Hyundai Motor India Limited (HMIL) is targetting to gross 60 million dollar export turnover during the 2000 calendar year as part of plans to make the Indian operation a sourcing and export base base for components and fully built cars.reports PTI.
The company has targetted to export 6,000 completely built units (cbus) of cars from India and earn around 40 million dollars during the current year. Export of components would account for the remaining 20 million dollars, Hyundai Motor India Limited president A.P. Gandhi said.
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The company has already flagged off a batch of 760 cars, including 350 units of santro and 410 units of accent to Algeria. In addition, Hyundai has been exporting cars to neighbouring countries such as Sri Lanka, Nepal and Bangladesh.
Hyundai expects to surpass the 78,000-units sales target set for the 2000 calendar year. “we expect total sales, including exports to cross the 100,000 mark this year. In the domestic market, we hope to sell over 90,000 cars.”
Mr Gandhi said the company has decided against issuing an initial public offering before five years. In addition, the company has decided to go slow on its decision to privately place upto 24 per cent stake in HMIL.
“The issue of disinvestment would now be taken up only is post-2003, he added.
Regarding the debt raising exercise, Mr Gandhi said, HMIL already has unutilised debt from Indian banks to the tune of Rs 900 crore. “In our initial phase of entry into India, we had utilised only around Rs 50-100 crore of the total debt raised. We still have a huge quantum of unutilised debt and will be using this.”
