GM Executive:Bankruptcy To Delay $1 Billion India Auto Parts Sourcing Aim
02 Juni 2009 - 10:36AM
Dow Jones News
General Motors Corp.'s (GM) bankruptcy filing and the slowdown
in the global automobile market will delay its plan to buy auto
parts worth about $1 billion a year from India by 2010, the
president and managing director of its local unit said Tuesday.
GM sourced about $500 million of auto parts from India in 2008.
The auto maker buys components such as casting and machining parts
from Indian suppliers.
"The efforts will still continue but I am not sure of the actual
timeframe because of the different ownerships of some of those
parts of GM and also because of the overall decline in volumes,"
Karl Slym told Dow Jones Newswires in an interview.
"The volumes on an annual basis are going to be lower at least
for a period of time while the economy recovers in the U.S.," he
said.
-By Santanu Choudhury, Dow Jones Newswires: +91-11-4356-3305;
santanu.choudhury@dowjones.com