Royal Enfield to bid nearly $2bn for Ducati India
The Dollar Business Bureau The Royal Enfield’s maker in India, Eicher Motors is bidding $1.8 billion-$2 billion for the Italian motorcycle manufacturer Ducati, according to a Reuters India news on Thursday. This led to the shares of Eicher Motors spiraling to a record high. Eicher Motors is the only Asian company in the auction, finalising the terms with advisers before the bidding deadline at the end of September, the media agency reported. German carmaker Volkswagen(VW) is also considering options for Ducati, including a sale of the brand, wholly controlled by VW's Audi division. But internal rifts and resistance from the German trade unions, have put the company’s plans on hold. It should be recalled that Reuters had reported earlier that Hero Motor Corp ...
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GST: Luxury cars, aerated waters, cigarettes subjected to highest tax rate
By Ranjeet Mahtani & Niraj Hande The most crucial GST Council meeting took place on 18th and 19th May, 2017 in Srinagar, Jammu and Kashmir. The GST Council has finalised seven sets of GST Rules and completed the fitment of most goods and services in various tax brackets in the last two days. Rules The GST Council has approved seven sets of GST Rules which pertain to Composition, Tax Invoice Credit & Debit Notes,Input Tax Credit, Payment of Tax, Refund, Registration and Determination of Value of Supply. The Rules pertaining to Transition and Returns were not finalised and shall require further vetting before approval. The next step will be for Governments, State and Central to now notify these. Rates The GST Council has ...
Suzuki to export made in India motorcycle model Gixxer to Japan
The Dollar Business Bureau Two wheeler manufacturer Suzuki Motorcycle India Pvt Ltd (SMIPL) said on Wednesday that the company will export its made in India motorcycle Gixxer to Japan. This is for the first time that a motorcycle manufactured by SMIPL is being shipped to the Japanese market where its parent firm Suzuki Motor Corporation (SMC) is headquartered. SMIPL has already shipped the first consignment to the Japanese market. “The Gixxer model has already been exported to other countries such as Latin America and other surrounding countries. Exporting of ‘Made in India’ vehicles to Japanese market indicates the high benchmarks of quality established by the company and its increasing global role,” Satoshi Uchida, Managing Director, SMIPL said in a statement. The export of Gixxer to Japan ...
UM India to produce 1 lakh two-wheelers by next year
The Dollar Business Bureau Motorbike manufacturer UM India is expecting to roll out one lakh two-wheelers by next year by doubling their production capacity from their plant based in Uttarakhand, said UM India CEO Rajiv Mishra while inaugurating the company's first dealership outlet in Madhya Pradesh. According to Mishra, the manufacturing unit situated in Kashipur has the annual capacity to produce 50,000 motorbikes. Their plan is to increase the manufacturing and take it to 1,00,000 by September-October next year. UM India is the Indian arm of US-based UM International which has begun its operations of sale and delivery in the country this year. The company has presently received the order of delivering 5,000 motorcycles for which it has roped in 50 dealers, of which 42 have ...
Domestic passenger vehicle sales up 4.48% in October
The Dollar Business Bureau The passenger vehicle sales in the domestic market increased by 4.48% to 2,80,677 units in the month of October this year from 2,68,630 units in the same month in 2015. Domestic car sales were slightly increased to 1,95,036 units in October 2016 compared to 1,94,158 units in the same month last year, as per the data released by the apex Industry body, Society of Indian Automobile Manufacturers (SIAM). The sales of motorcycle last month rose by 7.37% to 11,44,516 units compared to 10,65,925 units in the previous year. Overall sales of two-wheeler in October grew 8.72% to 18,00,672 units against the 16,56,304 units in the corresponding month a year ago. Commercial vehicles sales were increased by 11.9% to 65,569 units in ...
Centre recommends imposition of anti-dumping duty on cast aluminium alloy wheels
The Dollar Business Bureau The Government of India has recommended imposition of anti-dumping duty on ‘cast aluminium alloy wheels’ or ‘alloy road wheels used in Motor Vehicles’, whether or not attached with their accessories, of a size in diameters ranging from 12 inches to 24 inches either manufactured or exported from China, South Korea and Thailand into India. A Ministry of Commerce notification said that the above countries have exported ‘cast aluminium alloy wheels’ to India below its normal value and have adversely affected the domestic industry and hence the imposition of anti-dumping duty in order to remove injury to the domestic industry. The above move from the government comes at a time when aluminium alloys industry is set to ...
Auto insurance industry must recognise changing consumer preferences
The Dollar Business Bureau The Auto Insurance Industry needs to take cognizance of the changing consumer preferences and adopt appropriate strategies, said a study. A latest study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), suggested that insurance firms need to change marketing strategies according to the changing demands of customers. Customers no longer want just an insurance policy but are increasingly asking for services based insurance coverage like zero depreciation insurance cover, enhanced personal accident and hospitalization cover. Stating that the insurers have been witnessing compounded annual growth rate of about 22% since 2012, the study said that the gross premium earned by general insurance companies from the motor vehicle industry is likely ...
