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Fiat Chrysler to invest $ 250 million in Indian unit

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Fiat Chrysler to invest $ 250 million in Indian unit

Fiat Chrysler Automobiles NV (FCA) said on Tuesday that it would invest $ 250 million over the next two years to expand its presence in India with four new sport-utility vehicles (SUVs) under its JEEP brand.

Fiat Chrysler Automobiles said in a statement that a mid-size SUV will be manufactured locally to assemble Jeep Wrangler and Jeep Cherokee vehicles in the country and launch a new version of its Jeep Compass SUV.

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Currently Fiat Chrysler Automobiles has less than 1% of India’s passenger vehicle market. Adding new vehicles to its portfolio is expected to help the automaker increase local sourcing of components, achieve better economies of scale, reduce costs and increase sales. Partha Dutta, managing director of Fiat Chrysler Automobiles India said in the statement, “Our new investment of $ 250 million will give us a competitive edge in many areas.”

The investment comes at a time when automobile manufacturers globally have been hit by the epidemic, and vehicle manufacturers in India are slowing the domestic market further in 2019. Japan’s Honda Motor Company has been forced to close one of its two plants in the country, and General Motors stopped production of cars for export in India after closing domestic sales in 2017 last month . India has also seen the entry of new automakers over the years, including Kia Motors of South Korea and SAIC Motor Corp of China. Fiat Chrysler Automobiles will produce and combine the new SUV at its car plant in Western India, jointly with domestic automaker Tata Motors.

Fiat Chrysler Automobiles’ three-row SUV is expected to compete with Ford Motor’s Endeavor and Toyota Motor’s Fortuner SUV. The latest round saw FCA’s total investment in India exceed $ 700 million, including $ 150 million in a new global technology hub.


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Billionaire Issa brothers acquire Leon for £100m

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Billionaire Issa brothers buy Leon for £100m
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ast-food chain Leon has been bought for £100 million by the Issa brothers, the billionaire siblings who purchased Asda just a handful of months back.

The brothers’ petrol forecourt small business, EG group, have acquired a lot more than 70 Leon dining places across the Uk and Europe with options to make out the community, like drive-as a result of sites.

Mohsin Issa and Zuber Issa mentioned the offer provided a “fantastic opportunity” to purchase a “ model we have lengthy admired”.

The team has also dedicated to trying to keep on Leon’s management staff and workers.

Leon manager John Vincent, who co-started the agency in 2004, stated: “In some methods this is a unhappy day for me.”

“We have experimented with tricky, finished some great matters, made a healthy sum of issues, and designed a organization that rather a handful of people today are kind more than enough to say that they love,” he included.

Mr Vincent described the Issa brothers as “decent, hard-operating business enterprise people” who would be “superb custodians” of the Leon manufacturer.

He experienced formerly reported Leon was losing close to £200,000 a 7 days for the duration of lockdown.

“That most likely means that versus what we would have been creating, we’re shedding possibly an additional £800,000,” he stated.

The deal contains 42 enterprise-owned restaurants, as perfectly as 29 franchise websites which are generally observed in airports and prepare stations throughout the British isles and a handful of European nations around the world these kinds of as the Netherlands and Spain.

Leon designed revenue of about £115m in 2019, jogging losses to fund its enlargement inside of the British isles and overseas before the pandemic stunted its growth strategies.

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