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| Auto sector to recover in next 2 months: Anand Mahindra |
| BS Reporter / Mumbai Feb 17, 2009, 16:01 IST |
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"The auto industry will recover in the next two months," said Anand Mahindra, vice-chairman and managing director, Mahindra & Mahindra, at the sidelines of the Ficci-Frames seminar in the city echoing the auto industry expectations.
Earlier this month, it was reported that automobile sales in January dropped 7.45 per cent, compared to the same month in 2008. Despite the decline, it is the first indication that the fall in sales, which occurred between October and December 2008, could be bottoming out and many hope for a recovery in February or March. Auto sales dipped in the double-digits, ranging between 14 and 18 per cent between October and December over the last year.
Speaking on the recently launched Xylo, Mahindra said: "There is a six week waiting period for the car and we are working on reducing the waiting period."
Mahindra was also optimist of the auto components industry in India and China getting a larger slice of the outsourcing pie in the coming years.
"India and China will emerge as the outsourcing hubs for the auto components industry globally and their market share will increase in the next five years," he said.
The company is also in the process of consolidating its telecom ventures and software development businesses with Tech Mahindra. Mahindra has also kept his options open for Satyam once it is up for bids. "Satyam is an opportunity and we will look at it once its new management puts it up for bid," said Mahindra. However, Mahindra has yet not approached the Satyam management so far with its interest.
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