First off, the Munjal group’s electric vehicles business is about to make a big acuisition overseas. The company Hero Eco is all set to buy Ultra Motor of the UK. But it’s not known how much the deal is worth. Ultra Motor also makes electric vehicles. Hero Eco claims the acquisition will make it the biggest manufacturer of two-wheeler electric vehicles in the world. Ultra Motor is a loss-making company. Hero Eco plans to invest Rs450 crore over the next five years to turn the company around.
India and Japan are pushing for a dramatic increase in their bilateral trade. On Wednesday, Japanese Prime Minister Yoshi-hiko Noda said the two countries should strive for greater volumes of trade. Speaking during a visit to Delhi, he said if India’s manufacturing sector grew, it would boost the middle class. Earlier, commerce minister Anand Sharma ha said bilateral trade was on course to reach a target of $25 billion by 2014. At present, India-Japan trade is only worth some $15 billion. The two countries are close to concluding a currency swap agreement, which could help shore up the rupee against speculators.
And finally, Indian markets fell for a second straight day, with investors increasingly worried about the economy’s fundamentals. The Sensex dropped 146 points to 15,728. And the Nifty lost 45 to 4,706. Investors are anticipating an RBI report due Friday, which could show a steep rise in India’s current account deficit. Analysts expect it to reach up to $18 billion for the quarter ending September.