Technical agreement with Hyundai Motors signed
Caparo India Pvt. Ltd. has signed a technical agreement with Hyundai Motor Company of South Korea in Chennai for making fully assembled luxury buses in India.
Announcing the agreement, Mr. Sunil Pahilajani, Country Head, Caparo India, said: “The ethics which have become Caparo’s foundation and our focus on service, local management and quality, when blended with the technology of Hyundai, will indeed be a success formula not only for the present endeavour but will also lead to an association which will bring many new vistas of common interest for both the organizations.”
He told newsmen that the agreement was virtually the fullfilment of the vision of Mr. Angad Paul, Chairman, Caparo India. “This is a quantum leap towards realizing his dream, and these buses will have a world class technology and look”.
The plant, to be located in south India, will commence production in the last quarter of 2008-2009. The buses produced will be specially engineered to give higher durability and will aim for outstanding stability and quietness during high speed cruising, combined with low fuel cost. They will be fitted with powerful and efficient Euro III/IV engines, air-wide suspension and ABS systems, and will be easy to maintain.
Hyundai Motor Company will provide the technical support which will enable this partnership to meet with all the Government regulations concerning plying of commercial vehicles in India. This is a venture between the Caparo Group and Hyundai Motor and will in no way impact or in any way involve Hyundai’s car making unit, Hyundai Motor India.
With “ultimate convenience and powerful performance” as its unique selling proposition, caparo is targeting bus operators with a careful eye on overhead expenses and bottom-line performance. “We are offering a product at par with global quality standards. We believe our buses will transport people in comfort and style” said Mr. Dev Mukherjee, CEO- New Projects, Caparo India.
Caparo is a global group with a $1.5 billion turnover. The group operates from over 50 sites in the UK, India, North America, Spain and Poland. Its business interests focus predominantly on manufacture of steel, automotive and engineered products, apart from operations in areas like hotels, film distribution and private equity investment.
The group has been actively involved in social activities also. The reopening of London Zoo and Ambika Lab at Carnegie Mellon University and the establishment of the Caparo PTU School of Excellence in Material Manufacturing in Jalandhar, the birth place of Lord Swraj Paul, are just a few of its major contributions.
