Financial Daily from THE HINDU group of publications
Wednesday, Apr 09, 2003
Financial Daily from THE HINDU group of publications Wednesday, Apr 09, 2003 |
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Corporate
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Diversification Info-Tech - Software Yamaha Motor sets up IT arm for software design K. Giriprakash
BANGALORE, April 8 MOTORCYCLE maker Yamaha Motor India has floated an infotech company to carry out software development and design for its own company and for other clients. Sources in Yamaha Motor India, formerly known as Yamaha Motor Escorts Ltd, said the company has set up a wholly-owned subsidiary, YM Infotech in Faridabad near Delhi to carry out development and design of software. It also plans to set up more software centres in India and abroad apart from setting up R&D centres. The company plans to acquire the entire equity of YM Infotech out of the investments made by its parent, Yamaha Motor Company of Japan in the Indian subsidiary. Hence, no inward remittance of foreign exchange will be made by Yamaha Japan for investments into YM Infotech. The company has also received FIPB approval for carrying out research and development in information technology, development of application software, embedded software, system integration services, Internet, e-commerce and multimedia activities. Yamaha Motor Company paid around Rs 70 crore to buy out the 26 per cent equity held by the Escorts Group in the motorcycle joint venture company. The Japanese major also paid Rs 50 crore for preferential shares held by the group. Yamaha Motor Company expects India along with China to propel its future growth. It expects to grow its market share to around 20 per cent by 2010 from the current share of 8 per cent in the world. It expects a volume growth of 30-40 per cent in India in 2003. Yamaha has earlier said that because of its costs advantages derived from efficient manufacturing, it has been able to reduce prices of its motorcycles. Yamaha Motor India sold 3.3 lakh bikes in 2002 and expects to sell over a lakh more during 2003.
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