New Delhi, Aug 04: Luxury carmaker DaimlerChrysler India said on Monday it will come out of the purview of the Board for Industrial and Financial Reconstruction (BIFR) within this fiscal and wipe out its total accumulated losses of Rs 300 crore within the next 3-5 years. The company, which is planning to launch the super luxury sedan 'Maybach' at about Rs 3 crore next year, now plans to launch trucks with higher tonnage capacity, said its Managing Director and CEO Hans-Michael Huber.
"We are close to the threshold of coming out of BIFR (which deals with sick companies) within the course of this financial year only," Huber said.
This year, DaimlerChrysler India hopes to boost its sales by about 16 per cent from Rs 320 crore in 2002, he said.
But, the profits would remain the same as last year at Rs 40 crore due to 25 per cent rise in the value of the Euro, in which the company pays its bills, he added.
The Pune-based firm has a paid-up capital of Rs 600 crore while the accumulated loss of Rs 380 crore during 1995-2000 has been brought down to Rs 300 crore now. Bureau Report