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After setting its sight on the cash-strapped Korean auto major, Ssangyong Motors, Ruia Group is now trying to get its hands on a European automobile components firm to drive its growth in the future.  

Pawan Ruia, Chairman, Ruia Group recently said that the Group is trying to close a deal very soon in one of the auto component companies in Europe.

In fact, Ruia also pointed out that as lot of companies are up for sale in the European market, the Group is trying to work on some projects.

While the company has been able to give a tough run to players like Hyundai Motors India after it displaced the Korean auto major as the second largest passenger carmaker from the Indian market, its global sales have also been showing a favorable trend as well.

The company has recently said in a statement that its global vehicles sales rose 46 per cent in June to 91,608 units, compared with a year ago.

Moreover, the company also pointed out the fact that the figure includes its British luxury unit Jaguar Land Rover, whose sales rose 47 per cent in the month to 20,189 units.

According to the latest developments, Mahindra & Mahindra, India's largest utility vehicles and tractor maker will now take a call on the bidding decision for the troubles Korean auto major, Ssangyong Motors on the 28th of July.

According to a company spokesman, the home-grown company will now be taking a call on Ssangyong on the 28th July rather than the earlier decided date of 15th July.

The company is currently under the process of due diligence and hence is not sure whether it will be filing the final bid for the troubled Korean automaker.

With more 25,000 sales bookings registered in close to 100 days, Ford Figo is surely on a high in the Indian market. Be it the Tier I, II or the Tier III markets, there is no denying to the fact that the product has been a hit with target customers nationwide.

Michael Boneham, president and managing director, Ford India recently said that the bookings of 25,000 units is surely a very important milestone in the journey of Ford in the Indian market and the product has proved to be a big boost for the Ford brand in the Indian market.

With a view to establish a proper framework before its small car enters the Indian shores, Toyota has recently taken a step in the same direction by joining hands with Indian Bank to provide retail financing facilities to its prospective customers.

TKM said in a statement that the company has extended its auto retail finance to their prospective customers with Indian Bank after it had signed a MoU with the public sector lender.

There is no denying to the fact tat since the day the Indian subsidiary of the American auto major, Ford Motor Company has launched Figo in the Indian market, it has been able to gain a large chunk of the small car market.

In fact, with the start of the second shift at its manufacturing facility in Maraimalai Nagar near Chennai, the company now expects top clear the backlog of the 4,000 units at its Figos in a month’s time.