ICML World Car Postponed

International Cars and Motors Limited, owned by Sonalika Group of companies, has postponed its World Car launch indefinitely. ICML had decided to venture into small car segment and launch its vehicle in different market across the world.

The company had planned to roll out a small car by the year 2010 in Europe, U.S. and India. The world car project has been shelved for some time due to the worsening market condition all over the world.

ICML has unveiled a concept car inspire at the Auto Expo 2008. ICML Inspire was touted as the world car by ICML and was expected to hit the dealerships by 2010. Under the world car project, Inspire was designed in collaboration with leading Italian auto design house Pininfarina. The Chandigarh based company ICML had struck the deal with the Italian firm in 2008. An estimate of Rs 700 Crore for design and production chapters was drawn up. As per the venture plans for the mega project, the company had contemplated seeking financial support from internal accruals, debt and equity placements. The world car was supposed to be made at ICML's Himachal Pradesh plant at Amb.

Apart from the Indian car market, ICML had plans for exports to its foreign markets. There were plans to make CKD units in its Indian plants and assemble the world car at various places worldwide. ICML had chalked out the production of 50,000 units per year.

Talking to the media, the executive director, ICML Mr. Raman Mittal said, "The automobile industry is going through a very difficult and challenging time. Hence we decided to change our plans on the world car project."

Sources: http://www.carazoo.com/article/1602200902/ICML---On-the-Road-to-Success?; http://www.carazoo.com/smallcars