Return
to Story Page
To print: Select File and then Print from your
browser's menu
Rupali Mukherjee
New Delhi, Dec 11: Hyundai Motor India Ltd (HMIL) is in talks with other financing companies to tie-up for a private label scheme in the wake of BankAm's decision to close down its retail banking operations.
Speaking to The Financial Express, HMIL executive director, JH Kim said "BankAm's share is less than 10 per cent of the total order acceptance of 15,470. We have to start working on it".
He added that the company will take a decision on whether it needs to tie-up with other companies or continue with the existing set-up, after it hears from BankAm regarding its restructuring plans.
Daewoo Motors India, on the other hand, has a tie-up with ICICI and CountryWide, a company spokesman, when contacted said.
Meanwhile, Hyundai will open its second batch of order acceptance for the Santro from January 4, with deliveries commencing in February, says a release.
The second batch of customer orders will be accepted against the production volumes of February-March 1999 on full payment basis.
The deliveries against these orders will be executed on a first-come-first-served basis and will commence once the company completes the delivery of all its existing orders received during the first round of order taking. The estimated production volumes for the two months of February-March 1999 is 8,000 units of Santro.
Bookings for the Santro will be open continuously in January and it would be available off-the-shelf, Kim said.
The current monthly production capacity on a one-shift basis at the Chennai plant is 4,000 units. The company has targeted to sell about 20,000 cars in the current fiscal and about 60,000 in the financial year 1999-2000.
Hyundai had received 15,470 customer orders for the Santro during the five days of order acceptance between October 8 to October 12.
Daewoo, which had taken order acceptance of 3,000 Matiz in November, has already delivered over 1,000 cars as of now.
The company will open the second batch of order acceptance only after it completes the delivery of all the existing orders received during the first round.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------