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Toyota Kirloskar Auto Parts now eligible to avail incentives under PLI scheme
Reuters RelatedToyota Innova’s airbag failed to open in an accident, car owner to get Rs 32.07 lakh or a new vehicle, orders NCDRC Toyota Kirloskar Auto Parts on Friday said it is now eligible to avail incentives under the production-linked incentive scheme for advanced automotive technology (AAT) products. The company, a part of Toyota Group of companies, has received the domestic value addition (DVA) certificate for the xEV Transaxle (e-Drive) under the PLI scheme for AAT products, Toyota Kirloskar Auto Parts (TKAP) said in a statement. This development renders TKAP eligible to avail incentives under the PLI scheme, it added. The product has also met the testing criteria of AAT, and is certified by the Automotive Research Association of India (ARAI), the company stated. Established in 2002, TKAP is engaged in the manufacture and sale of automotive rear axles, propeller shafts, and transmission units. In 2022, TKAP set up an advanced manufacturing facility to produce xEV...
NathanielRobert
54
June 2, 2024
Auto industry to invest $7 bn in 5 years to deepen parts localisation
iStockRepresentative image. Indian auto industry is set to invest up to $7 billion, or about Rs 58,000 crore, by FY28 to deepen localisation of advanced components from electric motors to automatic transmissions to reduce imports and capitalise on multinationals’ ‘China Plus One’ sourcing strategy. Automakers and their suppliers are likely to make this investment between FY24 and FY28, industry body Automotive Component Manufacturers Association (ACMA) said. These firms have already undertaken more than 500 localisation projects across 11 key component categories including drive transmissions and steering, engines, electricals and body chassis at an investment of over Rs 3,000 crore to reduce net imports by 5.8% (double the target of about 3%), or by Rs 7,018 crore, in the two years to FY22, as per the latest assessment on localisation programmes jointly conducted by ACMA and Society of Indian Automobile Manufacturers (SIAM). Work is on to increase net localisation by another 16-20%...
VeraRoy
43
June 2, 2024
Exide Industries further invests nearly Rs 40 cr in advanced chemistry battery cells making arm
ETMarkets.com Battery maker Exide Industries Ltd on Wednesday said it has further invested nearly Rs 40 crore in its wholly-owned arm advanced chemistry battery cells manufacturer Exide Energy Solutions Ltd. The investment of Rs 39,99,99,975 has been made by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL), on rights basis, Exide Industries said in a regulatory filing. “With this investment, the total investment made by the company in EESL stands at Rs 1,965 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition,” it added. EESL is in the process of setting up a plant for manufacturing and selling lithium-ion battery cells, modules and pack business. The further capital infusion is to fund the greenfield project and meet various funding requirements of EESL, the company said. EESL is into manufacturing battery cells of advanced chemistry and form factor, including but not li...
MatthewChapman
47
June 2, 2024
Uno Minda starts construction work at alloy-wheel plant in Haryana
New Delhi, Auto components maker Uno Minda on Wednesday said it has commenced construction work on a passenger vehicle alloy-wheel plant in Haryana, entailing an investment of Rs 542 crore. The facility is located at IMT Kharkhoda in Haryana, and it will have a production capacity of 1.2 lakh wheels per month. The plant, with a capital outlay of Rs 542 crore, will be set up in a phased manner over the next five years, with the first phase expected to be commissioned in the second quarter of FY26, Uno Minda said in a statement. Uno Minda secured a land parcel of 94.32 acre at IMT Kharkhoda, Haryana HSIIDC, to fuel its ongoing and future expansions. A part of this land, around 25 acre, has been designated for this greenfield alloy wheel plant. “To propel ourselves to the next leg of growth, we are embarking on a strategic expansion plan,” Uno Minda Group CMD Nirmal K Minda said. The plan involves the establishment of large-scale, technologically advanced megafactories...
AnastasiaBen
42
June 2, 2024
Minda Corporation rolls out one million two-wheeler smart keyless system
Group photo of agency representatives Spark Minda Minda's flagship company, Minda Corporation Limited, on Friday said it is already 10 lakh two-wheelers rolled out with smart keyless system. The Smart Keyless System is designed and developed at the Smart Minda Technology Center. Minda, Group CEO, Spark Minda Ashohok said, "As a technology-driven brand, Spark Minda continues to push the boundaries and shape the future of mobile travel, demonstrating our commitment to provide innovative solutions that can enhance the customer experience and support the next generation of mobile travel car ownership. We have extensive experience in smart key solutions for the industry." Minda added that the company's state-of-the-art research and development facility, the Spark Minda Technology Center (SMIT) It is an innovation-driven transformation center focused on connectivity, independence, sharing, e-mobility and software capabilities to enable the future. Proof that Spark drives. ...
AdamMinnie
61
June 2, 2024
Uno Minda ties up with Starcharge Energy for EV chargers
Auto parts maker Unoono Minda said Friday it has partnered with Starchargeege Energy to produce and sell electric vehicle power supplies in this country. The company has signed a technology license agreement with Starchargee Energy Pte for wall-mounted AC chargers designed for home charging. Nirmal K Minda, CMD, Uno Minda Group, said in a statement, "This partnership further strengthens our commitment to manufacturing in India and accelerates the country's shift towards a sustainable and electrified future." StarCharge It is a global leader in electric vehicle charging infrastructure and microgrid solutions. It has manufacturing facilities in the U.S., Vietnam, and China, with operations in 67 countries and territories. Danwei Shao, Chairman of StarCharge said, "We are optimistic about the prospects of EV penetration in India and believe that there is a huge opportunity for home charging solutions."
TiffanyLindsay
45
June 2, 2024
ED files additional chargesheet in Bhushan Steel case
According to ETAuto's new supplementary charge sheet, there are 156 accused in the case. The Enforcement Directorate (ED) has filed a supplementary chargesheet (same as the chargesheet) against Bhushan's Bhushan Steel and Bhushan Energy for alleged misappropriation of funds, including former promoters Brij Bhushan Singal and Neeraj Singal. In its supplementary chargesheet, the agency has listed the names of individuals and companies in which Brij Bhushan and Neeraj Singal were involved in misappropriating funds of Rs 100 crore borrowed from banks by 100 relatives and other kin. This includes eight companies of Nerajj Singal who are suspected to have misappropriated the funds. With the new additional indictments coming into effect, the number of accused has increased to 156. Brij Bhushan His son, daughter and son-in-law have been charged by the federal agency in the case. According to sources close to the matter, the agency said that the trio from Brij Bhushan Singal and Neeraj...
TracyYerkes
59
June 2, 2024
NCLAT dismisses Sundaram Brake’s plea against CCI cease and desist order on railways tendering
On Tuesday, the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Sundaram Brake Linings' fair trading regulator CCI against a stay order issued by the company. NCLAT upheld that the order had been passed by the Competition Commission of India (CCI) and said that it had been "in consultation" with other parties involved in some of the projects tendered by Indian Railways. The CCI passed an order on July 10, 2022 that 10 companies including the appellant Sundaram Brake Linings and some of its employees cease to be anti-competitive. The Chennai based company is the NCLATT order challenged. The Sundaram Brake Linings petition raises several points and says that these points were wrongly included in the CCI order. The CCI has violated the fundamental principles of competition law and evidence law by passing this order in a hasty manner. Further, the approval was not binding on the appellant company as it had responded to only three bids and its emp...
RichardEdmund
38
June 2, 2024
ASK Automotive, AISIN Group enter into JV for passenger car segment
Auto parts maker ASSK Automotive said Wednesday it has signed a joint venture agreement with Japanese auto parts supplier Aisin Group. As part of the partnership, the two partners will sell auto parts in the "independent passenger car aftermarket," ASK Automotive said in a statement. The deal, which has not yet been approved by regulators, is expected to close in the coming months. ASK Automotive manufactures brake pads and advanced braking systems for two-wheelers and the Aisin Group consists of Aisin Asia (Thailand) Ltd. and Haryana Pvt. Ltd. Through this strategic partnership, the two companies aim to expand their presence in India, Nepal, Sri Lanka and Bangladesh, thereby developing an independent aftermarket in this sector. Kuldipipipipip Singh Rathee, Chairman and Managing Director, ASK Automotive Ltd "The joint venture will enable us to leverage our collective expertise and resources to service four-wheeled passenger vehicles in the domestic and international aft...
OswaldPartridge
45
June 2, 2024
Ramkrishna Forgings to supply power train components to US’ largest EV producer
Ramkrishna Forgings In a filing with the stock exchanges on Thursday, the company signed a contract to supply assembly components to the US. With this contract, the company is entering the US electric vehicle market for the first time. The statement said, "This landmark approval marks the company's position in the electric passenger vehicle segment, particularly in the area of power assembly components." Ramkrishna Forgings Headquartered in Kolkata, Ramkrishna Forgings is a manufacturer and supplier of closed forgings. Carbon & Alloy Steel, Micro Alloy Steel, Stainless Steel Forgings. As of 10.25 a.m., the company's shares were up more than 3% when the news was announced. At that time, the benchmark index was stagnant. "This partnership reflects our continued commitment to innovation and our ability to meet the needs of the electric vehicle industry.400 In our expertise and understanding of forging development and production, we take great pride in providing...
DeanMorrison
46
June 2, 2024
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