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Old 21st July 2005, 13:43   #1
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Default BMW, soon from Chenglepet, TN

http://in.rediff.com/money/2005/jul/21bmw.htm

BMW, the German luxury car maker, has decided to set up a plant in Chenglepet, Tamil Nadu, through a wholly-owned subsidiary at an investment of Rs 100 crore (Rs 1 billion).

The Chenglepet plant will assemble automobiles using completely knocked down car parts kits imported as well as sourced in India, sources close to the development said.

It will also import completely-built units from the German parent and its group companies. The Indian subsidiary will also market and distribute the automobiles in India and overseas, in addition to providing after-sales service.

Many deem India as the final frontier in the automobile battle, given that the market, which recorded a million in car sales last year, has the largest growth potential after China but remains relatively untapped, especially at the premium end.

In recent times, BMW has made a number of visits to the sub-continent to examine the feasibility of setting up operations. In one, a four-member team led by senior manager Wolfram Rehm was here to assess the possibility of setting up shop in Kerala. Other locations considered included Andhra Pradesh, Tamil Nadu and Karnataka.

Former Haryana Chief Minister Om Prakash Chautala, too,had claimed some months back that BMW would set up a manufacturing facility in the state.

BMW, the sources said, had told the government that it wanted to convert BMW India, incorporated in 1997 with a paid-up capital of Rs 100,000, into a wholly-owned subsidiary by acquiring all its 10,000 shares from the company's existing shareholders, Ravinder Nath and Satish Kumar Narula, at a face value of Rs 10 a share.

Besides, BMW will infuse fresh capital into the company at a face value amounting to Rs 73 crore (Rs 730 million).

ALSO READ: Lessons that Mercedes learnt in India
http://in.rediff.com/money/2005/jul/21spec.htm

Last edited by sandeepmdas : 21st July 2005 at 13:45.
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Old 21st July 2005, 14:12   #2
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That's a very good news for us. Chengulpatu has already started to attract investors and organizations & the prices will be skyrocketing in the coming years.
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Old 21st July 2005, 18:02   #3
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so Chennai is going the detroit way.
Hyndai, Ford, HM, TVS host of ancillary units
cool
God Bless BMW
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Old 21st July 2005, 18:32   #4
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Hope this deal is genuine and not like VW
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Old 21st July 2005, 18:34   #5
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Wow.. thats great news man.. The BEE M will be more accessible now!!
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Old 21st July 2005, 19:24   #6
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Thats great news, thats really goood news for all the car lovers.
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Old 21st July 2005, 20:15   #7
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Finally, Mercedes has some local competetion. Wonder what models will come in first. A 3 series for 20 lakh would rock the house.
100 cr suggests that the plant will be a modest affair with mostly assembly from kits.
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Old 21st July 2005, 22:30   #8
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so finally they decided on Chennai! hmm... well, chennai sure is becoming a Automobile hub!
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Old 22nd July 2005, 01:46   #9
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Man... Amma has something going in the rite direction that every large auto giant is planning to set up plants in Chennai ....
Even Nokia choose TN over MH ...
Wake up Mr. Patil or u r gonna be awaken to a rude shock ...
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Old 13th January 2006, 22:43   #10
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So, who wants to be my neighbour??
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Old 14th January 2006, 17:12   #11
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Looks like the Jayalalitha's doing a good job. She has been attracting a lot of Big Companies to TN...first Nokia and then comes BMW.
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