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ACIL insolvency: SC relief to lenders
Clearing the roadblock for the lenders, the Supreme Court on Tuesday set aside the National Company Law Tribunal order that directed revaluation of assets of auto components maker Acil Ltd, despite an overwhelming number of creditors with a majority vote of 88.56% approving it in August 2019. While asking the NCLT to pass appropriate orders in terms of its Tuesday’ judgment on giving nod to the Ramkrishna Forgings’ approved resolution plan within three weeks, a Bench led by Justice Vikram Nath said there was no occasion before the tribunal “to be swayed only on the per se ground that the hair-cut would be about 94.25% and that it was not convinced that the fair value of the assets have been projected in proper manner as the bid was very close to the fair value of the assets of Acil.” The apex court said “it is well within the Committee of Creditor’s domain as to how to deal with the entire debt of the corporate debtor.” If after repeated negotiations, a resolution plan had bee...
SimonaBacon
47
June 2, 2024
ZF Group to extend local production of transmissions and axles in Coimbatore plant
AgenciesZF Group Chennai: ZF Group, a leader in hydraulic and electrohydraulic braking systems, has drawn up plans to extend the local production of transmission and axles to serve domestic and overseas markets. The company’s facility in Coimbatore would further the ambition of ‘Make in India for the World’ and ‘Make in India for India’, ZF Group president Akash Passey said on Tuesday. ZF has made investments in a new plant in Coimbatore spread over 12,000 sq meters to cater to the domestic and export markets. The new plant together with the main hub in Germany will support the production capacity needed for the future market growth in the global construction equipment market, the statement said. “This new plant and localisation of transmissions and axles at our plant in Coimbatore will further our ambition of Make in India for the World and Make in India for India. This move makes us more agile in meeting customer expectations and enables our ...
BairdLucas
42
June 2, 2024
Auto component industry looks to invest $7 bn over next 5 years to expand capacity, upgrade tech
Reuters The auto component industry is looking to invest around USD 6.5 to 7 billion over the next five years on capacity expansion and technology upgradation, with the demand expected to remain robust over the period. The industry, which recorded a 12.6 per cent year-on-year revenue growth in the first half (April-September) of the current fiscal at Rs 2.98 lakh crore, expects double digit sales growth to continue in the rest of the current fiscal and in the upcoming financial year as well. “The components industry continues to make investments for purposes of higher value-addition, technology upgradation, and localisation to stay relevant to both domestic and international customers,” Automotive Component Manufacturers Association of India (ACMA) President Shradha Suri Marwah told reporters. The industry is looking to invest USD 6.5-7 billion capex over the next five years as compared to USD 3.5-4 billion spent in the last five years, she added. “Going forward, c...
MauriceBernard
41
June 2, 2024
Efforts to boost localisation adding on to revenue of component firms
India’s love for larger, feature-rich vehicles, coupled with efforts being undertaken by stakeholders to deepen localisation, is turning into a boon for local autos parts makers with component sales in the country surging to a whopping $ 36.1 billion in the first six months of the current financial year. An increase in value of sales of components sold to automakers, aided by the shift in consumer preference to larger, more powerful vehicles across segments helped drive up revenues by 6.5% till September FY24, shows data available with industry body Automotive Component Manufacturers Association (ACMA). Auto component makers had reported turnover of $ 33.9 billion in the corresponding period of the last financial year. The share of utility vehicles in total sales of passenger vehicles in the Indian market grew to 57% in the first half of the current fiscal, from 49% in H1 FY23. In the commercial vehicle segment, the contribution of medium and heavy duty trucks and buses (MHCVs) inch...
JamesHubbard
51
June 2, 2024
Steel Strips Wheels to invest Rs 138 cr in AMW Autocomponent
NEW DELHI: Steel Strips Wheels Ltd (SSWL) will invest Rs 138 crore in AMW Autocomponent Ltd as part of an insolvency resolution plan. The company’s board has decided on the plan after the Ahmedabad Bench of the National Company Law Tribunal gave its nod for its resolution plan for AMW Autocomponent, a regulatory filing said on Tuesday. “SSWL shall infuse Rs 138.15 crore into AMW Autocomponent Limited(AACL) through a mix of equity and debt as per the resolution plan approved by NCLT Ahmedabad,” it said. The amount will be utilised as full and final settlement of financial creditors, operational creditors, workmen/employees and other creditors of AACL, and will be treated as full discharge of SSWL’s obligation under the approved resolution plan, it added. SSWL is into designing and manufacturing automotive wheels, both under the steel & alloy categories.
MamieTemple
45
June 2, 2024
Govt invites bids for setting up ACC units under PLI scheme for battery storage
Govt invites bids for setting up ACC units under PLI scheme for battery storage The Centre on Wednesday announced re-bidding under a PLI scheme for Advanced Chemistry Cells (ACC) to select bidders to set up mega battery manufacturing facilities of 10 GWh capacity with a budgetary outlay of Rs 3,620 crore. Documents for the global tender are available online from Wednesday. The bid due date is April 22, 2024 and bids shall be opened on April 23, 2024. PLI scheme ‘National Programme on Advanced Chemistry Cell Battery Storage’ promotes manufacturing of technology-agnostic ACC in India. “With this bidding process, the prospective applicants can submit their bids to set up domestic manufacturing facility for ACC, which will help them qualify for incentives under PLI ACC scheme,” the heavy industries ministry stated. The ministry promotes the development and growth of three sectors namely capital goods, automobile and heavy electrical equipment in the country. ...
TyroneWesley
49
June 2, 2024
Amara Raja aims to start operating giga factory before end of 2025
IANS Automotive battery maker Amara Raja Batteries Ltd on Wednesday said its first giga factory will start operating before the end of 2025. The company also said that giga factories require an integrated approach that marries high technology, large capex, giga scale factories with an ecosystem. In May last year, the company laid the foundation stone for its first giga factory in Mahbubnagar district in Telangana. It is for producing Lithium Cell and Battery Packs, with an ultimate capacity of up to 16 GWh and 5 GWh, respectively. “We will have 3-4 inpidual factory buildings, dealing with two chemistries, both NMC as well as LFP, and two formats, cylindrical as well as prismatic,” Vijayanand Samudrala, President of Amara Raja, said in a statement. He was speaking at the third annual India Battery Manufacturing and Supply Chain Summit (IBMSCS) of India Energy Storage Alliance (IESA) in Hyderabad. Amara Raja is aiming for 16 GWh of lithium-ion battery cell capacity an...
EgbertLamb
46
June 2, 2024
PM Modi to address Bharat Mobility expo on February 2; 800 exhibitors to participate
ANIMinister Piyush Goyal at the curtain raiser of the expo. Around 28 vehicle original equipment manufacturers including Ashok Leyland, Ather Energy, Honda, Hyundai, and BMW would participate in the Bharat Mobility global exhibition that would begin Thursday. Prime Minister Narendra Modi will address the exhibition on February 2, a senior official said Tuesday. “There will be over 800 exhibitors from 50 countries highlighting cutting-edge technologies and breakthroughs in mobility,” said an official. More than 25 leading vehicle manufacturers would unveil new models and EVs. Above 600 auto component makers, 50 battery firms, 10 tyre makers, over 15 technology and startups from the sector and five steel makers would participate in the three-day expo. More than 10 leading companies will also be showcasing EV infrastructure services, including charging stations and battery-swapping solutions during the event. Japan, Germany, Korea, Taiwan and Thailand will have dedicated country pavili...
DarrenGosse
48
June 2, 2024
Revenue growth of auto component industry to moderate to 5-7 pc in FY25: Report
Annual revenue growth of leading auto component manufacturing companies will come down to 5-7 per cent in the next fiscal due to moderation in domestic volumes and a drop in exports, rating firm Icra said on Tuesday. According to Icra estimates, its sample of 45 auto ancillaries, with aggregate annual revenues of Rs 2.7 lakh crore in FY23, is likely to grow by 9-11 per cent in FY24, driven by healthy domestic demand despite a high base and moderate growth in exports. For FY25, the growth is likely to be relatively lower to 5-7 per cent, with expected moderation in domestic volume growth and a weak outlook for exports, Icra said. It also noted that capex towards capacity enhancements and technological development resulted in higher investment in FY24, which is likely to continue in FY25. The industry is estimated to incur a capex of at least Rs 20,000-25,000 crore in FY2025, with incremental investments being towards new product additions, product development for committed platfor...
EverleyWallis
50
June 2, 2024
Sona Comstar gets certification under auto PLI scheme
iStockRepresentative image. Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Thursday said the company has received certification under the auto Production Linked Incentive (PLI) scheme. The company had filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, a hub wheel drive motor for electric two-wheelers, Sona Comstar said in a regulatory filing. The company is the first automotive component company to receive the certification, it added. “This recognition reaffirms the company’s commitment to making India proud of its engineering skills and solving complex and customised engineering problems for its customers,” Sona Comstar MD & Group CEO Vivek Vikram Singh said. In 2021, the government introduced the auto PLI scheme to incentivise the domestic production of high-value advanced automotive technology vehicles and products. The PLI scheme for the auto and auto c...
LillianFrances
70
June 2, 2024
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