India Auto Parts Group: More Risk Of Payment Delays By GM
02 Juni 2009 - 10:06AM
Dow Jones News
Indian auto part makers are likely to face a higher risk of
their payments being delayed by General Motors Corp. (GM) after the
U.S. automaker filed for bankruptcy.
"What outstanding amount is there, is now at higher risk of
delay, but GM has had a good payment track record so we don't
expect delays," Vishnu Mathur, president of the Automotive
Component Manufacturers Association of India, or ACMA, told Dow
Jones Newswires.
ACMA members exported about $1 billion worth of parts to top
suppliers and vehicle makers in the U.S. in the fiscal year ended
March 31, 2008.
Mathur also said Indian auto part makers could be hurt if they
are supplying parts that GM may now not buy as it restructures
itself by closing plants and discontinuing some vehicle models.
-By Nitin Luthra, Dow Jones Newswires; +91-11-4356-3306;
nitin.luthra@dowjones.com