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July 20, 2001 		Feedback  
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Telco calls off car project with Peugeot

Tata Engineering and Locomotive Company Ltd, India's largest truck maker, said on Friday it has called off plans to build a new car with French auto giant PSA Peugeot Citroen.

"The viability of the business was found to be affected adversely by the high logistic costs between Europe and India as well as the limited volumes in the Indian market for this type of car," it said in a statement.

The two companies agreed in January this year to explore the feasibility of building a mid-size car in India which would be based on an existing Peugeot platform.

Telco shares closed 1.13 per cent higher at Rs 71.50 ahead of the announcement while the main Bombay index fell 0.90 per cent.

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