Financial Daily from THE HINDU group of publications
Saturday, Dec 14, 2002
Financial Daily from THE HINDU group of publications Saturday, Dec 14, 2002 |
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Corporate
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Announcements Mico yet to decide on future investments Our Bureau
BANGALORE, Dec. 13 MICO Ltd is yet to decide on its investment corpus for the next financial year, according to its Managing Director, Mr Andreas Nobis. The company had earlier halved its proposed Rs 500-crore investment plan for the current financial year, tracking a dismal economy and slackened commercial vehicles sales. The future investments will depend on `the volumes' in the local market, Mr Nobis said. Though the commercial vehicles segment is likely to report a robust growth in the next financial year, tractor segment is likely to stay muted, he added. Meanwhile, Mico said that it was "working very closely with Tata Engineering and Locomotive Company, Ashok Leyland to develop Euro-III compliant diesel injection system". Mico is also likely to offer voluntary retirement scheme in the next financial year. Commenting on the proposal of future VRS, Mr Nobis said, "I will not say no". However, he clarified that there were no such proposals for the time being and any future decision would depend on the dynamics of the economy.
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