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Samvardhana Motherson International to acquire assets, shares of Dr Schneider Group entities
Auto components maker Samvardhana Motherson International Ltd on Monday said it will acquire assets and shares of Germany’s Dr Schneider Group entities at an overall enterprise value of about 118.3 million euros (over Rs 1,070 crore). 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. Dr Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems such as smart surfaces and lighting modules. It is a technology leader in air-vents, decorative interior polymer components with illumination and has a strong presence in premium vehicles. It employs around 4,500 people in seven facilities across five countries (Germany, Spain, Poland, USA, China), it added. On the cost of acquisition, th...
DeanMorrison
38
June 2, 2024
Auto component industry reports highest turnover in FY23; aims to log double-digit growth this fiscal
ThinkStock PhotosRepresentational image The domestic auto component industry expects to log in double-digit sales growth in the current fiscal after having reported its highest-ever turnover in 2022-23, as demand is expected to remain robust. As per the Automotive Component Manufacturers Association (ACMA), the sector reported a turnover of Rs 5.6 lakh crore last fiscal, registering a growth of 33 per cent over Rs 4.2 lakh crore in 2021-22. In 2022-23, exports grew by 5 per cent to Rs 1.61 lakh crore while imports grew by 11 per cent to Rs. 1.63 lakh crore, it added. 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, ACMA said. “With significant mitigation in the supply-side issues of availability of semiconductors, input raw-material costs and logistics, the vehicle industry is expected to continue to perform well in FY24, which augurs ...
WinniBach
42
June 2, 2024
Exide Industries expects to regain pre-covid margin in 1-2 years
ETMarkets.com Storage battery major Exide Industries Ltd on Tuesday said it expects to regain its pre-covid EBITDA margin of 13-14 per cent in the next one to two years. The company’s current EBITDA margin is 10.6 per cent, as input costs have remained erratic. “We are seeing a revamp in demand after Covid and expecting both automotive and industrial verticals will do well. However, it will take another one to two years to get back to the pre-covid level of margin,” Exide Industries MD and CEO Subir Chakraborty said. Speaking about the company’s Rs 6,000 crore 12GW lithium-ion cell manufacturing plant near Bangalore, Chakraborty said it is progressing well. He said the company remains unperturbed about the emerging alternative technologies, given the growth of the storage battery market and that all technologies will be required. Commercial production in the Bangalore plant will begin in 2024-25, attracting an estimated capex of Rs 4,000 crore. Chakrabor...
SamField
45
June 2, 2024
Assurance Intl, Goodyear unveil new range of filters, batteries in India
Representative image. 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. “Expected to launch at the end of August 2023, the filters and batteries product line will cater to the needs of multiple vehicles,” Assurance Intl Limited said in a statement. Incorporating the latest technology, the batteries will offer increased power, longer life cycles and superior charging efficiency, it added. The company said it plans to expand its distribution and provide after-sales assistance to consumers in Australia, Bangladesh, Bhutan, Brunei, India, Indonesia, Laos, Malaysia, Malpes, Myanmar, New Zealand, Nepal, Pakistan, Singapore, Sri Lanka, Thailand, Timor – Leste and Vietnam markets. Assurance Intl CBO ...
ChesterNorth
37
June 2, 2024
Foreign auto manufacturers in India step up manpower hunt in bid to drive expansion
Reuters India units of overseas automobile and component manufacturers have stepped up their search for manpower in the country to drive their expansion plans, said industry executives. There is a 20-40% increase in demand for specialised talent in the auto captives this year in roles such as engineering, research and design, and IT, they said. Companies such as Renault, Volkswagen Group and Mercedes-Benz are among those looking to strengthen their India teams, said their country heads. French automaker Renault, which recently announced substantial investments in India for the next couple of years, will add about 2,000 new employees in various verticals, said the CEO of its India operations, Venkatram Mamillapalle. “We recognise the strategic significance of India’s talent potential… the talent landscape here is pivotal in propelling Renault’s growth and innovation in the global automotive landscape,” he said. Mercedes-Benz India is looking for a workforce with data analytics ...
UlaAdela
63
June 2, 2024
Li-ion plant: Exide Energy plans to double production capacity, seeks 40 acres
ET Online and AgenciesRepresentative image. 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. The company’s leadership team led by Managing Director Mandar V. Deo met Industries Minister MB Patil on Monday and submitted a formal proposal in this regard. The company has already taken up the work of setting up a plant of 6 Gigawatts-hours (GWh) production capacity at the second phase of the Devanahalli Industrial Area. The work is in progress and operation is likely to commence next year. In addition to this, the company is planning to add another 6 Gigawatts-hours (GWh) of production capacity. The total investment for the two plants would be about Rs. 6,000 crore, the minister said. The minister said the government will examine the request for land after vetting the proposal. Principal Secretary (Industries) S Selva Kumar a...
LennonIrving
48
June 2, 2024
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. “This acquisition presents an ideal synergy for Schaeffler’s future after sales activities in India. It will be a key enabler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape,” Schaeffler India said in a statement. Under the share purchase agreement, Schaeffler India will acquire 100 per cent shares of KRSV Innovative Auto Solutions for a consideration of approximately Rs 142.4 crore, it added. “The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. T...
IraMorrison
45
June 2, 2024
India’s automotive industry poised to rank number 3 in world by 2030: Govt
Representative image New Delhi: 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. The event shall have special focus on understanding the opportunities available through this scheme. “MHI considers the PLI-Auto applicants of automotive industry as one of the crucial stakeholders of the scheme,” the ministry stated. The stakeholders expected to be present in the meeting include PLI-Auto applicants, test agencies etc, who will share their knowledge and experiences and address concerns and challenges. “The cascading effect of these sc...
BasilSenior
41
June 2, 2024
Exide’s lithium-ion cell project secures Rs 2,000 crore line of credit from banks
ETMarkets.comExide’s lithium-ion cell project secures Rs 2,000 crore line of credit from banks Exide Industries Ltd’s Rs 6,000 crore lithium-ion cell manufacturing project has secured a line of credit of Rs 2,000 crore from banks. Exide’s wholly owned subsidiary, Exide Energy Solutions Limited, will be taking the credit facility for rolling out its lithium-ion cell manufacturing and associated projects, which are coming up near Bangalore, a company official said. Exide has extended a corporate guarantee in favour of five banks for the sanctioned line of credit, the company informed the stock exchanges. The five lenders are ICICI Bank, HDFC Bank, Axis Bank, HSBC Bank, and Kotak Mahindra Bank. The subsidiary will utilise the funds in tranches. Earlier, Exide MD and CEO Subir Chakraborty had said that the estimated project cost for the first phase would be Rs 4,000 crore, with a capacity of 6 GWh (gigawatt hour). The total project capacity of the project is 12 GWh....
QuintionSimpson
45
June 2, 2024
Exide Industries invests over Rs 100 crore in advanced chemistry battery cells making arm
ETMarkets.com Battery maker Exide Industries Ltd on Thursday said it has invested over Rs 100 crore in its wholly-owned arm Exide Energy Solutions Ltd, which is into manufacturing of advanced chemistry battery cells. In a regulatory filing, Exide Industries said it made the investment by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL) on a rights basis. There is no change in the shareholding percentage of the company in EESL pursuant to such acquisition, it said. EESL has a paid up equity share capital of Rs 374.40 crore as on date with net worth of Rs 655.20 crore as on March 31, 2023 and it posted a net loss of Rs 59.81 crore in the year ended March 31, the filing added. The company is into manufacturing 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, the comp...
KamaMacArthur
51
June 2, 2024
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