It was announced in September that Nissan Motors would exit the three joint ventures by selling its stake to Ashok Leyland. Post deal, the three entities would become wholly- owned subsidiaries of Ashok Leyland.
Essar may use some of the proceeds to pare its debt, which stands at about Rs 80,000 crore. Essar said it has entered into an agreement to sell Equinox Business Park, developed by the Essar group firm Equinox Realty Holding Ltd.
Coming down hard on carmakers found to be restricting sale of spare parts in open market, fair trade regulator CCI on Tuesday imposed a penalty of Rs 420.26 crore on Hyundai Motor India and asked two others -- Reva and Premier -- to 'cease and desist' from anti-competitive practices.
The East District Consumer Disputes Redressal Forum held Nissan Motors India liable to refund the cost of the vehicle, a Micra car, or replace it, saying the complainant was in "constant danger" of getting hurt due to the car's defective braking system which did not work properly despite replacement of the entire brake assembly
Sports car-loving electric vehicle visionary Carlos Tavares, the Americas head of Nissan Motors, looks set to speed to the top operational job at its alliance partner, French car maker Renault.