Author: CP

Mahindra & Mahindra (M&M) is reportedly planning to introduce its utility vehicle, Scorpio, in the quality-conscious US market, which is also the largest in the world with 15 million vehicles in annual sales.

The reports suggest that the company already has firm orders for 45,000 units of Scorpio for the first year, which is more than the 40,000 it sold in India in the last financial year.

Around 285 US dealers have signed up to sell the vehicle and are investing $178 million in setting up sales and service outlets, the report added.

Sundram Fasteners has acquired 100% equity share capital of Upasana Engineering (UEL), a step-down wholly-owned subsidiary at cost from Sundram Fasteners Investments, a wholly-owned subsidiary of the company.

Consequent to acquisition of the equity shares, UEL has become a wholly-owned subsidiary of the company with effect from 12 December 2007. UEL manufacture spokes and nipples, tools and other and components at its two units located in Chennai and Hosur, both in the State of Tamil Nadu.

Leading Global Investor Eton Park will invest Rs 500 crore in Reliance Capital AMC for a 5% stake in the company. At this valuation, the Reliance AMC valuations amounts to Rs 400 / share of Reliance Capital Ltd.

Reliance AMC is valued at Rs 10,000 crore, approximately 13% of the valuation of total Assets Under Management under the AMC.