Hero Motors’ to launch new products during Indian F1
September 2nd, 2011 - 7:54 pm ICT by IANSNew Delhi, Sep 2 (IANS) Auto-part manufacturer Hero Motors Friday said it will launch new auto products during the upcoming Indian grand prix to be held in Greater Noida in October.
“First Indian grand prix is a great opportunity for us to reach out to our business customers. We will launch some new auto-part products during the event,” Pankaj Munjal, managing director, Hero Motors told IANS.
Munjal, whose company is part of the larger Hero Group, is in the business of designing and manufacturing of various auto-parts across the automobile sector.
Munjal was speaking at an event to announce the company’s plans to sponsor the Indian Formula One (F1) driver Narain Karthikeyan and his team Hispania Racing Team (HRT) for the inaugural Indian grand prix.
“The alliance with the HRT will provide an unique platform for the group to communicate its extensive competencies to a global audiences,” Munjal said.
Asked about the slow down in the automobile sector and its impact on auto-part manufacturers, Munjal said the industry has strong fundamentals that can to go through the sluggish market.
“Though the industry is going through a tough time, the industry has very good fundamentals.”
Munjal further said that high interest rates were damaging their margins and also the industry’s expansion plans.
“The high interest rates is hurting everyone, not only margins but also the expansion plans.”
The Automotive Component Manufactures Association of India (ACMA) Tuesday said that due to a slowdown in the domestic consumption, it expected growth to moderate between 12 to 15 percent in 2011-12 as compared to 34 percent in 2010-11.
The association also expressed concern on rising input costs coupled with high interest rates which has affected the sector’s capacity to raise funds and put margins under pressure.
- Hero Motors to sponsor Karthikeyan in Indian F1 - Sep 02, 2011
- SIAM hopes auto sales will pick up from mid-September - Sep 02, 2011
- Hero Cycles to launch premium bikes in November - Sep 02, 2011
- Auto component industry to grow by 12-15 percent in 2011-12 - Aug 30, 2011
- Karthikeyan returns to Formula One - Jan 06, 2011
- 'Rising inflation, interest rates major issues for economy' - Apr 21, 2011
- Big events attract huge crowds: Auto Expo organisers - Jan 07, 2012
- General Motors to source 95 percent of components locally - Aug 30, 2011
- Karthikeyan trying to get a race before Indian GP - Sep 02, 2011
- Entire F1 fraternity is agog about Indian Grand Prix: Karthikeyan - Oct 16, 2011
- Mega-launches, big-ticket announcements at Delhi Auto Expo - Jan 03, 2012
- Karthikeyan hits track as HRT unveils 2012 car - Mar 06, 2012
- 'Rising inflation, interest rates major concerns' (Lead) - Apr 21, 2011
- Karthikeyan joins Hispania to complete 2012 F1 line-up (Lead) - Feb 03, 2012
- Auto component industry turnover at $22 billion in 2009-10 - Aug 18, 2010
Tags: acma, auto part manufacturer, auto products, automobile sector, business customers, competencies, domestic consumption, f1 new, formula one, global audiences, greater noida, hero group, hero motors, high interest rates, hrt, input costs, karthikeyan, new auto, slowdown, sluggish market