Tata Motors has successfully concluded an agreement for amendment of its bridge finance loan, extending the final maturity of US$ 1 billion by 18 months up to 31st December 2010. This agreement, along with the earlier repayments and the bond issue last week, completes the refinancing of the bridge finance of 12 months of US$ 3 billion raised in June 2008 for the acquisition of Jaguar Land Rover. 21 lenders, including two new banks, participated in this agreement, leading to an oversubscription of 47per cent of the extended loan. Of the US$ 3 billion bridge finance, the company repaid US$ 1.16 billion, including through rights issue and certain divestment proceeds last year. Further, US$ 840 million has been repaid through proceeds of the non-convertible rupee debentures issued last week.

Mahindra & Mahindra Ltd. has unveiled the CNG variant of its hugely successful Maxx Maxi Truck. The vehicle is priced at Rs 3,79,900 (ex-showroom New Delhi). A market leader in the 2 to 3 tonne GVW pick-up category with a market share of 85per cent for FY09, the Mahindra Maxx Maxi Truck CNG addresses the need of a large section of small and medium scale enterprise businessmen and traders for a vehicle which is competitively priced and environment friendly. A large loading area of 36 square feet and a payload of 820 kg allow the owner to ferry a larger volume of heavier goods per trip, resulting in greater earnings and fewer trips. The Maxx Maxi Truck CNG, thus, offers owners the opportunity to expand the geographical scope of their business. 

The vehicle incorporates the latest CNG technology to deliver the best performance; it offers savings of up to 40 per cent on fuel costs in comparison to a diesel-powered small-4-wheeler load carrier and can go up to 250 km without having to refill. In addition to complying with BS III emission norms, it has a powerful 69.5bhp engine with 170 Nm of torque, which enables effortless load-carrying ability, even in dense traffic conditions. The 15 inch wheels give the MMT CNG go-anywhere capability and safety with added grip. The vehicle is fitted with an internationally proven CNG-Kit, comprising a single Electronic Control Unit to control ignition, the fuel system and engine speed. 

Safety comes with a battery cut-off switch, which isolates the battery from the electric system in case of an emergency and an engine cut-off facility that prevents the engine from starting while the vehicle is being refueled. The Maxx Maxi Truck CNG allows easy filling access and also sports both a user friendly CNG level indicator and a low fuel indicator.