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एम.एस. मेहता /M S Mehta 9910532720:
India: Setco Automotive sets target to double turnover in three years
By David Isaiah
28 April, 2008
Source: Automotive World
Setco Automotive intends to double its turnover to Rs4bn (US$99.55m) in the next three years. The company commenced production of automotive clutch units at its new facility in Uttarakhand on 10 April 2008.

According to the components supplier, the ne...


एम.एस. मेहता /M S Mehta 9910532720:
 Ashok Leyland in Rs 3,000cr expansion plan
Press Trust of India / New Delhi April 30, 2008
Hinduja flagship company Ashok Leyland today said it will invest Rs 3,000 crore on its new plant, coming up in Uttarakhand and on capacity expansion of its existing unit at Ennore.


A part of the planned investment will also be on engine development. The company is developing six cylinder and four cylinder engines with Austrian firm AVL complying with the Euro IV norms.

"The company will be investing Rs 3,000 crore on the new vehicle plant coming up in Uttarakhand, which will be capable of rolling out 50,000 vehicles and expansion of manufacturing facility at Ennore and the new engine development project," Ashok Leyland Chief Financial Officer K Sridharan told reporters on the sidelines of CFO Asia Summit here.

He said Rs 1,000-1,500 crore would be raised through internal accruals, while close to Rs 800 crore would be raised from outside, possibly from overseas market.

The company had also raised $200 million through external commercial borrowings of which $20 million have already been drawn while remaining amount is yet to be drawn from the market, he added.



एम.एस. मेहता /M S Mehta 9910532720:
Leyland to invest Rs 3,000cr
1 May 2008, 0139 hrs IST,TNN
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NEW DELHI: Ashok Leyland on Wednesday said it will invest Rs 3,000 crore for a new plant in Uttarakhand and expand capacity at its Ennore facility in Tamil Nadu.

The Hinduja group’s flagship company is setting up a 50,000-unit capacity plant in Uttarakhand, that gives income tax and excise breaks to investing companies.

Fresh investments would also be used for new engine development in partnership with Austrian firm AVL, Ashok Leyland CFO K Sridharan said. "The company will invest additional Rs 3,000 crore on the new vehicle plant coming up in Uttarakhand, besides expanding the plant at Ennore and engine development," Sridharan said adding that the first vehicle from integrated plant at Uttarakhand by April 2009. 

एम.एस. मेहता /M S Mehta 9910532720:
Kesoram plans to raise tyre output capacity
2008-05-06 08:38:56 Source : Business Line
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Kolkata, May 5

Kesoram Industries has decided to further expand radial tyre production capacity by 100 tonne per day (tpd) and cross-ply or bias tyres by 125 tpd at its unit in Uttarakhand at an estimated cost of Rs 840 crore.

The company board had approved the proposal setting commercial production timeline for the new project by early 2010.

The BK Birla group outfit’s greenfield plant near Haridwar in Uttarakhand had earlier projected a capacity of 257 tpd at a cost Rs 650 crore and was to go on stream this month. Now, the company has informed in a note to the accounts for 2007-08 that “a part of production capacity is expected to start commercial production in May 2008, and balance in phases by end of 2008/early 2009”. The plant will enjoy 100 per cent excise duty exemption for five years.

Balasore tyre unit

Meanwhile, production capacity of the company’s tyre unit at Balasore has been increased in phases from 198 tpd to 252 tpd and the last phase of the project started commercial production in November 2007.

The ongoing execution of the project for capacity addition of 1.65 tonne a year at the company’s Vasavadatta Cement unit in Andhra Pradesh, however, remains on schedule. The project is expected to be completed by the year-end.

Taken from Business Line

एम.एस. मेहता /M S Mehta 9910532720:
Uttarakhand urges Centre to extend tax sops for 7 yrs
Shishir Prashant / New Delhi/ Dehra Dun May 06, 2008
Renewing the demand for the extension of tax breaks to the industrial units in the state, the Uttarakhand government wants the concessional industrial package (CIP), which expires on March 31, 2010, be extended till 2017.

Earlier, the state government was demanding that the 2003 tax holiday scheme for the state be extended by a period of three years.

Chief Minister BC Khanduri met Prime Minister Manmohan Singh in this regard last week and asked for concessional package for the state on the lines of the North-East states. The state officials said the prime minister had agreed to consider the demand sympathetically.

For the past one year, Khanduri has been pitching for the extension of industrial package. From April 1, the government has also notified the special hill industrial scheme for a period of 10 years by doling out a series of sops.

Top officials said Khanduri had been raising the demand repeatedly because he wanted to match the central excise and other tax concessions with the hill industrial scheme. "It will be good for industry in Uttarakhand in case the tax breaks are extended by seven years since our hill scheme will also last till 2017," said an official.

Khanduri had said he would talk to his counterpart in Himachal Pradesh, Prem Kumar Dhumal, over the issue and would launch a joint campaign in this regard. But so far, no such strategy has been devised.

Following the special tax holiday scheme of January 2003, an industrial boom was witnessed in Uttarakhand where top-notch companies like Tata Motors, Bajaj Auto, Nestle, Mahindra and Mahindra, Britannia and LG set up new units to take the benefits of the various tax incentives given by the Centre.


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