The company and workers' unions have been in talks for several months but they not yielded results.
TVS Motor Company would invest around Rs 350 crore next fiscal year towards expansion of capacity, and the launch of one new model each of scooter and motorcycle are some of the targets for 2017-18, a senior company official said.
Hyundai Motor India, Mahindra & Mahindra, Honda Cars India and Toyota Kirloskar Motor, all have witnessed fall in market share during the period.
The company has sold 100 per cent shares in its wholly-owned subsidiary Eicher Engineering Solutions Inc to to SegulaTecnologias Espana, VE Commercial Vehicles Ltd (VECV) said in a statement.
While it has been speculated that the number of employees to be offered VRS could be around 500, the spokesperson declined to confirm saying "it is still in discussion stage".
The notes ban-induced liquidity crisis has resulted in sales falling 11.3 per cent between November and January. The conversion to BS-IV emission norms, which are coming into effect from April, also resulted in some inventory correction taking place across OEMs from February.
In November, vehicle sales across categories registered a decline of 5.48 per cent at 15,63,665 units, from 16,54,407 in November 2015.
The country's largest car maker, Maruti Suzuki India (MSI) said its domestic sales stood at 1,20,735 units, up 11.7 per cent from 1,08,115 in February last year.
Carlos Ghosn ends years of speculation over when he would relinquish the top job at Japan's No. 2 automaker amid investor concerns that he was stretching himself too thin.
Mahindra is in the process of investing Rs 700 crore to develop new intermediate commercial vehicles (ICVs) and light commercial vehicles (LCVs).
Tata Motors CEO Guenter Butschek said at a press conference that he saw the tie-up creating new revenue opportunities for the company as car buyers increasingly look for value-added services.
On January 13, the head of the US Environmental Protection Agency finalised a determination that the landmark fuel efficiency rules instituted by then President Barack Obama should be locked in through 2025.
Vehicle sales across categories registered a decline of 4.71 per cent to 16,20,045 units from 17,00,141 units in January 2016.
The Jaguar brand recorded retail sales of 13,949 units in January, up 76 per cent, driven by continuing strong sales of the F-PACE and strong demand for the long wheel base Jaguar XFL in China.
The Voluntary Vehicle Fleet Modernisation Programme (V-VMP) policy has proposed to push 28 million decade-old vehicles off the roads.
Tata Motors is finding it difficult to answer queries on whether the Nano will be a part of the journey ahead as the issue is proving to be a sensitive one involving those at the top level of the Tata group.
The price hike is in the range of Rs 1,500 to Rs 8,014 (ex-showroom Delhi) across models, Maruti Suzuki India (MSI) said in a statement.