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GET FREE AUTO ALERTS Sonalika group owned ICML have been constantly experiencing a decline in sales of their MUV's. On the other hand, M&M have been trying to buy a stake in Sonalika group since 2009 end.
M&M believes by upgrading ICML cars, and opting for aggressive promotion and distribution, they can improve on sales. The manufacturing unit of Sonalika group can manufacture 2000 units a month but they were only able to sell 33 units in March down from 178 units that were sold in February.
70% of the 5000 crore Sonalika group is owned by this promoter family of which M&M wants a fair share to convert it into a profit making company.
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