Curtains come down on 8th Auto Expo
The expo struck a biz deal of over $150 mn, three times more than the last show, reports Deshbandhu Singh.india Updated: Jan 17, 2006 19:36 IST
After six-days of automobile extravaganza, curtains came down on the 8th Auto Expo on Tuesday.
Exceeding the industry expectations, the expo struck a business deal of more than $150 million. Before the beginning of the expo, CII had estimated that business deals, valued around $55 million dollars in the 2004, would cross $100 million this time. But the deals reportedly trebled this time.
Not only this, various companies announced investments of around $1.2 billion for the Indian market, besides announcing big plans for India, one of the fastest growing automobile markets in the world.
Dubbed as Asia's largest auto show, with over a million people thronging the fair amid rollout of new vehicles and unveiling of future models.
Starting with German component firm Bosch, that announced Rs 800 crore investments on the eve of the Auto Expo, the biggest investment was announced by India' biggest car-maker Maruti on the first day of the expo.
Maruti Udyog will invest Rs 2,718 crores for research and development and upgradation. These investments are over and above the Rs 3,000 crore announced for setting up a new car and engine plant.
India's automobile giant has also announced plans to introduce five new models in the next five years in the Indian market, one every year.
Japanese motorcycle major Yamaha said it would invest Rs 300 crore in the next two years for product development and expansion.
Delphi-TVS Systems, the largest supplier of rotary diesel fuel injection systems for passenger cars, also announced investment of Rs 500 crore to manufacture common rail fuel injection systems and set up a technical centre for product development.
Hero Honda (Rs 320 crore), Ashok Leyland (Rs 550 crore) and Bharat Forge (Rs 400 crore) also revealed their investment plan during the auto show.
One of the biggest announcement came from the Fiat Group and Tata Motors. They announced signing of an agreement to co-operate on dealer network sharing, which encompasses the sale of Fiat-branded cars through selected Tata outlets throughout India. Tata Motors will manage the marketing and distribution of the Fiat-branded cats in India.
Luxury bus maker Volvo India unveiled its low-floored buses, at the 8th Auto Expo in New Delhi, which would make their debut on the road with Bangalore Metropolitan Transport Corporation. The first lot of 25 Volvo City Buses will be delivered at the end of January.
The growing might of the Indian automobile industry was highlighted by the overwhelming overseas participation.
Around 200 exhibitors from 20 nations took part in the auto show. Countries such as China, Germany, Italy, Taiwan and UK were participating through country pavilions. In the last auto show two years ago, there were only 120 overseas auto players.
Dubbed as Asia's largest auto show, as over a million people thronged the fair amid rollout of new vehicles and unveiling of future models.
Even when some of the world's biggest automobile companies like GM, Toyota, Hyundai etc were not participating, the show had Audi's Rs 1.20 crore A8 W12, or saw its cheaper variant Rs 24 lakh A4 car launched, Ford's $24,995 Mustang GT, or Honda's $19,000 hybrid Insight or Honda Civic, Skoda and Wolksvagan cars, besides several hybrids and concepts cars and bikes.
This time again the biggest attraction was the German pavilion. Under the roof of the German joint pavilion, more than 22 companies exhibited the country's state-of-the-art automotive technology.
Major companies from the Indian auto component sector in the 2006 edition included TVS Group (50 per cent increase in space), Kalyani Group (300 per cent increase), Pricol, Goetze, Talbros Group, Essar Steel, Subros, Amtek, Clutch Auto, Jay Bharat Maruti, Sigma Group, Timken, Cummins, Minda Group and Hi-Tech Gears.
Many international component manufacturers have also shown interest and are participating for the first time this year. These include ABA (Sweden), Beijing East Group (China), Centro Esetro Camere Group (Italy), Chan Chao International Group (Taiwan), CWCE Group (Shanghai), Dow Corning (US), Frenos Electricos (Spain), IKIDO (Iran), Jetta Trade Group (Taiwan), Magna International (Canada) and Taiwan Hand Tools Group.
First Published: Jan 17, 2006 19:11 IST