Swaraj Mazda's Executive Coach hit Indian roads
The Chandigarh-based bus major Swaraj Mazda Ltd. has recently come out with an Executive Coach ideally suited for most congested Indian roads. With a seating capacity of 12+1, this new bus was delivered initially in Delhi and certain areas in northern India where it has received a good response. The vehicle is also under demonstration in many places, including Chennai. Basically the vehicle was made out of Mazda’s existing 2815 wheel-base.
Luxurious, comfortable, strong, sturdy and spacious, the Executive Coach has attractive features like an aero dynamic shape, roof-mounted A/C with individual ducts, reading lights, hat racks, driver-controlled passenger door, power-operated rear view mirrors and tinted sealed glass. The vehicle is an ideal solution for transportation needs, be it shuttle service for executives, airport transfers, sight seeing or family picnics / tours.
According to reliable sources, the company is also planning to launch the NQR bus series in the near future. This bus has been designed with a premium comfort will have 27 seat capacity. The vehicle, powered by Isuzu engine and with several attractive features, is expected to attract huge demand.
M&M; selling Swaraj Mazda stake
It is learnt from reliable sources that Mahindra & Mahindra has decided to exit from Swaraj Mazda by selling its entire stake held through Punjab Tractors Ltd. (PTL) to Sumitomo Corporation, the Japanese partner of the company.
Sumitomo Corporation currently holds 39.4 per cent in Swaraj Mazda, and PTL’s 14.04 per cent stake will raise this to 53.52 per cent. The mode of the proposed acquisition is by way of inter-se transfer, the date of which is January 6, 2009. The acquisition price is Rs. 272, Swaraj Mazda said in a filing to the Stock Exchange.
According to Mr. Anjani Kumar Choudhari, President of Mahindra’s Farm Equipment Sector that includes PTL, the Mahindra Group had considered its stake in Swaraj Mazda as a pure investment. It decided to exit as it felt the right time to encash.
PTL, in which M&M; currently holds 64.64 per cent, is in the process of being merged with the Anand Mahindra company. Earlier, it had sold about 15 per cent of its stake in Swaraj Mazda to Sumitomo, around 2005.