Hyundai ties-up with UBI for car finance

Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter, has signed an Memorandum of Understanding with Union Bank of India (UBI), a premier nationalised bank, to assist customers in financing auto loans. The MoU was signed by A.K. Bansal, Field General Manager, (Delhi), Union Bank of India and Arvind Saxena, Sr. Vice President, Marketing & Sales, Hyundai Motor India Ltd. According to the MoU, HMIL will help both the partners to reach out to wider market and make loans convenient and easy to finance. The maximum loan offered by UBI per vehicle is Rs 15 lakh with minimum margin of 15 percent on road price and repayment upto 72 months. Union Bank will process customers requests within two working days after receipt of duly completed application forms with the necessary supporting documents. The automobile company also has strategic tie-ups with Syndicate Bank, Bank of India, Punjab National bank, Canara Bank, Bank of Baroda and Corporation Bank.

Hyundai strike is called off

Strike at Hyundai Motor India's Sriperumbudur plant has come to an end on Friday. The strike was called off after both the sides, workers and Hyundai Motor management, agreed on some points. A Sounderrajan, president of Centre for Indian Trade Unions’ Tamil Nadu arm, said the strike is ended. He added that the company assured them not to take any action against workers after they returned to work and will give answers to every demand of workers. And the management agreed that it would not come to any wage revision settlement with the working committee till May 20.
According to Sounderrajan, the chief demand, that the management recognise the employees union, has not been conceded. Commenting on the wage revision, he said the company used to give increments every three years. The previous wage structure ended on March 31 this year, and the new one was to applied on April 1. He denied to comment on the course of action on the wage issue, saying, “We will do something.” The demands include an increase in the minimum wage, which is Rs 8,000, and explanations for dismissing 65 workers and suspending another 34.

Hyundai's Santro another stylish variant by year end

Hyundai Motor India Ltd (HMIL) is planning to introduce another variant of the Santro by year end. It will be followed by three variants namely petrol, LPG and CNG. A company officials said that the Santro has been a very successful car for the company. Excited by the success of the existing variants Hyundai Motor might refresh the car by the year end. In the refreshing process, other than engine there would be some changes in looking and other major things. Meanwhile, it is expected that, however, some changes will be done but the price will not vary much. The Santro is at present available in three variants namely petrol, LPG and CNG- and is priced between Rs 2, 59,900 and Rs 3, 69,059 (ex-showroom, Delhi).
Hyundai exports the car to Columbia, Mexico, Sudan, South Africa and Algeria. Till April, the company has exported 4, 39,541 units. Since its launch in India in September 1998, Hyundai has sold 9, 84,418 units in the domestic market. The Santro and the i10 comprise about 75 per cent of the 22,000-23,000 units that Hyundai Motor sells each month in the domestic market.