New Delhi: Renault and Nissan are hoping to reap a fortune from their latest alliance. On Wednesday, the two companies formally announced a new partnership with German automaker Daimler. Together, the three firms plan to develop a new range of small cars and share engine technology. Speaking to reporters, the chief executive of Renault and Nissan, Carlos Ghosn, said the alliance would be lucrative. He expects the deal to bring in €2 billion in additional profits over the next five years.
In other news, spirits are soaring at the UB Group. On Wednesday, the group’s chairman Vijay Mallya announced his liquor company United Spirits was now the second largest in the world. Mallya said United Spirits sold a hundred million cases annually, leaving behind competitors like Pernod Ricard. The world’s biggest liquor company is still Diageo.
India’s chief statistician sounded a warning on interest rates Wednesday. Pronab Sen said the RBI would have to increase its policy rates if inflation continues to rise. Sen also said India’s wholesale inflation in March would likely be higher than in February, largely because of the base effect. The RBI is meeting on 20 April to review monetary policy.
India’s services industry grew at a slower pace in March compared to the previous month. The Business Activity Index for March stood at 58.1. That’s a slight fall from February’s high of 60.9. The survey that compiled the index blames the decline on higher costs and fewer new contracts.