IDBI Bank Ltd. and Passenger Car Business Unit of International Cars & Motors Limited (ICML) entered into a Memorandum of Understanding (MoU) for providing Auto Finance to prospective customers of ICML. The MoU was signed by Shri Aloke Sengupta, CGM - Personal Banking Group - North, IDBI Bank Ltd. and Shri Akshay Sangwan, CEO, ICML.
Mahindra & Mahindra, India's largest SUV manufacturer is planning to acquire a significant stake in ICML (International Car and Motor Ltd) Group in coming months. The M&M group has been in talks with ICML since last one year but no agreement has been signed between these companies till now. ICML is one of the fastest growing automobile company in India and its SUV Rhino Rx is becoming quite popular among SUV lovers, but the company doesn't has a significant market presence in the country. As M&M group has a large distribution network in India it can provide a large customer base to ICML products.
Punjab-based International Cars & Motors Ltd (ICML), a Sonalika Group company, changed the plan to launch of world car' inspire' due to the current slowdown and poor condition of car market. It is expected that the car, which was showcased at the Auto Expo 2008, would hit the Indian roads by 2010. ICML executive director, Raman Mittal said that the auto industry was facing difficulties on account of global downturn. It had forced the company to holds down the launch of World Car.