JOIN USLooking for opportunities in India despite economic slowdown, diversified Hinduja group on Thursday said it would invest a billion dollars (about Rs 6,200 crore) across sectors like real estate and media.
"We are looking for various opportunities. Recession is the time when you can break opportunities to invest," Hinduja group India chairman AP Hinduja told reporters here on the sidelines of Auto India.
"We are looking at various different sectors for investment which we are offered by various investment bankers. Very soon you would see that we may target few more investments," he said.
Asked as to how much could be the amount of investments, he said: "Over all investment will be about a billion dollar."
On sectors where the group plans to make these investments, he said it could cover real estate, health sector, media, power and others.
"We are a long term player. We do not see this downfall a permanent one. So whatever has been targetted we have been sticking to that," Hinduja group global chairman GP Hinduja said.
M&M to invest Rs 5k cr
Auto major Mahindra & Mahindra (M&M) plans to invest Rs 5,000 crore over the next three years towards infrastructure upgradation, product development and capacity expansion.
The company is also planning to introduce 8-10 new variants and upgrades of its products this year.
"Adding new products is a continuous process...We have grown consistently over the last few years. We plan to invest Rs 5,000 crore over the next three years to continue this momentum," M&M chief executive - Automotive Division Pravin Shah said.
He added the investment will be made to enhance capacity and infrastructure as well as development of new products.
Joint engine in 2015
M&M and Ssangyong Motor Co Ltd .KS) will launch their first jointly developed engine in the first quarter of 2015, a senior executive said.
The South Korean company, which Mahindra acquired in 2011, will use the engine in its X100 compact sport utility vehicle to be launched next year, Pawan Goenka, president of Mahindra's automotive and farm equipment sectors, said on Thursday.
"Mahindra most likely will have a ... version of it on that (X100) platform," he said.
"There are future products that we will collaborate on where a common platform either of Mahindra or Ssangyong could potentially be used for both."
He expects the two companies to eventually produce six engines, which will include petrol and diesel variants.