Qualis at Rs 4.59 lakh
New Delhi: Toyota Kirloskar Motors has also entered the price war in the car segment, pricing its much-publicised multi-purpose product, the Qualis, at Rs 4.59 lakh (for the base model, ex-showroom, Delhi). At this price, the 2,500-cc, diesel-engined Euro ii compliant eight-10-seater vehicle is a great bargain, given the prices of other vehicles in the midsize segment. The company announced that there will be some six variants of the vehicle, which has the spacier look of a station wagon. The price range will be Rs 4.59 lakh to Rs 7.40 lakh. 

While Telcos Sumo and Mahindra & Mahindras Armada will be directly affected, the Qualis is expected to give a tough competition to the new breed of cars like Fords Ikon, Hyundais Accent and Opels Corsa, which have all come into the mid-size segment very recently. Even Marutis Esteem will also be disadvantageously placed. The company said there will be no bookings for the vehicle and it will be sold on a first-come-first serve basis.
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Kirloskars to hike stake in JV
New Delhi: The Kirloskar group intends to increase its equity in joint venture Toyota Kirloskar Motor from the current 11 per cent to 26 per cent by 2004. Kirloksar Systems director Vikram Kirloskar says the group has arrived at an understanding with Toyota Motor Corporation in this regard. The group will buy 15 per cent equity now in the hands of Toyota.  The company has so far invested Rs 700 crore in the project.  The company started as a 51:49 venture with Toyota holding the majority stake. At present the Japanese car major has 89 per cent holding in the company.
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Exide batteries for Qualis
Calcutta: Exide Industries will be the original equipment manufacturer supplier for automotive batteries for the Qualis of Toyota Kirloskar Motors. Exide at present supplies its batteries to Honda, Hyundai, Daewoo and Telco. 
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Mercedes Benz India to export components
New Delhi: The Indian subsidiary of luxury carmaker DaimlerChrysler, Mercedes Benz India, will now concentrate on exporting components instead of fully-built cars. This change in focus is part of the companys long-term strategy to build a vendor base. The new managing director of the company, Jurgen Ziegler, said on the eve of the inauguration of the Auto Expo at Delhi that the company will unveil an upgraded E-class model at the Expo. There will be two variants, the V6E240 and the E220 CDI diesel. The E-class is making its debut in India just six months after their launch in the European and American markets.
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Ford unveils new Ikon model
New Delhi: Ford India has brought out a new version of its Ikon, the Ikon CLXi, at a price of Rs 4.76 lakh (ex-showroom, Delhi), which the company wants to fit against the higher end of the Zen, Santro and Matiz market. Besides this new 1.3-litre engine version, Ford India is also unveiling two other Ikon variants  -- a 1.6-litre Rally Sport and a concept car designed by Dilip Chhabria. 

With the launch of the Ikon CLXi, the Ford India has increased the price of its Ikon 1.6 CLXi to Rs 5.18 lakh against the earlier price of Rs 4.99 lakh. Ikon is now available in 1.3-litre and 1.6-litre petrol models and a 1.8-litre diesel model.
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Autoriders plans gold refinery
Mumbai: The Autoriders group is setting up a gold refinery project. It has informed the Bombay Stock Exchange that it plans an investment of Rs 160 crore in the project and will have a technical collaboration with US-based Handy & Harman. The company proposes to issue preferential shares to the promoters and associates.
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Cisco appoints Microland as service provider
Bangalore: Cisco Systems said it is appointing Micro land as its first professional services provider in India. Anil Batra, president, India, and Saarc region of Cisco, said Microlands appointment will enable his comoany to enhance its ability to provide service providers and enterprise customers with services and support.  Cisco handles planning, implementing and managing networking projects and it expects Microland will act as the liaison between the engineering organisation and the management staff.
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CyberTech to hive off portal business
Mumbai: CyberTech Systems and Software, the Indian arm of the US-based CyberTech System, has plans to set up a new company to handle its proposed India-focused portal. The portal will have news and information content. By setting up a different unit for the portal, the company wants to have a different focus for its media and entertainment business. The company has invested nearly $100,000 in the portal. 

Meanwhile, the companys plans to merge its US company with itself has run into problems as two venture capital funds, which have invested in the US company, are resisting the merger.
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ICICI sets up web stock trading company
Mumbai: ICICI has set up a new company, ICICI Webtrade, to handle its pet project, stock trading on the Internet. The company has been established as a subsidiary of I-Sec, one of ICICIs main subsidiaries. When regulations permit Internet-based stock trading, the company will offer an e-invest product on the Internet, which will enable investors to trade on the Net if they open bank and demat accounts with ICICI Bank. 

ICICI has nominated Madhabi Puri Buch as the chief executive officer of the company, Jaideep Arora, the chief operating officer and Meher Baburaj as the chief controller of finance and operations.
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Bajaj Auto plans JV with Kawasaki
Pune: Bajaj Auto may hive off its motorcycle business into a joint venture with Kawasaki Motors of Japan, the Indian scooter majors technical partner for motorcycles. Both Bajaj Auto and Kawasaki have agreed on the terms for setting up a new venture, but the plan has been held up as the company is talking to the government of Maharashtra for concession in taxes. The motorcycle unit is part of the companys plant at Waluj near Aurangabad and Bajaj Auto will invest Rs 550 crore in the next four years in the plant, almost 50 per cent for the Kawasaki motorcycle unit. It is proposed that Kawasaki will be offered 20 per cent equity in the planned joint venture.
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Crane maker Cranex to focus on software
New Delhi: Capital goods maker Cranex is planning a foray into software. The company, which makes specialised cranes, expects that nearly 90 per cent of its turnover in future will be from its software-related activities. It has now entered into collaborative ventures with Kuhnezug of Germany and Bern Industries of the US to usher in the transition from capital goods to infotech sector.

Cranex makes specialty cranes for use in the defence and atomic energy sector.
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KLM Aerocarto gets equity in Lotus GeoSolutions
Bangalore: Dutch company Arcadis division KLM Aerocarto is picking up a 15 per cent equity in Lotus GeoSolutions of Bangalore. KLM Aerocarto specialises in infrastructure development and geographic information systems mapping and software solutions. Lotus GeoSolutions is a 100 per cent export-oriented company, primarily into geographic information systems-based services and software applications. The companys 85 per cent equity holdings are with its promoters and they intend to divest up to 40 per cent for other strategic partners and venture capital companies.
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Vodafone forms Internet firm
London: Vodafone AirTouch is creating resources on the Internet to lure shareholders of Mannesmann to accept its offer in the takeover bid. The company launched a branded portal for mobile data and said software major Sun Microsystems, Psion, International Business Machines, Ericsson and Nokia are its partners. It has also aligned with well known web content providers and travel information services. The company said it wanted to provide a complete range of services from messaging to desktop applications, information services and electronic commerce on both mobile phones and handheld computers. Vodafones chief executive Chris Gent said by accepting Vodafones offer, Mannesmann shareholders will have opportunity to participate in the growth opportunities of mobile data and Internet.
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General Motors to buy out Saab
Detroit: General Motors Corporation is fully acquiring Swedens Saab Automobile. General Motors already has 50 per cent holding in Saab, picked up some 10 years ago. It will buy the other half from Investor AB, the Swedish industrial holding company, by end-January. The announcement came as the company unveiled a new range of light trucks at the annual auto show.
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Hyundai-Ford joint bid for Daewoo
Seoul: Hyundai Motor Corporation revealed that it is in talks with some overseas carmakers for a joint bid for Daewoo Motor. Possibly, the alliance can be with Ford Motor, industry watchers in Korea said. Ford Motor and General Motors have expressed their interest in acquiring the ailing Daewoo Motor, while DaimlerChrysler and even Fiat are reported to be in the run for the company. Hyundai is South Koreas biggest carmaker with a two-third share in the local market.
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