Latest Car News in India

Tuesday, May 31, 2011

By Pranjal Gera

Mahindra to add 8 new cars in Indian portfolio

The Indian auto giant, Mahindra & Mahindra is planning huge for the domestic market. The biggest utility vehicle maker in the Indian auto market is to invest a big amount of Rs 5,800 crore. This is the amount decided for investments in the period of 3 complete years. Out of this complete amount, the company will be investing a total of Rs 800 crore in the Mahindra Vehicle Manufacturing Ltd.

As per the plans made by the company, Mahindra & Mahindra will roll out a total of 8 new car models in the domestic market. All these big launches will be scheduled in the running fiscal only. This is a big news declared from the auto giant. The most awaited car models from Mahindra & Mahindra will be launched in this period. The big names include a global SUV and most hyped up Mahindra Reva NXR which is a 4 seater electric car.

The company has declared that the arrangement of this huge investment will be made from sources like cash in hand and equity dilution. Recently as per the In the financial results announced by the company, a total of 6.5 percent growth was reported which amounts to a net profit of Rs 606.5 crore.

As per the statement made by Pawan Goenka who is the president for automotive and farm equipment sector at M&M, the company had to face a hike in the prices of commodities by 6-7% for vehicles and 8-9% for tractors.

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