ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Thriving on Modernisation

Thriving on Modernisation Hansavivek MAHINDRA AND MAHINDRA is going ahead with its Rs 75.78-crore modernisation and expansion programme. This is to be financed by term loans from financial institutions and banks, to the extent of Rs 56.56 crore. The company has entered into foreign currency loan agreements with IFC, (Washington). Grindlavs Bank, (London), ICICI and JFCl. SICOM has issued a provisional certificate conferring status of a pioneer unit to the company's engine manufacturing plant being set up at Igatpuri in Nasik district. The company would be eligible for an interest- free loan of about Rs 10 crore. It has availed of liberal credit extended for exports from France under COFACE scheme, and has signed an agreement with Banque Nationale de Paris and other banks for buyers credit upto French franc 85 million. Shipments of diesel engine components from Automobiles Peugeot, under buyer's credit arrangement, have already The Week's Companies commenced. Meanwhile, design and development work to fit the company's modern Peugeot engine on the FC range of vehicles is completed. These vehicles will carry the newly developed straight chassis and the modern four-speed gearbox. A prototype built on these lines is undergoing extensive and rigorous held trials. The company has also completed updating the NC range of vehicles. Introduction of straight chassis on 115" wheel-base NC vehicles should further improve its reliability and performance. A trial batch of these vehicles will be put to use in the market during the current year. A higher horse power tractor with a modern fuel efficient engine is also undergoing trials on the tractor proving ground at Nasik. As part of the instrumentation division's product updating programme, the company has entered into a collaboration agreement with CompAir of UK for manufacture of hydraulic regulators. A phased manufacturing plan has been drawn up and orders for imported materials have been placed. The machine tools division has added new lines of representation to its comprehensive range.

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