Mumbai sources have stated that Tata Motors, which is India's largest truck maker announced on Monday the departure of Ravindra Pisharody, the executive director-in-charge of the flagging commercial vehicle business, even as it promoted Satish Borwankar, a veteran in the company as its chief operating officer.
Pisharody cited “personal reasons,” for his resignation. The company informed and further clarified that Borwankar’s elevation and Pisharody’s resignation were separate developments and not linked to each other.
Sources have added that after having served for almost a decade at Tata
Motors, Pisharody was elevated as executive director in 2012 and was the member
of executive committee, contributing to important decisions on the future of
the company. Of late, however, Pisharody had a tough task of dealing with
rising competition, deep discounting in the truck space, a volatile market
environment and Supreme Court ruling.
Meanwhile Tata Motors ended Financial Year 2017 with a record low market share of 43% with medium and heavy truck market share dropping to almost 50%, Pisharody had to face the challenging task of liquidating BS III inventory by 31st March, post the Supreme Court ruling. Tata Motors was saddled with inventories worth Rs 1500-Rs 2000 crore, which the company said it would divert it to exports market or convert it to BS IV.
Road tax increased for automobile industry New Delhi sources have stated that the cheer that goods and service tax has brought to the automotive market has diminished, with concerns mounting over the risk of states raising road tax to offset revenue loss and was added that Maharashtra has already decided to increase the levy on vehicles by 2% to compensate for the absence of octroi, a state tax which has now been merged with GST.
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