Mahindra & Mahindra (M&M), the fourth largest tractor manufacturer in the world and the domestic leader, has announced that it has signed a deal to acquire 43.3 per cent stake in Punjab Tractors Ltd. at a price of Rs. 360 per share. 

M&M Ltd. along with its subsidiary Mahindra Holdings and Finance Ltd. agreed to acquire the stake from Actis Group and the investment companies of the Burman family, subject to the receipt of requisite approvals. 

Punjab Tractors Limited is a significant player in the tractor industry, having been in operation since 1974. Its Swaraj brand of tractors and farm equipment enjoy strong brand loyalty with customers. 

Anand Mahindra, Vice Chairman & Managing Director, Mahindra & Mahindra, said, “The acquisition adds significantly to our core business of farm equipment. We expect this to enhance value for our shareholders through the synergies which our farm equipment business and Punjab Tractors will together generate.” 

Donald Peck, Managing Partner, Actis, opined, “Our close involvement as an investor in Punjab Tractors has now borne fruit and we are delighted that M&M will champion the growth of this company in times to come.”

The new Rolls-Royce Phantom Drophead Coupé will make its European debut at the Geneva motor show. Production of the new model will begin at the company’s UK manufacturing plant at Goodwood in the summer. 

The two-door, four-seat convertible is a less formal interpretation of classic Rolls-Royce design than its four-door stable mate, the Phantom. Using the lightweight rigidity of an all-aluminium spaceframe, it marries modern technology to a sleek, streamlined convertible body. 

Hand-built using the finest quality materials to the exacting standards of Rolls-Royce, the new Phantom Drophead Coupé is exciting customers around the world. Some of the features of the Phantom Drophead Coupé include: customer-specified brushed steel bonnet and rear teak deck. advanced aluminium spaceframe that is lightweight and exceptionally strong; luggage is housed in a picnic boot, a split tail compartment that opens in two parts giving easy access to 315 litres of space; fabric hood that uses five layers of material to insulate the interior. 

Power is supplied by a 6.75 litre naturally aspirated V12 engine giving brisk performance and a 0-60mph time of 5.7 seconds.

NSK Ltd, the number one manufacturer of bearings in Japan, and the number three manufacturer all over the world, has signed a joint venture agreement with Mumbai-based ABC Bearings Limited to set up a plant in Chennai for the manufacture of bearings for the automotive industry, targeting mainly Japanese and other transplant customers. The agreement was signed by NSK’s President and CEO: Seiichi Asaka and ABC Bearings’ Managing Director: Pradip Patel. 

The new company, called NSK-ABC Bearings Ltd, will see an investment of 1.3 billion Yen, with NSK contributing 75%, and ABC the remaining. The plant will be located on a 80, 000 square metre site at the SIPCOT Industrial Park in Sriperumbudur, on the outskirts of Chennai. Production is expected to begin in January 2008. The product range would include hub unit bearings, bearings for transmission, bearings for magnetic clutch, etc. 

ABC is ISO/TS 16949-2002 approved, and is the largest tapered roller bearing manufacturer in India.

Cummins Inc. has announced that it has acquired the remaining equity ownership in Tata Holset Limited from the Tata Group of Companies. Following this, Tata Holset will be renamed Cummins Turbo Technologies. 

“We have enjoyed our partnership with the prestigious Tata Group over the last 12 years and will continue to sell our Holset-branded products to Tata Motors, one of our key strategic customers,” said Jim Lyons, President, Cummins Turbo Technologies. Other key Indian customers include, Cummins India, Eicher Motors, Mahindra & Mahindra and Tata Cummins - a joint venture partnership between Cummins Inc. and the Tata Group. Tata Cummins will not be affected by the change in equity holdings. 

Cummins Turbo Technologies has manufacturing facilities at Dewas, Madhya Pradesh, where it produces turbochargers for medium and heavy-duty diesel engines for power generation, off-highway and on-highway vehicles.

The Kappa small car project from Hyundai may actually spring a new small car by late 2007, claim industry sources. The car may replace the current Santro (Amica/Atos) in the export market and is expected to sit snug between the Santro and the Getz. The car is said to feature a 1.2-litre power unit that will fit it right into the small car excise bracket. The car is said to be sleek, contemporary looking with abilities that make it superior in performance and dynamics to the Santro. 

The car is expected to debut at the forthcoming Frankfurt motor show. Interestingly, the car that will be made primarily in India at the Sriperambudur plant will have a localisation level as high as 95per cent, claim sources. They add that the new small car, which is most likely to be called as Amica, will add to the scales of Hyundai’s vendors.

Just over six years after its launch, Maruti Udyog’s Alto has become India’s hottest selling car. With sales of two lakh units in the last 11 months, Alto has become the first car in India to cross 2 lakh in domestic sales in a fiscal. Of this, one lakh sales have come in five months. In October last year, Alto sold 22,294 units, the highest ever domestic sales achieved by any car in India in a month. 

Since its launch in India in September 2000, over 6.25 lakh Alto cars have been sold in the domestic market. Additionally, over 1.25 lakh Alto cars have been exported. 

Besides, over the years, Maruti has introduced several variants of Alto to cater to the demands of entry level buyers. A limited edition Alto in April 2003, a facelift in July 2005 and a special edition Alto “X-fun” edition to coincide with 5 lakh sales in November 2006, kept up the excitement in the brand.

Mahindra & Mahindra has launched the new Bolero. Having sold over one lakh units making it the largest selling utility vehicle, the new Bolero aims at reinforced its leadership further by styling changes both on the outside and the inside. On the outside, the new Bolero gets an ornamental grille accentuating a more commanding stance, which is also reflected by the aggressive looking front bumper with integrated cavities for fog lamps and deflectors to prevent water from splashing on the front windscreen. On the inside, the operating controls are more convenient than before in addition to a modern instrument cluster with white, sporty dials for easy readability. The parking brake lever has been relocated ergonomically for ease of operation and the driver’s seating position is more commanding to give a better view of the road and the surroundings. 

The new Bolero comes fitted with a CD MP3 system has been fitted at a more convenient position on the improved dashboard. The air con louvres have been redesigned whereas storage spaces include map pockets on front doors. Powered by a 2523 cc Turbo Charged DI (Direct Injection) diesel engine, which produces 63 bhp power and 180 Nm torque, and NGT 520 transmission, the new Bolero is competitively priced, ranging from Bolero DI at Rs.4.58 lakh to Bolero SLX at Rs.5.6 lakhs (ex showroom, Bangalore).