No plans for low cost cars: Maruti

Maruti Suzuki, on Tuesday, said it has no plans to develop a vehicle below its entry-level Maruti 800, reports DHNS from New Delhi. 

Ruling out any such moves following a news report, the company, in a statement said “while Maruti Suzuki commends plans to develop and offer low-cost cars by various manufacturers, it has no plans of developing or offering a car in the segment below Maruti 800.”

Claiming entry level car customers want more from their cars in terms of features, performance, safety and versatility, it said, in future, Maruti plans to launch strategic models like Splash, A-Star as part efforts to offer international quality and design to Indian customers at attractive prices. Maruti sells its flagship Maruti 800 model in a range of Rs 1.98 lakh to Rs 2.19 lakh (ex-showroom Delhi).

Financial closure of MPL project 

Tata Power Company, on Tuesday, said it has achieved the financial closure for the 1050 MW coal based thermal power project at Dhanbad in Jharkhand estimated to cost Rs 4,450 crore.

Maithon Power Ltd (MPL), which is a 74:26 joint venture between Tata Power and Damodar Valley Corporation (DVC), will be executing the project, which is being funded on a debt-equity ratio of 70:30, said Tata Power in a notification issued to Bombay Stock Exchange here, reports DHNS from Mumbai.

The promoters, Tata Power and DVC would bring in equity in a ratio of 74 and 26 per cent respectively.  The debt component stands at Rs 3115 crore, which is being financed by various banks with State Bank of India (SBI) as the lead bank.

SBI Capital Markets is the sole financial advisor and arranger of debt for the project and the syndication was over subscribed by nearly Rs 1050 crore with the SBI Group taking the largest exposure to the tune of Rs 1000 crore. The consortium of 17 Banks led by SBI also include Allahabad Bank, Bank of Baroda, Canara Bank, Central Bank and among others.