Sona Koyo, India's largest car steering system maker, on Friday announced the acquisition of 21 per cent stake in Fuji Autotech France for Euro 5 million to gain a toehold in Europe.
Tata Motors is unlikely to scale down its plans and go back to Singur for a smaller plant.
Tata Motors has decided to stick to the Rs 1-lakh price tag -- plus value-added tax (VAT) plus transport charges -- for the car as the company believes hiking the price at this stage will be a 'breach of promise to the customers.'
Now Delhi-based Sona Koyo, which is supplying steering systems for the Nano, and Minda Group, which supplies electrical switches, have confirmed that they and other component suppliers have suggested a price rise to Tata Motors.
With an eye to the large and growing market for their products, Indian auto component and tyre companies are making a beeline to set shop in Europe (especially Eastern Europe). Just last month Apollo Tyres announced that it was setting up a euro 200 million green field venture outside Hungary. And Delhi based Amtek Auto will set up a production base which will come in to operation in 2009 in Romania.
Big vendors left with smaller amounts as formula for compensation based on despatches.
Surinder Kapur's relentless pursuit of quality made Kapur a highly efficient manufacturer of automobile components.
Govt assurances fail to cut ice with Jat leaders as agitation intensifies, Maruti halts production at two plants; highways, railway lines blocked
Mercedes Benz, BMW and Audi have sharply increased their sourcing from India.
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