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

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Joining the Car Chase

Joining the Car Chase Hansavivek PREMIER AUTOMOBILES expects to commence commercial production of its new car in a few months. Trial production has already begun and road tests are being conducted. Company has received government's approval for collaboration with Nissan Motor Company of Japan to manufacture its model A-l 2 engine with a matching gear box. New car will be equipped with this fuel-efficient engine and it will have a sleek and attractive body. Project outlay of Rs 28.50 crore has increased to Rs 36.60 crore due to overrun consequent upon steep increase in various items of expenditure. Company has approached financial institutions and banks for additional loans of Rs 6.25 crore to finance part of overrun. Company's application for increase in licensed capacity for cars under liberalised licensing has been approved by Central government. Its licensed capacity now stands at 28,600 cars per annum as against 18,000. Various modernisation schemes under- The Week's Companies taken by company are in progress.

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