell, one of the world’s largest plastics, chemical and refining companies, has entered into a definitive agreement for the acquisition of SJS Plastiblends (SJS), a polypropylene compounds (PPC) manufacturer, located in Aurangabad, Maharashtra. This strategic acquisition will expand LyondellBasell’s existing footprint in India and further enhance its position in India’s growing automotive market.This acquisition will expand our global PPC manufacturing footprint and allow us to better compete in the long-term growth of India’s automotive market,” said Bhavesh V Patel, CEO and chairman of the management board of LyondellBasell. “We are very proud of the strong, global reputation we have built by manufacturing high-quality products and providing excellent service to our customers. We look forward to continuing this tradition in India through this expansion.” - See more at: http://www.autocarpro.in/news-national/lyondellbasell-acquire-sjs-plastiblends-expand-india-auto-plastics-footprint-9080#sthash.nsQNdG4H.dpuf
- Hero MotoCorp stepped up research and development spending by nearly six times in fiscal 2015, becoming the top spender on R&D among the nation's two-wheeler makers four years after commencing its solo journey.The New Delhi - based maker of bikes spent Rs 723 crore on R&D in the fiscal year ended on March 31, 2015, compared with Rs 127 crore in the previous fiscal year, its latest annual report showed. (Etauto)
- The Indian two-wheeler unit of Japanese auto maker Honda Motor Co. on Friday said it will recall the CBR 150R and 250R motorbikes manufactured between July 2014 and June 2015.Honda Motorcycle and Scooter India Pvt. Ltd did not disclose the total number of units that would be recalled, but a person directly involved in the matter, who declined to be named, said the company was recalling about 13,700 units. It is part of a global recall by Honda. (livemint)
- It’s no secret that Tata Motors is working on a compact SUV - the Tata X104 (code-name) – which was showcased as the Nexon concept at the 2014 Delhi Auto Expo. Based on the modified version of the X1 platform, the Tata Nexon will take on the Ford EcoSport and the upcoming Mahindra TUV300. According to reports, the production version of the compact SUV might be unveiled at the 2016 Auto Expo, while the launch might take place right after that.The Nexon will share close resemblance with the concept. It will feature prominent wheel arches, large 17-inch wheels and a sloping roof. It reports are to be believed, the compact SUV will borrow some design cues from the Land Rover Evoque as well. Other styling elements might include LED headlights, double sliding doors and Tata's signature grille with 'Humanity Line'(car trade)
- Hyundai Creta is proving to be a sensational success with 32,000 units of the car already booked across the country and it’s not even a month since the price announcement! The overwhelming response has led to a huge waiting period which varies between 3-9 months depending on the variant and location of purchase.Indian Express reports that Hyundai India has decided to postpone the commencement of exports of the global SUV in order to better address the huge initial demand in the domestic market. Rakesh Srivastava, Senior Vice President, sales and Marketing, HMIL, revealed that the export operations of Creta were initially set to be commenced in September but they have now been postponed to Nov-December.(rushlane)
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