MUMBAI, April 16 (Reuters) – France’s Renault <RENA.PA> is
bailing out of a loss-making joint venture with India’s Mahindra
& Mahindra after disappointing Logan sales, and is expected to
focus on other projects in the potentially high-growth market.
European carmakers are increasingly looking to the
fast-growing BRIC markets — Brazil, Russia, India and China —
as they emerge from a deep crisis and as scrapping incentive
schemes in mature markets that boosted car demand wane.
NEW DELHI/MUMBAI (Reuters) – Bharti Airtel’s <BRTI.BO> billionaire chairman Sunil Mittal has signed on the dotted line to pay $9 billion for Kuwaiti telco Zain’s <ZAIN.KW> mobile operations in 15 African operations.
Now he has to make the deal work.
Bharti must win regulatory clearance in key markets such as Nigeria for what is India’s second biggest overseas acquisition after Tata Steel’s <TISC.BO> $13 billion buy of Corus in 2007 — and turn around the loss-making assets.
NEW DELHI/MUMBAI, March 31 (Reuters) – Bharti Airtel
<BRTI.BO> now needs to work on getting regulatory clearances
for its $9 billion deal to buy 15 African operations of Kuwaiti
telecom Zain <ZAIN.KW>, and turning around the loss-making
assets would be its priority.
The acquisition, which would help Bharti become the world’s
No. 5 wireless firm by subscribers with presence in 18
countries, also comes with tough financial and management
challenges for the Indian mobile market leader already battling
a highly-competitive home turf.
PARIS/CHENNAI, March 16 (Reuters) – Shares in Renault
<RENA.PA> and Daimler <DAIGn.DE> rose on Tuesday, lifted by
reports the two car makers are in talks about an equity tie-up
as part of a possible longer-term partnership.
Asked about the reports, Renault’s chief executive Carlos
Ghosn, who is also head of its Japanese alliance partner Nissan
<7201.T>, said only that he was open to equity exchanges.
MUMBAI, Feb 23 (Reuters) – India’s top carmaker Maruti
Suzuki India <MRTI.BO>, 54 percent owned by Japan’s Suzuki Motor
<7269.T>, said on Tuesday it is recalling 100,000 of its A-Star
hatchbacks to fix a possible fuel leak.
Maruti’s move comes as Japanese rival Toyota Motor Corp
<7203.T> is embroiled in a recall of 8.5 million vehicles
globally for problems including sticky accelerators and a
braking glitch on its hybrid models. [ID:nTOE61M048]
No. 1 Indian carmaker Maruti Suzuki’s recall of its best-selling A-Star vehicles may not cost the company much financially, but sure raises questions about the procedures followed by the company for disclosing such information to investors.
The company says the recall of 100,000 cars began in November, but did not disclose the move until late February.
MUMBAI, Feb 19 (Reuters) – French retailer Carrefour
<CARR.PA>, which has been looking to crack the restrictive
India market for seven years, plans to kick off its operations
in the country this year by setting up a wholesale business.
The company also said that it was in talks with local firms
as potential partners, but declined to name them.
MUMBAI (Reuters) – French retailer Carrefour <CARR.PA> is in talks with Indian companies for a partnership and expects to start its business in India with cash-and-carry activities, the company told Reuters.
The world’s second largest retailer, however, declined to give names of the companies it is negotiating with and also did not confirm whether it was in talks with Future Group, which runs Pantaloon Retail <PART.BO>, India’s largest listed retailer.
MUMBAI (Reuters) – India’s Future Group, which runs the country’s largest listed retailer Pantaloon Retail <PART.BO>, is pursuing talks for a foreign tie-up and hopes to file papers for an IPO in its investment arm soon, the group’s CEO said.
Kishore Biyani said the group was in talks with many overseas retailers but did not identify them, although there have been media reports of French retailer Carrefour <CARR.PA> was one of the contenders.
MUMBAI (Reuters) – Japan’s Honda Motor Co’s <7267.T> Indian car unit has revived plans for production at its second plant in India due to a surge in sales last year, a senior company official said.
Honda had deferred plans in 2008 for its new plant in the northwestern Indian state of Rajasthan, citing depressed auto demand.