India's Motherson Sumi buys Finland's PKC Group for $619 million
Indian auto parts maker Motherson Sumi Systems Ltd (MSSL) said on Monday it had completed the buyout of Finland's PKC Group for 571 million euros ($619.4 million).
DHAKA Hero Motor Corp Limited (HROM.NS), maker of the Hero motorcycle, will invest $40 million in a new manufacturing plant in Bangladesh in its first overseas joint venture, Pawan Munjal, the company's managing director and chief executive said.
The company signed an agreement on Monday with local automobile company Nitol Niloy Group to start work on the project which will be Hero's first manufacturing plant outside India.
Hero will hold 55 percent in the new joint venture while Nitol will hold 45 percent.
Pawan said that once operational by the second quarter of financial year 2015-16, the plant would have an annual capacity of 150,000 units. He said the aim was for around a 20 percent share of the market in Bangladesh.
Abdul Matlub Ahmad, chairman of Nitol Niloy Group said the joint venture aimed to provide technologically-advanced and fuel-efficient motorcycles for customers in Bangladesh. He told Reuters that the plant would create up to 200,000 (direct and indirect) job opportunities in the country.
Matlub said that Bangladesh's annual motorcycle sales might hit around 1.4 million units in the near future from around 500,000 units at present.
Hero motorcycles account for 50 percent of the total motorcycle market in India, Matlub said.
(Reporting By Serajul Quadir. Editing by Jane Merriman)
TOKYO Bank of Japan board members said easy monetary policy will be in place for some time because consumer price growth is still distant from the central bank's 2 percent inflation target, a summary of opinions from their March 15-16 meeting showed on Monday.
Wall Street main indexes hit their lowest levels in six weeks on Monday after Republican's pulled a healthcare bill, raising questions about President Donald Trump's ability to deliver on his ambitious economic agenda.