Volkswagen India plans halted
It is bad news for Indian automobile industry as one of the biggest auto companies of Europe has reportedly delayed their entry into the Indian market. Volkswagen has delayed the decisions of building a new factory in India in the wake of a bribery scandal at the German carmaker. VW boss Bernd Pischetsrieder has now put on hold the plans on their Indian operations.
VW has also involved the auditors KPMG to review bribery allegations at the firm. These claims also include allegations against former staff at its Czech unit, Skoda. Skoda has had a rather fruitful run in the Indian market and has been a good start for the German Auto Giant.
The scandal came to the front after surprise resignation of Helmuth Schuster, Skoda’s former personnel chief last month. Their were allegations of taking bribes against him to secure foreign contracts for VW. Other plans to setup plants in Angola have also been postponed by the company as a result of these latest developments. The company has not yet commented on all these issues.
The company, which own brands like Audi, Seat, and Bentley, posted a lower-than-expected first-quarter net profits in April of 70m euros.
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January 31st, 2006 at 12:12 pm
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contact the above e mail id or mithun rai on mobile 9886540999.
thanking you,
yours sincerely,
manjunath .g.n