Financial Daily from THE HINDU group of publications
Thursday, Jan 12, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 12, 2006 |
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Corporate
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Announcements Marketing - New Products & Services Sonalika unveils `Rhino' — To offload 10 pc more insubsidiary to Citigroup Our Bureau
New Delhi , Jan. 11 THE Sonalika Group unveiled its two-litre multi-utility vehicle (MUV) `Rhino' with an entry-price of Rs 5.45 lakh on Wednesday and said it has offloaded 20 per cent stake in its subsidiary International Cars and Motors Ltd (ICML) to Citigroup. The company, which has set up a Rs 200-crore plant in Himachal Pradesh for manufacturing the MUVs in technological collaboration with MG Rover of the UK, said it hoped to sell 5,000-6,000 units of the vehicle in the first year itself. The group's Chairman, Mr L.D. Mittal, said that the company was in talks to offload a further 10 per cent in ICML to a UK-based private equity firm. He added that the UK firm might also purchase stake in International Tractors Ltd, in which Citigroup has acquired a 10 per cent stake. The company is sourcing engines for Rhino from Hindustan Motors. The other two models of the vehicle are priced at Rs 5.95 lakh and Rs 6.85 lakh respectively. Mr Mittal said that the excise duty and income tax breaks at Himachal Pradesh helped the company to price the vehicle competitively. Meanwhile, addressing a news conference on Wednesday, Mr Mittal said the company was also developing a hydrogen-powered four-wheeler in collaboration with the Banaras Hindu University. It has developed hydrogen and battery-powered three-wheelers, which will be displayed at the Auto Expo in Delhi.
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