IMPCO Well Positioned to Benefit From Recent Supreme Court Rulings in India
April 28 2004 - 1:08AM
PR Newswire (US)
IMPCO Well Positioned to Benefit From Recent Supreme Court Rulings
in India CERRITOS, Calif., April 28 /PRNewswire-FirstCall/ -- IMPCO
Technologies, Inc. announced today the Supreme Court of India has
recently dismissed an application by the Bombay Bus Owners
Association seeking an extension of the January 31, 2004 deadline
to convert eight-year and older diesel commercial vehicles to
operate on Compressed Natural Gas (CNG). Approximately 24,000
vehicles will be affected. Similar initiatives are also being
enacted and enforced throughout India in a bid to fight the
devastating pollution in their major cities. The Gujarat Motor
Vehicles Regulation being enforced by the government mandates that
nearly 50,000 auto rickshaws, 1000 State owned buses and 600
Municipal buses must be converted to CNG or propane within 3 years.
Massive investment is being undertaken throughout India to provide
the refueling infrastructure needed to support the mandated
conversion to CNG & propane as well as the move to Natural Gas
powered electrical generation. For example, in Delhi, all newly
registered buses and many other commercial vehicles can only be
registered if they operate on clean burning CNG. These initiatives
are all based on Article 21 of the Indian Constitution, which
confers on a person the right to pollution free air, and also aim
to secure India's energy independence and improve their balance of
payments with respect to energy acquisition and consumption. IMPCO
has the largest selection of alternative fuels equipment for diesel
applications in the world that enable diesel and petrol engines to
run on natural gas and propane. Through their joint venture, Minda
IMPCO Ltd. with MINDA, the largest OEM supplier of auto components
in India, IMPCO is well placed to assume a market leading position
in this fast developing market. IMPCO has been doing business in
India since 1994. The potential market for IMPCO's products in
India exceed a total of $900 million. Regarding IMPCO: IMPCO
designs, manufactures, markets and supplies advanced alternative
fuel systems and related products for the mobile, industrial, power
generation, and stationary engines market place. Headquartered in
Cerritos, California, IMPCO has facilities in Asia, Europe,
Australia and South and North America. More information can be
found at IMPCO's web site. http://www.impco.ws/. IMPCO also
operates under the BRC brand name through its 50% ownership
agreement with MTM Srl headquartered in Cherasco, Italy. Regarding
Minda IMPCO Limited: Minda IMPCO Limited is a joint venture
agreement with Minda Industries, Ltd. headquartered in Delhi,
India. Minda Industries, Ltd., is an automotive OEM supplier with
over US $50 million in annual revenues. The company manufactures
and markets OEM grade switches, locks, lamps, horns, instrument
panels and wiring harnesses for major auto, motorcycle and
commercial vehicle OEMs in India. Minda Grouphas seventeen
manufacturing plants in India and market their products via
technically trained sales forces to automotive OEMs. They are
TS16949, ISO 14001 and OHSAS certified and sell their products in
the aftermarket and to all the main OEMs in India e.g. Maruti, Tata
Motors, Bajaj, TVS, M&M to name a few. For further information
contact Mr. Dale Rasmussen, Investor Relations: Email: Phone:
+1-206-315-8242 Fax: +1-206-315-8301 DATASOURCE: IMPCO CONTACT: Mr.
Dale Rasmussen, Investor Relations of IMPCO, +1-206-315-8242, or
fax, +1-206-315-8301, Web site: http://www.impco.ws/
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