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Production of advanced chemistry cell batteries in India likely to start by Jan 2024: Mahindra Nath Pandey
ETTelecomRepresentative Image Production of the first set of advanced chemistry cell batteries in India is likely to commence by January 2024, Union Minister Mahindra Nath Pandey said on Tuesday. In May 2021, the government approved the PLI (Production Linked Incentives) scheme for manufacturing ACC (Advanced Chemistry Cell) batteries at an estimated outlay of Rs 18,100 crore. ACCs are the new generation advanced energy storage technologies that can store electric energy, either as electrochemical or chemical energy and convert it back to electric energy as and when required. “In December this year or by January next year, we will see the start of the manufacturing of the ACC batteries in the country,” the Union Minister of Heavy Industries said. Pandey was speaking at the 63rd annual convention of the auto industry body SIAM here. All the demand for the ACCs is currently being met through imports in India. The minister said the government has been coming up with va...
CecilBennett
43
June 2, 2024
Modulus Alternatives infuses Rs 105 crore in Shivam Autotech, commits total investment of Rs 150 crore
Private credit platform Modulus Alternatives Investment Managers Ltd on Wednesday said it has infused Rs 105 crore in transmission gear and shafts maker Shivam Autotech as part of its commitment to invest Rs 150 crore in the company. The proceeds of the investment will be utilised for both growth and working capital, Modulus Alternatives said in a statement. This is the maiden investment of the platform’s second private credit fund, India Credit Opportunities Fund II (ICOF II), which was launched earlier this year, the statement said. Modulus Alternatives currently manages two Category II Private Credit AIFs, Centrum Credit Opportunities Fund and India Credit Opportunities Fund II. Shivam Autotech, a Hero Group company, is Modulus Alternatives’ 16th investment, thus taking the total invested capital to Rs 1,895 crore in the private credit platform, it said. Till date, the firm has exited 10 investments and returned more than Rs 825 crore of capital to investors, it ...
AsaJones
43
June 2, 2024
Uno Minda to enhance stake in JV firm to 76 per cent
ETMarkets.com Auto components maker Uno Minda on Friday said its board has approved enhancing stake in a joint venture firm to 76 per cent. The company’s board has approved increasing stake in Minda Westport Technologies Ltd (MWTL) from 50 to 76 per cent by acquiring an additional 26 per cent stake from its joint venture partner Westport Fuel Systems Italia, Uno Minda said in a statement. The purchase consideration for 26 per cent stake is around Rs 15 crore, it added. The acquisition of shares is targeted to be completed on or before March 31, 2024. Uno Minda and Westport are also amending its joint venture agreement to include future hydrogen components in addition to CNG/LNG/LPG components and Kits in JV territory of South Asia comprising India, Bhutan, Sri Lanka and Nepal, the company said. MWTL is one of the leading manufacturers of alternate fuel systems — CNG and LPG components and kits for OEMs (Original Equipment Manufacturers) and aftermarket in India. M...
KyleEdison
51
June 2, 2024
From war to business to economy, why NavIC is the tech for a rising India
India's homegrown GPS alternative NavIC This story shows how India has transformed itself from a country dependent on other countries to meet its critical needs to one that is confident of taking its place in the global power system. India takes a big step towards 'atmanirbharta Apple agrees to 15 NaviC (Indian Constellation Navigation) for smartphones on its latest iPhone, replacing the US-based Global Positioning System (GPS) that is predominantly used by Indian smartphone makers. Step. Smartphone and car manufacturers using NavIC. Desi GPS: From War to Business When the Pakistani army entered Kargil in 1999, the Indian army first looked for GPS data in the area. A space-based navigation system maintained by the US government would have provided vital information, but the US refused to provide it to India. India had long felt the need for its own satellite navigation system, but the Kargil experience made India realize its importance. In the face of changing geopolitical rea...
VenusHamilton
52
June 2, 2024
Ramkrishna Forgings acquires Multitech Auto, Mal Metalliks for Rs 205 crore
Ramkrishna Forgings Ltd said on Monday it has acquired Multitech Auto Private Ltd Mall company and its wholly owned subsidiary Metalliks Private Limited for Rs 20.5 said crore. Multitech Auto and Mall Metalliks manufacture various automotive components such as assembled top covers, shift cylinders, assembled gears, differential housings, differential covers, different types of wheels, etc. Ramkrishna Forgings said in a statement that the company has acquired Multitech Auto Private Ltd Mall company and its wholly owned subsidiary Metalliks for Rs 20.5 based crore. The company added, "The acquisition is an important step in the company's growth strategy to expand its product line and strengthen its position in the passenger car, light commercial vehicle and heavy commercial vehicle segments." It is also Rs 70 crore acquisition of Mall Auto Products Private Limited. The statement said the company is poised to become a major player in the market by manufacturing and supplyin...
SaraMacDonald
40
June 2, 2024
Tesla interested in coming to India, aims to source $1.9 bn auto parts from country this year: Commerce Minister
U.S. automaker Tesla is interested in entering India, Commerce Minister Piyush Goyal said on Wednesday, adding that the company plans to buy 19 copies worth $100 million of auto parts from India this year. Goyal claimed at an automotive conference that Tesla bought $10 $100 million worth of parts from India. "It is expected that by 2030, we will have an economic structure that forces consumers to buy electric cars." In 2021, Tesla attempted to enter India for the first time this year, urging officials to reduce import taxes on electric cars by 100 percent. Negotiations between Tesla and the Indian government broke down last year, with officials saying the company should focus on local manufacturing first. Tesla recently told Indian officials that it wants to set up a local factory to build and export a new electric car for the Indian market for about $24,000, which is about 25 percent cheaper than the current entry-level model. Rohan Patel, Tesla's chief public policy an...
AlbertSamuel
44
June 2, 2024
Pricol announces supply partnership with China-based firm
Pricol Ltd Automotive technology firm Pricol Ltd on Wednesday announced a partnership with China-based Heilongjiang Tianyouwei Electronics for Driver Information System (DIS), including e-cockpit, heads up display, for vehicle segments. The company said it has entered into a co-operation agreement for technology and supply of parts and systems with the overseas firm, which will support it exclusively on the projects identified for such collaboration. The company said it will source components and/or sub-assemblies from Heilongjiang Tianyouwei Electronics as part of the supply arrangement. “We are confident that our efforts will help in providing state-of-the-art solutions in the DIS space, where Pricol has a dominant position in the Indian market. “Pricol’s domain expertise combined with Heilongjiang Tianyouwei Electronics’s technological prowess marks a significant step towards achieving a vision of enhancing the driving experience for Indian customers,...
DonnaAugustine
42
June 2, 2024
Samvardhana Motherson International announces three acquisitions worth over Rs 380 crore
Samvardhana Motherson International Ltd on Friday announced three acquisitions valued at over Rs 380 crore in aerospace, health and medical sectors to strengthen its non-automotive businesses further. The aerospace pision of Samvardhana Motherson International Ltd (SAMIL) is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace OEMs, the company said in a statement. The company has acquired French company ADI Group with Moroccan and Tunisian subsidiaries engaged mainly in the business of manufacturing components for aircraft engines and medical devices at a purchase consideration of 35 million Euros (around Rs 310 crore). AD Industries manufactures a wide range of components and sub-assemblies, and has perse capabilities across four key pisions — sheet metal, hydraulics, mechanical assemblies, and composites, it added. Besides, Motherson has also acquired aerospace defence and security firm SMAST for nea...
RodBerkeley
44
June 2, 2024
Wheels India to set up wholly owned subsidiaries in the US and Europe
IANSRepresentative image Chennai: Wheels India, a manufacturer of wheels for trucks, tractors, passenger vehicles, and construction equipment would be setting up wholly owned subsidiaries in the United States and Europe for business development and sales coordination, a top official said. The decision to set up the subsidiaries was against the backdrop of the businesses offering growth in the new geographies, Wheels India MD Srivats Ram said here on Wednesday. “We are looking at potential new business in Europe in the first quarter of next year and that is the reason for having people on the ground,” he told reporters. The expansion in the United States and European markets would be in the off-load business in construction and agri-tractor segments. Meanwhile, the company was also looking at increasing renewable energy from the current 26 per cent to 75 per cent by 2026. Wheels India reported a net profit for the July-September 2023 quarter at Rs 5.24 crore. The cit...
MamieTemple
41
June 2, 2024
Minda inks pact to form JV with Taiwan firm to produce sunroof for passenger vehicles
ETMarkets.com Auto components maker Minda Corporation on Thursday said it has inked a pact to form a joint venture with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The joint venture will offer a full system solution ranging from design, and development to manufacturing of sunroof for passenger vehicles, the company said in a statement. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach USD 500-600 million by 2030, it added. “With the changing consumer preferences and increasing demand for premium features, the market for Sunroof and other advanced vehicle access products is expected to grow multi-fold in the years to come. “Our continuous focus to bring new and advanced technology products will lead the next phase of our growth,” Minda Corporation Executive Director Aakash Minda said. The collaboration will help the company stay at the forefront by offering localised...
WinstonTracy
46
June 2, 2024
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