Auto Components
Uno Minda to enhance stake in JV firm to 76 per cent
Uno Minda, an auto components maker, has approved increasing its stake in joint venture firm Minda Westport Technologies Ltd (MWTL) to 76%. The company plans to acquire an additional 26% stake from its joint venture partner, Westport Fuel Systems Italia. The purchase consideration for the stake is around Rs 15 crore.
Modulus Alternatives infuses Rs 105 crore in Shivam Autotech, commits total investment of Rs 150 crore
Modulus Alternatives Investment Managers has invested INR 105 crore in Shivam Autotech as part of its commitment to invest INR 150 crore in the company. The investment will be used for growth and working capital. This is the first investment of Modulus Alternatives' second private credit fund, India Credit Opportunities Fund II.
From war to business to economy, why NavIC is the tech for a rising India
India's homegrown GPS alternative, NavIC, is gaining traction with Apple agreeing to incorporate it in its latest iPhone 15 smartphones. This move is a step towards India's goal of self-reliance and replaces the US GPS system. NavIC will have a significant impact on the economy and business, improving logistics and reducing costs. It will also benefit home delivery and ride-hailing services, navigation-based gaming apps, auto insurance companies, advertising firms, and the travel and tourism industry.
Tesla interested in coming to India, aims to source $1.9 bn auto parts from country this year: Commerce Minister
Tesla is interested in entering the Indian market and plans to source $1.9 billion worth of auto parts from the country this year, according to Commerce Minister Piyush Goyal. Tesla had previously attempted to enter India in 2021 but talks collapsed over the requirement for local manufacturing. Prime Minister Narendra Modi has been closely monitoring the progress of discussions with Tesla.
Production of advanced chemistry cell batteries in India likely to start by Jan 2024: Mahindra Nath Pandey
India is set to begin production of advanced chemistry cell (ACC) batteries by January 2024, according to Union Minister Mahindra Nath Pandey. The government approved a scheme for manufacturing ACC batteries in May 2021, with an estimated cost of Rs 18,100 crore. ACCs are advanced energy storage technologies that can store and convert electric energy.
Exide Industries invests over Rs 100 crore in advanced chemistry battery cells making arm
Exide Industries Ltd has invested over Rs 100 crore to manufacture advanced chemistry battery cells. The company manufactures battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, prismatic battery cells as well as manufacturing, assembling, selling battery modules, battery packs and other related activities.
Exide's lithium-ion cell project secures Rs 2,000 crore line of credit from banks
Exide Industries has also applied for regulatory approvals for the merger of its wholly-owned subsidiary Exide Energy Private Limited (EEPL) with Exide Energy Solutions (EESL) to bring all lithium battery business entities under a single roof. EEPL has a 1.5 GW fully automated lithium-ion battery packs and modules manufacturing plant at Prantij, Gujarat. EESL is the promoter of the lithium cell plant.
India's automotive industry poised to rank number 3 in world by 2030: Govt
India's automotive industry is poised to rank number three in the world by 2030, with various schemes like the Rs 25,938 crore PLI for Automobile and Auto Components supporting the sector's growth, the government said on Monday. Ministry of Heavy Industries (MHI) is organising a conference on Tuesday to review the performance of the Production Linked Incentive -Auto Scheme. The meeting with stakeholders will be chaired by Heavy Industries Minister Mahendra Nath Pandey.
Schaeffler India to fully acquire auto spare parts platform Koovers for Rs 142.4 cr
Schaeffler India Ltd on Monday said it will fully acquire KRSV Innovative Auto Solutions Pvt Ltd, an automotive aftermarket spare parts platform, for Rs 142.4 crore. Bengaluru-based KRSV Innovative Auto Solutions, which operates under the brand Koovers, offers spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform.
Li-ion plant: Exide Energy plans to double production capacity, seeks 40 acres
Battery maker Exide Energy has proposed to double its production capacity at its upcoming li-ion factory near the international airport, and requested the state government to allot an additional 40 acres of land.
Foreign auto manufacturers in India step up manpower hunt in bid to drive expansion
Overseas automobile and component makers in India are boosting their search for specialised talent in engineering, research and design and IT roles, thanks to an increase in demand. The auto captives are adding 20-40% more specialised talent this year, according to industry executives. Amid the evolving market of electric vehicles, India is presenting itself as a manufacturing hub for global automakers, with the likes of BYD, Citroën, Kia, BMW, Mercedes-Benz, Volvo, Audi, Porsche and Jaguar-Land Rover launching EVs plans in the coming year.
Assurance Intl, Goodyear unveil new range of filters, batteries in India
Assurance Intl Limited, under the official licensing collaboration with The Goodyear Tire & Rubber Company, on Thursday unveiled a new range of filters and batteries. The range will be manufactured, marketed, sourced and distributed in India as well as in South Asia, Southeast Asia, Australia and New Zealand markets.
Exide Industries expects to regain pre-covid margin in 1-2 years
Exide Industries plans to regain its pre-pandemic EBITDA margin of 13-14% within the next one to two years after its current margin reached 10.6%. CEO Subir Chakraborty anticipates a turnaround in both the automotive and industrial sectors, but input costs have remained inconsistent. Chakraborty also indicated the company's Rs 6,000 crore lithium-ion cell manufacturing plant near Bangalore is advancing as planned, with commercial production to start in 2024-25.
Auto component industry reports highest turnover in FY23; aims to log double-digit growth this fiscal
The aftermarket, estimated at Rs 85,333 crore also witnessed a steady growth of 15 per cent while component sales to OEMs in the domestic market grew by 39.5 per cent to Rs 4.76 lakh crore, the Automotive Component Manufacturers Association (ACMA) said.
Samvardhana Motherson International to acquire assets, shares of Dr Schneider Group entities
The company through its wholly-owned arm Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has entered into an agreement to acquire assets and shares of the Dr Schneider Group entities from the insolvency administrator, Dr Joachim Exner, the company said in a regulatory filing.
Ramkrishna Forgings acquires Multitech Auto, Mal Metalliks for Rs 205 crore
Multitech Auto and Mal Metalliks manufacture various parts for automobiles like assembly top cover, shift cylinder, assembly gear, differential case, differential cover, various types of hubs among others.
