PORT LOUIS: Petroleum distributor Shell Mauritius Ltd said on Monday that parent Royal Dutch Shell planned to sell three quarters of its stake in the company to two joint venture partners for $1 bn.
Shell Mauritius said Vitol Group and Helios Investment Partners would ensure continued availability of Shell fuels and lubricants in the country.
"The divestment includes the potential sale of the 75 percent of the share capital of SML held by Shell Overseas Holdings Limited (SOH)," Shell Mauritius said in a statement.
Trading in the shares of Shell on the Mauritius bourse resumed on Monday after being suspended on Friday following media reports that an agreement between Shell and Vitol-Helios Investment was in the pipeline.
The shares rose by 1.25 percent to 162 rupees from their last trading session on Thursday.
Success in my Habit
Monday, February 21, 2011
Axis Bank launches zero balance salary account for Indian Army
MUMBAI: After SBI and ICICI Bank, private sector lender Axis Bank today launched a zero balance salary account exclusively for Indian Army personnel.
The announcement from Axis, the third-largest lender, comes close on the heels of similar tie-up forged by the two largest lenders eyeing the benefits of upping the share of the cheaper CASA (Current and Savings Account) deposits in total pie.
A memorandum of understanding was signed between the two entities today for starting the special account christened "Power Salute" salary account, a release issued here by the bank said.
An account-holder can avail a loan without paying any processing fees and will also be given an unique life-time account number which can be used at all branches of the bank.
Apart from that, the account-holder can also withdraw cash at other banks' Automated Teller Machines (ATMs) for free as many time as he wants, it added.
Axis Bank already has an ATM in Thegu near the strategic Nathu La pass situated at 13,200 feet which "till date is one of the highest ATMs in the world" installed for serving the army men, the release said.
The announcement from Axis, the third-largest lender, comes close on the heels of similar tie-up forged by the two largest lenders eyeing the benefits of upping the share of the cheaper CASA (Current and Savings Account) deposits in total pie.
A memorandum of understanding was signed between the two entities today for starting the special account christened "Power Salute" salary account, a release issued here by the bank said.
An account-holder can avail a loan without paying any processing fees and will also be given an unique life-time account number which can be used at all branches of the bank.
Apart from that, the account-holder can also withdraw cash at other banks' Automated Teller Machines (ATMs) for free as many time as he wants, it added.
Axis Bank already has an ATM in Thegu near the strategic Nathu La pass situated at 13,200 feet which "till date is one of the highest ATMs in the world" installed for serving the army men, the release said.
Ruia Group acquires Germany-based Acument GmbH
KOLKATA: Extending its global footprint in the auto ancillary segment , the Rs.5,000-crore Ruia Group Monday announced the acquisition of Germany-based Acument GmbH & Co KG , one of the leading manufacturers of automotive fasteners .
This is the third acquisition for the Ruia Group, the owner of Dunlop India and Falcon Tyres , in Germany and fourth in Europe within a span of three years.
In October-November last year, four bidders tried to acquire Acument whose board of directors filed for insolvency in 2009 as the company incurred a loss of 40 million Euro in 2008 following global economic meltdown, an official said.
Acument produces a wide rage of high precision fasteners like long shafted bolts, hexagonal screws, nuts and forged parts.
The Ruia Group came out as the best bidder and signed the contract for the acquisition of Acument, which has 15 percent of market share in fastener segment in Europe and had posted a turnover of 800 million Euro before insolvency.
The group has acquired four plants of Acument in Neuss, Beckingen, Neuwied and Schorzberg as well as its logistic centre in Koln in Germany.
"Our investment will be 4 million Euro in the company and we expect that the company's turnover would be 200 million Euro this year," Pawan K. Ruia, chairman of the Group, told reporters.
This is the third acquisition for the Ruia Group, the owner of Dunlop India and Falcon Tyres , in Germany and fourth in Europe within a span of three years.
In October-November last year, four bidders tried to acquire Acument whose board of directors filed for insolvency in 2009 as the company incurred a loss of 40 million Euro in 2008 following global economic meltdown, an official said.
Acument produces a wide rage of high precision fasteners like long shafted bolts, hexagonal screws, nuts and forged parts.
The Ruia Group came out as the best bidder and signed the contract for the acquisition of Acument, which has 15 percent of market share in fastener segment in Europe and had posted a turnover of 800 million Euro before insolvency.
The group has acquired four plants of Acument in Neuss, Beckingen, Neuwied and Schorzberg as well as its logistic centre in Koln in Germany.
"Our investment will be 4 million Euro in the company and we expect that the company's turnover would be 200 million Euro this year," Pawan K. Ruia, chairman of the Group, told reporters.
2G spectrum probe: CBI questions Videocon's Dhoot, his brother
NEW DELHI: The CBI today questioned Videocon group Chairman Venugopal Dhoot , and his brother and Rajya Sabha MP Rajkumar Dhoot in connection with the probe into allocation of spectrum in 2008.
The duo were called to the CBI headquarters this afternoon and questioned for over seven hours and confronted with the documents of changing their share capital from Rs 1 lakh to Rs 150 crore, official sources said here today.
The sources said that statement of their Company Secretary, submitted to the Department of Telecom, claiming change in the share capital, was also shown to them and asked to explain the minutes of the meeting of an extra-ordinary general body of the company held on August 27, 2007.
The questioning of the duo was part of the CBI questioning all the heads of nine companies which were allocated spectrum in 2008. Videocon was allocated a start-up spectrum of 4.4 MHz in all circles except Delhi.
The company could not be contacted for comments. The agency so far has questioned top brass of various telecom companies, including Reliance Infocomm Chairman Anil Ambani , Essar CEO Prashant Ruia and Unitech MD Sanjay Chandra.
The Comptroller and Auditor General in its report had alleged that Datacom Solutions, which later changed to Videocon Telecommunications, while submitting its application for 22 licences on August 28, 2007, had "made a false claim of the paid-up capital of Rs 150 crore through company secretary although documents attached with indicated that the authorised share capital of the company as Rs 1.00 lakh only".
Since the requirement of the requisite amount of the paid -up capital was an important eligibility criterion, their applications ought to have been rejected forthwith.
However, on November 27, 2007, the company suo-motto submitted a so-called "correct" version of documents as on August 28, 2007, stating that they had submitted an old version of documents inadvertently along with the application.
"The new version of Memorandum Of Association and Article of Association claimed to have increased the authorised share capital from Rs 1.00 lakh to Rs 150 crore through an ordinary resolution passed in the extra-ordinary general meeting on August 27, 2007, a day preceding the date of submission of applications by the Company.
"Since there is a procedure prescribed in the Companies Act for effecting increase in the authorised share capital of a company, the company could under no circumstances have a paid-up capital of Rs 150 crore on August 28, 2007 and hence the certificate furnished by the Company Secretary of the company appeared to be false," the CAG report had claimed.
It alleged that DoT "failed miserably" to do any due diligence in the examination of claims of the company even when company claimed to have passed the resolution enhancing the authorised share capital on the preceding day of the date of application of the applicant company.
The duo were called to the CBI headquarters this afternoon and questioned for over seven hours and confronted with the documents of changing their share capital from Rs 1 lakh to Rs 150 crore, official sources said here today.
The sources said that statement of their Company Secretary, submitted to the Department of Telecom, claiming change in the share capital, was also shown to them and asked to explain the minutes of the meeting of an extra-ordinary general body of the company held on August 27, 2007.
The questioning of the duo was part of the CBI questioning all the heads of nine companies which were allocated spectrum in 2008. Videocon was allocated a start-up spectrum of 4.4 MHz in all circles except Delhi.
The company could not be contacted for comments. The agency so far has questioned top brass of various telecom companies, including Reliance Infocomm Chairman Anil Ambani , Essar CEO Prashant Ruia and Unitech MD Sanjay Chandra.
The Comptroller and Auditor General in its report had alleged that Datacom Solutions, which later changed to Videocon Telecommunications, while submitting its application for 22 licences on August 28, 2007, had "made a false claim of the paid-up capital of Rs 150 crore through company secretary although documents attached with indicated that the authorised share capital of the company as Rs 1.00 lakh only".
Since the requirement of the requisite amount of the paid -up capital was an important eligibility criterion, their applications ought to have been rejected forthwith.
However, on November 27, 2007, the company suo-motto submitted a so-called "correct" version of documents as on August 28, 2007, stating that they had submitted an old version of documents inadvertently along with the application.
"The new version of Memorandum Of Association and Article of Association claimed to have increased the authorised share capital from Rs 1.00 lakh to Rs 150 crore through an ordinary resolution passed in the extra-ordinary general meeting on August 27, 2007, a day preceding the date of submission of applications by the Company.
"Since there is a procedure prescribed in the Companies Act for effecting increase in the authorised share capital of a company, the company could under no circumstances have a paid-up capital of Rs 150 crore on August 28, 2007 and hence the certificate furnished by the Company Secretary of the company appeared to be false," the CAG report had claimed.
It alleged that DoT "failed miserably" to do any due diligence in the examination of claims of the company even when company claimed to have passed the resolution enhancing the authorised share capital on the preceding day of the date of application of the applicant company.
Reliance Industries, BP signs $7.2 bn oil & gas deal
NEW DELHI: UK's BP Plc will buy 30 per cent stake in Reliance Industries' 23 oil and gas blocks including the giant KG-D6 gas fields off the east coast for USD 7.2 billion.
BP could further pay USD 1.8 billion "on exploration success that results in development of commercial discoveries," RIL said in a press statement.
The two firms will also enter into a 50:50 joint venture for sourcing and marketing of gas.
BP CEO Bob Dudley and RIL Chairman and Managing Director Mukesh Ambani will make a joint announcement later in the evening.
BP's combined investment including payments to Reliance could amount to USD 20 billion. Ambani and Dudle "signed the relationship framework and transactional agreements in London," the statement said.
"The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India.
This includes producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India," it said.
The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.
Reliance said the partnership will combine BP's world class deepwater exploration and development capabilities with Reliance's project management and operations expertise.
"This partnership meets BP's strategy of forming alliances with strong national partners, taking material positions in significant hydrocarbon basins and increasing our exposure to growing energy markets," said Carl-Henric Svanberg, Chairman of BP.
The 23 oil and gas blocks together cover approximately 270,000 square kilometres. Reliance will continue to be operator of the blocks.
BP could further pay USD 1.8 billion "on exploration success that results in development of commercial discoveries," RIL said in a press statement.
The two firms will also enter into a 50:50 joint venture for sourcing and marketing of gas.
BP CEO Bob Dudley and RIL Chairman and Managing Director Mukesh Ambani will make a joint announcement later in the evening.
BP's combined investment including payments to Reliance could amount to USD 20 billion. Ambani and Dudle "signed the relationship framework and transactional agreements in London," the statement said.
"The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India.
This includes producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India," it said.
The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.
Reliance said the partnership will combine BP's world class deepwater exploration and development capabilities with Reliance's project management and operations expertise.
"This partnership meets BP's strategy of forming alliances with strong national partners, taking material positions in significant hydrocarbon basins and increasing our exposure to growing energy markets," said Carl-Henric Svanberg, Chairman of BP.
The 23 oil and gas blocks together cover approximately 270,000 square kilometres. Reliance will continue to be operator of the blocks.
Apparel exports on course to hit $11 billion
Coimbatore: With apparel shipments hitting the $1-billion a month mark in December for the first time in nine months, garment makers are confident of achieving $11 billion in exports during the current financial year. That would 6% higher than the previous year.
"We are seeing signs of revival. The industry is poised for growth. China is having a lot of problems and wants to exit the mid and low-priced segments. So, buyers are taking a fresh look at India," said Premal Udani, chairman, Apparel Export Promotion Council (AEPC). Exports had shown growth only in four months during 2010 and declined 3.1% in April-December.
India is one of the few countries having capabilities across the textile value chain and "all these factors are working considerably in our favour now". China has a lion's share of the global textile trade with exports worth about $110 billion and even a 5% shift in favour of India would throw up huge opportunities, the AEPC chairman said.
Apparel would be one of the biggest beneficiaries of the free trade pact between India and Japan, he said. With the pact in place, India would be able to export garments at zero duty to Japan. Garment makers pay around 11% in duties now.
Exports to Japan is estimated to touch $125 million in the current fiscal and this could easily go up by another $50 million in the next fiscal, Udani said. Japan could easily become the third biggest importer of garments from India, he said. Growth in the domestic market has also risen sharply. The emergence of the domestic market, which is growing at double digit rates, has changed the situation for the better, he said.
Despite the revival, the industry is still facing challenges that include high cotton and yarn prices, low productivity and high taxes, Udani said. "If these issues are addressed we can grow by 30%."
Apparel industry keen on tapping NREGS
M Allirajan | tnn
AEPC is keen on tapping the National Rural Employment Guarantee Scheme. "We have written to the planning commission and the proposal is also with the textiles ministry," AEPC chairman Premal Udani said. Training in apparel making could be made part of NREGS for which the industry could contribute Rs 50 per worker per day, initially.
Once the worker is employed the industry would give an amount equivalent to the government's contribution to the scheme, he said. The government can take a base year for ascertaining the regular workforce in the apparel segment and for incremental jobs created by the industry NREGS funds can be provided, AEPC suggested. Though the industry is not facing labour shortage now, it would face problems once the domestic and export markets start growing at a faster pace, Udani said.
"We are seeing signs of revival. The industry is poised for growth. China is having a lot of problems and wants to exit the mid and low-priced segments. So, buyers are taking a fresh look at India," said Premal Udani, chairman, Apparel Export Promotion Council (AEPC). Exports had shown growth only in four months during 2010 and declined 3.1% in April-December.
India is one of the few countries having capabilities across the textile value chain and "all these factors are working considerably in our favour now". China has a lion's share of the global textile trade with exports worth about $110 billion and even a 5% shift in favour of India would throw up huge opportunities, the AEPC chairman said.
Apparel would be one of the biggest beneficiaries of the free trade pact between India and Japan, he said. With the pact in place, India would be able to export garments at zero duty to Japan. Garment makers pay around 11% in duties now.
Exports to Japan is estimated to touch $125 million in the current fiscal and this could easily go up by another $50 million in the next fiscal, Udani said. Japan could easily become the third biggest importer of garments from India, he said. Growth in the domestic market has also risen sharply. The emergence of the domestic market, which is growing at double digit rates, has changed the situation for the better, he said.
Despite the revival, the industry is still facing challenges that include high cotton and yarn prices, low productivity and high taxes, Udani said. "If these issues are addressed we can grow by 30%."
Apparel industry keen on tapping NREGS
M Allirajan | tnn
AEPC is keen on tapping the National Rural Employment Guarantee Scheme. "We have written to the planning commission and the proposal is also with the textiles ministry," AEPC chairman Premal Udani said. Training in apparel making could be made part of NREGS for which the industry could contribute Rs 50 per worker per day, initially.
Once the worker is employed the industry would give an amount equivalent to the government's contribution to the scheme, he said. The government can take a base year for ascertaining the regular workforce in the apparel segment and for incremental jobs created by the industry NREGS funds can be provided, AEPC suggested. Though the industry is not facing labour shortage now, it would face problems once the domestic and export markets start growing at a faster pace, Udani said.
MakeMyTrip acquires S'pore-based travel firm
New Delhi: MakeMyTrip.com (MMT) has acquired a 79 per cent stake in Singapore-based travel agency Luxury Tours & Travels Pte Ltd (LTT) for $3 million.
MMT will invest another $0.75 mn in the company, in one or more tranches until June 2012, for the subscription of new equity shares to be issued by LTT.
Further, MakeMyTrip will acquire from the existing shareholders their remaining shares in LTT, in three tranches over a three-year period ending June 2014. The payment under each such tranche will be made in cash, based on valuations linked to LTT’s profitability.
This deal will enable MakeMyTrip to strengthen its presence in Hong Kong, Thailand and Malaysia.
Luxury Tours & Travel Pte Ltd is engaged in the business of providing hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore. It has tie-ups with over 100 hotels in Singapore, and around 25 in Southeast Asia.
Founded in 2000 by Deep Kalra, MakeMyTrip has 24x7 customer support and offices in 20 cities across India and two international offices, in New York and San Francisco. The company has private equity investors such as SAIF Partners, Helion Venture Partners and Sierra Ventures
Last year, in February, MMT acquired bus ticketing company Ticketvala.com and also raised $70-mn through an Initial Public Offer in the US.
MMT will invest another $0.75 mn in the company, in one or more tranches until June 2012, for the subscription of new equity shares to be issued by LTT.
Further, MakeMyTrip will acquire from the existing shareholders their remaining shares in LTT, in three tranches over a three-year period ending June 2014. The payment under each such tranche will be made in cash, based on valuations linked to LTT’s profitability.
This deal will enable MakeMyTrip to strengthen its presence in Hong Kong, Thailand and Malaysia.
Luxury Tours & Travel Pte Ltd is engaged in the business of providing hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore. It has tie-ups with over 100 hotels in Singapore, and around 25 in Southeast Asia.
Founded in 2000 by Deep Kalra, MakeMyTrip has 24x7 customer support and offices in 20 cities across India and two international offices, in New York and San Francisco. The company has private equity investors such as SAIF Partners, Helion Venture Partners and Sierra Ventures
Last year, in February, MMT acquired bus ticketing company Ticketvala.com and also raised $70-mn through an Initial Public Offer in the US.
Cluster Pulse develops ICT cluster in Switzerland
Ahmedabad: Ahmedabad-based Cluster Pulse has successfully developed an information and communication technology (ICT) cluster of 23 IT start-ups in Switzerland. Known for its cluster development expertise, Cluster Pulse – an international trade consulting firm which is a group company of the city-based Global Network – had been working with start-ups for a year to set up an ICT cluster in Switzerland.
“We were contacted by Switzerland’s IT industry representatives to help them in developing an ICT cluster. We recently completed the cluster development project, which we believe will help these start-ups generate better business,” said Jagat Shah, chief executive officer of Global Network and Cluster Pulse.
The company has been working on similar projects in China, Uganda, Ghana and Canada. Under an agreement signed with these countries, Cluster Pulse will assist small and medium enterprises (SMEs) in these countries to develop fan, ICT, telecom and agricultural clusters, respectively. Representatives from these countries approached it after observing the company’s cluster development work.
Meanwhile, Cluster Pulse is also part of a $120 million (over Rs 500 crore) World Bank-led multi-agency project for financing and developing SMEs in India. Under the project, Cluster Pulse is in the process of offering business development services (BDS) by developing clusters of the engineering and machine tools industries of Rajkot in Gujarat.
“We were contacted by Switzerland’s IT industry representatives to help them in developing an ICT cluster. We recently completed the cluster development project, which we believe will help these start-ups generate better business,” said Jagat Shah, chief executive officer of Global Network and Cluster Pulse.
The company has been working on similar projects in China, Uganda, Ghana and Canada. Under an agreement signed with these countries, Cluster Pulse will assist small and medium enterprises (SMEs) in these countries to develop fan, ICT, telecom and agricultural clusters, respectively. Representatives from these countries approached it after observing the company’s cluster development work.
Meanwhile, Cluster Pulse is also part of a $120 million (over Rs 500 crore) World Bank-led multi-agency project for financing and developing SMEs in India. Under the project, Cluster Pulse is in the process of offering business development services (BDS) by developing clusters of the engineering and machine tools industries of Rajkot in Gujarat.
Indian IT firms go to US campuses to hire local US talent
Bangalore: After years of hiring experienced professionals to serve top customers in the US, Indian tech firms are now seeking to hire fresh engineering graduates from American universities, as stricter immigration norms and high unemployment rate make local hiring attractive in the country.
In a year when India’s top outsourcing firms are under pressure to position themselves as more global companies not necessarily responsible for America’s ‘jobless economic recovery’, experts and company officials say a war for local US talent is set to become a priority.
Apart from stricter and costlier visa permits in the US, outsourcing customers such as GE are also asking Indian vendors to play a role in addressing high unemployment rates.
India-based tech firms including Wipro, Tata Consultancy Services , Infosys and Cognizant are now battling it out to hire hundreds of fresh engineering graduates from campuses of Pennsylvania State University , Rutgers, University of Massachusetts , University of Connecticut , North Carolina State University and University of Michigan , among many others.
Companies such as Infosys, which counts JP Morgan among its top customers, say they have started hiring from US campuses.
“We have a target of hiring 250 local employees every quarter in the US for the next four quarters,” said S Gopalakrishnan,
CEO of Infosys. “As we develop our consulting and systems integration services, we need to hire more at all levels in the United States. Brand recall for companies like ours is improving every year, we are slowly getting there,” he said.
US talent pool much smaller
“There is no big cost difference because we have to pay American salaries even to our Indian employees going there,” he added.
However, unlike India, which produces nearly 600,000 engineering graduates every year, the US pool is much smaller, ensuring a much more intense fight for whatever talent is available.
“Though IT is a popular choice, compared to Indian colleges, the pool of students looking out for a career in IT is smaller and all tech firms are tapping into this pool; so definitely, the war for talent is there,” said Priti Rajora , global head, talent acquisition, Wipro Technologies .
On their part, India’s top outsourcing companies TCS, Infosys, Wipro and HCL have already started setting up development centres in locations such as Atlanta and Michigan. While TCS aims to double its foreign workforce from 10,000 currently to 20,000 over the next five years, Infosys and Wipro could see non-Indians account for 10-15% of their total employee base in next 3-5 years, from around 5% currently.
In a year when India’s top outsourcing firms are under pressure to position themselves as more global companies not necessarily responsible for America’s ‘jobless economic recovery’, experts and company officials say a war for local US talent is set to become a priority.
Apart from stricter and costlier visa permits in the US, outsourcing customers such as GE are also asking Indian vendors to play a role in addressing high unemployment rates.
India-based tech firms including Wipro, Tata Consultancy Services , Infosys and Cognizant are now battling it out to hire hundreds of fresh engineering graduates from campuses of Pennsylvania State University , Rutgers, University of Massachusetts , University of Connecticut , North Carolina State University and University of Michigan , among many others.
Companies such as Infosys, which counts JP Morgan among its top customers, say they have started hiring from US campuses.
“We have a target of hiring 250 local employees every quarter in the US for the next four quarters,” said S Gopalakrishnan,
CEO of Infosys. “As we develop our consulting and systems integration services, we need to hire more at all levels in the United States. Brand recall for companies like ours is improving every year, we are slowly getting there,” he said.
US talent pool much smaller
“There is no big cost difference because we have to pay American salaries even to our Indian employees going there,” he added.
However, unlike India, which produces nearly 600,000 engineering graduates every year, the US pool is much smaller, ensuring a much more intense fight for whatever talent is available.
“Though IT is a popular choice, compared to Indian colleges, the pool of students looking out for a career in IT is smaller and all tech firms are tapping into this pool; so definitely, the war for talent is there,” said Priti Rajora , global head, talent acquisition, Wipro Technologies .
On their part, India’s top outsourcing companies TCS, Infosys, Wipro and HCL have already started setting up development centres in locations such as Atlanta and Michigan. While TCS aims to double its foreign workforce from 10,000 currently to 20,000 over the next five years, Infosys and Wipro could see non-Indians account for 10-15% of their total employee base in next 3-5 years, from around 5% currently.
Domestic car sales grow by 26% in January 2011
New Delhi: The domestic passenger car sales witnessed an increase of 26.28 per cent to 184,332 units in January 2011 from 145,971 units in January 2010, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
The motorcycle sales registered a growth of 14.94 per cent during the month, increasing from 650,633 units in January 2010 to 747,818 units in the first month of 2011. The total two-wheeler sales in January increased by 17.55 per cent to 980,752 units from 834,343 units in January 2010.
Sales of commercial vehicles also saw an upsurge by 12.58 per cent to 60,753 units in January 2011 from 53,963 units in the same month last year.
Total sales of vehicles across categories registered a growth of 18.69 per cent to 13,22,979 units in January as against 11,14,692 units in the year-ago period.
The motorcycle sales registered a growth of 14.94 per cent during the month, increasing from 650,633 units in January 2010 to 747,818 units in the first month of 2011. The total two-wheeler sales in January increased by 17.55 per cent to 980,752 units from 834,343 units in January 2010.
Sales of commercial vehicles also saw an upsurge by 12.58 per cent to 60,753 units in January 2011 from 53,963 units in the same month last year.
Total sales of vehicles across categories registered a growth of 18.69 per cent to 13,22,979 units in January as against 11,14,692 units in the year-ago period.
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