US-based infotainment supplier Harman Industrial Industries Inc. (HII) has announced its acquisition of Bang & Olufsen Automotive. The deal amounting to USD 156 million (approximately Rs 995 crore), was first announced in March, and Harman said that the amount to be paid would include the unit and technology license fees. Harman will also be expected to pay annual fees of at least USD 1.82 million (approximately Rs 11.62 crores), for exclusive use of Bang & Olufsen and B&O Play stereo technology in car audio systems for over 20 years. Harman said that it will market the B&O products to makers of high-end cars and target the B&O Play to the mass luxury omega replica market. Harman Kardon is credited with creating the high-fidelity audio system market. Harman owns a variety of brands like AKG, JBL, Mark Levinson and Infinity. Bang & Olufsen portfolio boasts important automotive clients like Audi, Mercedes-Benz, Aston-Martin and BMW. This deal means that Harman gains the luxury client list and Bang & Olufsen gets to retain its brand name and sound systems. Courtesy: Autocar India

Cult bike maker Harley-Davidson has tied up with fashion portal Myntra to sell its casual merchandise through an exclusive online store. Launched today, the online store offers a range of casual outerwear, sportswear, denims and accessories, Harley-Davidson said in a statement. "Through this alliance, Harley-Davidson merchandise will now be easily accessible to over 12,000 pin codes in India," it added. Harley-Davidson merchandise and accessories are also offered through the brands dealership network across 17 locations in India. Harley-Davidson Sales and Dealer Development Director Rajiv Vohra said the alliance will help the company reach out to more customers across the country. Myntra ''s eCommerce Platform Head Prasad Kompalli said: "This alliance will help us cater to Harley-Davidson aficionados by enabling easy access to the brand''s lifestyle merchandise. Courtesy: Business Standard

NEW DELHI: In what could be construed as a positive verdict for the performance of Narendra Modi govt in its first year, close to 62 percent of auto industry believes that the new government will be able to bring more reforms that can boost auto industry going forward, an ETAuto survey revealed. The survey was conducted among the top auto industry leaders in which there were close to 500 respondents. Narendra Modi-led government took up office in May 2014 after winning a historic elections with a clear majority. Given the high promises and the clear mandate, the expectations expectedly were near about stratospheric from the new government from all corners of the country. Helped by global economic turnaround, fall in global crude oil price, visible reformatory steps and being able to communicate it through media, Modi has been able to uplift the sentiments of the auto industry. Only 17 percent of the respondents thought that Modi government has not met the expectation. Rest 83 percent were of the view that the government has somewhat or completely met their expectation. The prime minister has visited numerous countries in search of foreign funding and also to promote his pet initiative Make in India. One of the biggest promises by the government was to make doing business in India much easier by reducing red tapism. 37 percent company believe that the government has been able to do this to meet their expectations whereas 45 percent were of the opinion that the government has been able to reduce red tapism only slightly. The rest, however, dont see any results to this effect. According to the auto industry heads, the biggest plus point of this government from the business point of view is its ability to attract foreign investment into the country. A whooping 94 percent of the respondents thought that this government has been either good or excellent in attracting investments into the country.