NEW DELHI - Mahindra Ford India Ltd., the joint venture of Ford Motor Co. and Mahindra & Mahindra Ltd., has been renamed Ford India Ltd. following the U.S. automaker's acquisition of 92.2 percent of its equity. The venture began as a 50-50 partnership, but Ford raised its stake to 78 percent when Mahindra declined to invest more funds.
NEW DELHI - Maruti Udyog Ltd., the 50-50 joint venture between the Indian government and Suzuki Motor Co. that is the country's largest automaker, will set up a joint venture with Sumitomo of Japan to build auto service centers. Maruti and Sumitomo each will hold a 47.5 percent stake in the venture, Maruti Sales and Services India Ltd., and other private investors will hold the other 5 percent stake. Value of the investment was not disclosed.
NEW DELHI - The brakes division of Chennai-based Sundaram Clayton Ltd. has been awarded the prestigious Deming Award by the Union of Japanese Scientists and Engineers for excellence in total quality management, the first time the prize has gone to an Indian company. The award is named for William Edwards Deming, the father of quality-control management.
PITHAMPUR - Mitsubishi Motors Corp. said it is ending a technical assistance agreement with Eicher Motors Ltd. under which the Indian company has built Mitsubishi Canter light trucks since 1986, and will sell its 7.5 percent equity stake in Eicher back to the company. Mitsubishi said it would continue to supply Eicher with spare parts.
NEW DELHI - The government announced a 10 percent reduction in the price of already heavily subsidized diesel fuel, a move expected to spur demand for the few diesel-powered passenger cars on the market. They include the just-launched Tata Indica and the Fiat Uno. In Delhi, diesel now costs 21.17 cents a liter, down from 23.5 cents.
CHENNAI - Hyundai Motor India Ltd.'s new vehicle-assembly complex here has begun shipping components to the parent company in Korea as part of its legal requirement to export a certain portion of its output every year over the next eight years.
Hyundai said it will ship 3,000 engine blocks a month for the rest of 1999, including cylinder heads, crank shafts and connecting rods.
'We are confident of fulfilling our export obligations well ahead of the deadline,' said Hyundai-India President A.P. Gandhi.
The greenfield complex here, representing a stated investment of some $1 billion, has installed capacity for 120,000 cars a year plus 130,000 engine and transmission sets. An adjacent aluminum foundry can produce 130,000 engine blocks and cylinder heads a year.