No major impact of UK FTA: Mercedes MD

INDIA'S FREE TRADE agreement (FTA) with Britain won't cause any dramatic change to the luxury car industry as most of such vehicles are partially manufactured here anyway, said the head of India's largest luxury carmaker Mercedes Benz.

- SWARAJ BAGGONKAR

With tax concessions to British brand Jaguar Land Rover (JLR) now becoming a possibility under the FTA signed between the two countries earlier this week, it directly means steeper competition to Mercedes-Benz India (MBIL).

Speaking to FE, Santosh Iyer, managing director, MBIL said, "We welcome any FTA. 95% of the cars we sell in India are locally produced, attracting 15% of duty. Under FTA, there is no zero duty and there are quotas."