New Delhi: Hair stylist Rajeshwar Prasad has been in the business for 50 years, but he’s now the latest casualty of the country’s auto-driven lifestyle.
In the latest chapter of the luxury car boom, Prasam is not the only one in the industry facing financial difficulties.
Other big names, including Indian luxury carmaker Infiniti and luxury-carmaker Jaguar Land Rover, are in trouble.
The latest casualty in this trend, says Prasan, is Indian luxury-vehicle maker Jaguar Landry.
Infinitics woesThe company, which manufactures and sells a range of luxury vehicles including Land Rover and Jaguar XE, had to shut down a factory in Bengaluru and lay off 2,000 workers.
Its market share in the Indian luxury market fell from 5.5% in 2014 to 2.7% in 2015.
The company is also facing financial woes.
Its turnover last year was Rs 4,935 crore ($80 million).
Its loss was Rs 6,749 crore ($105 million) in 2016.
The decline in sales has led to Infiniat to take over the luxury-battery business.
Infinititi has now said it will sell all its battery assets to Infinetis, an investment company in Bengalu, to sell its batteries to manufacturers.
The new owners will buy the remaining assets.
The new owners of Infinitais battery will also have to find a buyer for its business.
This will be a huge headache for the company, says an executive at Infinitis, which sells batteries to a range a large number of brands.
Infinitis said it would make an announcement on the matter later on Wednesday.
“We will soon be in a position to invest,” said a senior Infinitec executive.
“Our focus now is on building up our manufacturing capacity.
This has not changed at all.”
Infinitois loss in 2016 was the biggest in the company’s history.