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M&M Eying A Double-Digit Growth In Fiscal 2009-10 |
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The leading utility vehicle maker company in India, the Mahindra & Mahindra Ltd (M&M), has recently announced that it is expecting its sales to achieve growth at a healthy double-digit pace in the new fiscal year, starting from April. The company officials have stated that the expectations of the company for the growth pace is slower than that of the previous year and the company has also recently announced for a huge investment of 40 billion rupees ($1 billion) in India.
According to one of the top officials of the company, the huge investment would be made in a new plant in the western India, and the company is aiming to maintain its market share for the Logan sedan in spite of competition. The company manufactures the car in a venture with the Renault and while talking about the company`s growth expectations for the new fiscal, the Head of the company`s automotive unit, Mr. Pawan Goenka said, "We don`t expect to grow 30 percent next year for sure". He referred to the company`s growth in its vehicle sales in the 11-month period of the present fiscal, till February.
Mr. Goenka was also talking about the other factors in the market and said, "Interest rates haven`t gone down, inflation is high and steel prices are very worrisome. But we do expect to have a healthy double-digit growth against a much slower industry growth". The sources from the company have informed that the M&M did walk out of a planned manufacturing venture with Renault and Nissan Motor in the early part of the year and is now planning to start exporting the Scorpio sport utility vehicle to the United States from the financial year of 2009-10.
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