Hyderabad based MLR Motors originally scheduled to roll out its diesel and petrol variants of hatchbacks and light commercial vehicles by January 2009 is revisiting its plans, as it couldn’t tie up funds for the INR 1100 crore project due to the recessionary market.

Mr M Lokeswara Rao MD of MLR Motors told Business Standard that “Leading banks and private equity players shied away from lending because of the market recession that happened since last October. Now, they are considering infusing funds.”

(Sourced from Business Standard)