The Hindu Business Line : Overseas buyer in talks for tsunami-hit Hyundai cars

Mr Ronald Priest, a loss and recovery consultant, is here representing the buyers and is negotiating with Hyundai to buy the cars. When contacted by Business Line, Mr Priest refused to disclose any details.

It may be recalled that the cars were at the Chennai port waiting to be exported, when the tsunami struck, causing sea water to enter the vehicles. The value of the cars was estimated at Rs 40 crore. The cars have been insured with Tata AIG General Insurance Company.

Sources close to the issue say that the cars are still in good condition — and in fact, have been driven back to the Hyundai plant at Sriperumbudur from the Chennai port — but Hyundai is not inclined to give warranty for the vehicles.

It is learnt that if the negotiations come to fruition, at least 75 per cent of the value of the vehicles could be recovered.

Sources say that an offer has been made to Hyundai Motor India Ltd and the company is examining the legal aspects of the issue.

The insurers may not take a big hit on the Hyundai cars. Most of the risk has been reinsured with General Insurance Corporation of India, which in turn, has placed the risk among many overseas companies. Thus, the risk is well distributed and no entity may have to sustain a heavy loss. But if the cars are sold off, the incidence of loss is further minimised, sources said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Nokia is CII Brand of the Year

Indian holdings of US gilts down to $12.9 b

Novartis' case may spark patent vs patient debate

Part-day peaking charges for power transmission on cards

Raymonds to form Rs 180-cr jt venture with Italian firm — Another Rs 100-cr initivative planned

Overseas buyer in talks for tsunami-hit Hyundai cars

Delphi-TVS to pump in Rs 500 crore to make diesel engine components

`Exciting times ahead for Indian pharma industry' — New Patents Act may bring in $10-b business

Contributions to The Hindu Relief Fund

DoT to act tough on illegal routing of calls