Sharmistha Mukherjee
The company said it has also decided to advance payments of incentives and reimbursements across the 3 functions (sales, service and spare parts) and entirely bear the interest cost of BS-VI inventory (physical as well as those in transit) with the dealers for the 21 days of nationwide lockdown. Rival Hero MotoCorp has also announced plans to buy back unsold BSIV inventory.
MG Motor India’s online sales channel is scheduled to become operational by the end of the month. Hyundai is accelerating the launch of its one-stop digital sales platform “Click to Buy.” Mercedes-Benz, which currently sells pre-owned vehicles online, is adding new vehicles on its platform.
The ₹4.2 lakh crore restaurant industry, which employs over seven million people, is staring at store closures, job losses, and significant erosion of profits and revenue because of the lockdown and social distancing norms. Force majeure refers to rare and unanticipated events, beyond the control of the concerned party that prevents him from fulfilling a contract.
“Our supplies and production were impacted in February because of the outbreak of coronavirus in China. In March, the situation started improving…Now we are more concerned about Italy… (But) We are still optimistic, because of our bookings, we will be able to meet our annual target,” said MG Motor India president Rajeev Chaba.
The proposal would have to be approved by the board of individual banks. A clarification is also awaited from the Reserve Bank of India (RBI) regarding the extension of moratorium on short-term loans such as inventory finance.
Sources across cinema chains have confirmed to ET that they had individually written to the landlords and mall owners seeking waiver of rent under the ‘force majeure’ clause of their contracts. The clause excuses companies from meeting some obligations in case of certain unusual circumstances.
Hero MotoCorp will invoke force majeure to suspend full payments to vendors as sales come to a standstill
At the request of the Government of India, Maruti Suzuki India Limited (MSIL) examined its ability to assist in the production of ventilators, masks and other protective equipment and mobilised production of ventilators, masks and PPE to support India's preparation against COVID-19, the company said in a statement.
These advanced kits have a very high level of accuracy and can help serve over 25,000 people, Hyundai Motor India Ltd ( HMIL) said in a statement. "Post receiving the shipment, the kits will be distributed in consultation with the Centre, and state governments to the hospitals in affected areas," it added.
The auto component industry is staring at production loss of Rs 1000-1200 crore per day due to the nationwide lockdown imposed by the government to check the spread of the coronavirus pandemic.
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