New 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.
