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The Economic Times | Kolkata | December 05, 2007
The Stock of CK Birla - promoted Hindustan
Motors (HM) rose 4% to close at Rs 43 on talk that Mitsubishi
Motors is eyeing the company's casting and forging unit at
Uttarpara near Kolkata. This unit is part of the plant, which
manufacturers the Ambassador and other Mitsubishi branded Pajero
utility vehicles, and Cedia mid-size cars. Analysts say that HM
is likely to part with this facility and point out the company
has already developed a major part of the 743-acre Uttarpara
township into IT parks and other commercial projects. When
contacted Managing Director R. Santhanam denied such a move,
saying that it is more a "figment of somebody's imagination". He
said that his company in fact has been investing heavily in the
component plant and that the plant has not yet been integrated
with AVTEC, its arm engaged in manufacturing of engine.
Contributed by Santosh Nair & Gaurav Pai
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