SIAM provides opportunity for investment announcements

The 50th Annual Convention of SIAM (Society of Indian Automobile Manufacturers) began on August 26, 2010. During this on-going convention, the auto makers and the auto component manufacturers are getting the chance of announcing their future plans and investments.

First of all, Sona Koyo Steering Systems Ltd, the steering product manufacturer, announced its plan of investing Rs 800 million by January. This investment will be done for capacity expansion of the company’s products, said Surinder Kapur,chairman,Sona Koyo Steering Systems Ltd in SIAM’s on going  convention. He also added that Sona Koyo Steering Systems Ltd hopes that its FY11 sales will rise to 20 per cent because demand for components is rising in buoyant auto industry.

Later on, the Indian unit of Piaggio, the Italian motorbike and scooter maker announced its plan of investing 30 million euros (USD 38 million) for building a scooter plant in India. The India head of Piaggio stated that the new scooter plant will be built with an annual capacity of 150,000 units. Chairman and Managing Director, Piaggio India, Ravi Chopra commented that Piaggio Vehicles Pvt Ltd is also planning to launch Vespa scooters by the end of 2011 or in the beginning of  2012.

Apart from these announcements, the SIAM ( Society of Indian Automobile Manufacturers ) on Thursday announced that all its members would start disclosing the fuel efficiency ratings of all their models from October 1, 2010.

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