New Delhi: The country’s largest car maker, Maruti Suzuki India Pvt. Ltd, which sources 95% of components from domestic manufacturers, is concerned about the quality of components.
Speaking at the annual convention of the Automotive Components Manufacturers Association of India, Maruti Suzuki India chairman R.C. Bhargava said the car maker is concerned about the quality gap that exists between the best and the worst supplier.
“We recently conducted a surprise audit of 20 suppliers and found the average compliance to quality to be as low as 64%. Almost 50% of our top 80 suppliers do not undertake systematic measures and probe into causes of rejection.”
— Shally Seth
M&M plans overseas acquisition, eyes growth
Mumbai/New Delhi: The country’s largest maker of sport-utility vehicles, Mahindra and Mahindra Ltd (M&M), said it plans to purchase two-wheeler companies outside India, including a high-end motorcycle maker in Europe.
Mumbai-based M&M is looking for acquisitions in China, Southeast Asia and Europe, Pawan Goenka, president of the company’s automotive business said in New Delhi on Wednesday.
The company is also aiming for double-digit sales growth in current fiscal, a senior official said. “We certainly expect a growth, not a de-growth. We are trying for double digits,” Goenka said. M&M on Monday reported automobile and tractor sales in April-August grew 12.4% from a year ago.
Maharashtra airport project gets nod
New Delhi: A steering committee under the civil aviation ministry has given in-principle approval to a Maharashtra government project for setting up of a new airport at Sindhudurg through the public-private participation route.
This is the first of such proposals to be cleared by this steering committee after a new policy for building new airports in the country was announced a few months back.
In the final guidelines issued under the policy, the ministry said on Thursday most projects which do not have any conflict with stated norms will get a airport site clearance within 3 months of date of application and an ’in principle’ approval within 3 months of date of application ”These guidelines will apply to the setting up of all airports, heliports and upgradation of airfields. However, airports set up for private use, i.e. use of the aerodrome for non-commercial purposes shall not be subjected to these guidelines,” the ministry said in statement.
— Tarun Shukla
Israeli court freezes ruling on Taro Pharma
Jerusalem/New Delhi: Israel’s supreme court issued a temporary order blocking Sun Pharmaceutical Industries Ltd’s bid to take over Tel Aviv-based Taro Pharmaceutical Industries Ltd.
The order will remain in force until the supreme court rules on Taro’s request to overturn an 26 August ruling by a lower court that would have allowed Sun Pharmaceutical to proceed with the takeover.
The supreme court will hear the appeal no later than 15 December.
“The issues which arise in the appeal are worthy of deep deliberation and study,” justice Ayala Procaccia wrote in her decision. If the transaction is allowed to go forward, it would be impossible to reverse it if the appeal was accepted. Any damage caused by the injunction could be repaired by monetary compensation if the appeal is rejected, she said.
April-August direct tax collection rises 38%
New Delhi: India’s direct tax revenue from companies and personal incomes rose 38% in the five months ended 31 August, the finance ministry said.
Total direct tax revenue increased to Rs84,410 crore from Rs61,030 crore the year earlier, the ministry said in a statement in New Delhi on Wednesday.
Company tax collection rose 43% to Rs48,450 crore, while personal income taxes surged 32% to Rs35,840 crore, according to the ministry.