Auto Sector

Pendragon urges govt to widen “cash for bangers” scheme

Pendragon, the UK's largest operator of franchised motor dealerships, has urged the govt. to widen its “cash for bangers” scheme as it has encouraged the car-market and the careworn auto-industry has started taking a U-turn.

Cash-for-bangers scheme provides a rebate worth £2,000 on the purchase of new cars to those buyers who scrap their more than 10-year old cars. 

Volkswagen inks deal to acquire Porsche

Volkswagen, Europe's biggest carmaker, and luxury auto manufacturer Porsche have finally approved a plan to merge by 2011.

The move will create an automotive giant, which includes ten major brands - including Volkswagen, Porsche, Audi and Skoda.

Under the terms of the agreement, Volkswagen will pay up to 3.3 billion euros for the stake by the end of 2009 and issue new preferred shares sometime in the first half of
2010 to finance the deal.

Man Industries secures order worth Rs 750 crore

Man Industries India Limited, part of the well-diversified UK-based Man Group, has secured two new orders worth Rs 750 crore from different firms for supplying pipes.

The company has bagged first orders worth Rs 200 crore from GAIL, while the second order worth Rs 550 crore has been secured from the Middle East and African continent.

With the latest order the company's total order book stands about Rs 2,500 crore.

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