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Pricol exits Denso JV on huge losses
Coimbatore: Faced with mounting losses, automotive equipment maker Pricol has ended its Corporation joint venture with Japanese partner Denso for Rs. crore in 2 Denso will be 49% of Denso Pricol India (DPIN) stake sold to Denso. DPIN is now a wholly owned subsidiary of Denso. Pricol Vikram Mohan Managing Director (Vikram Mohan) “The business is not progressing as planned due to the joint venture.”” DPIN’s revenue for 2013-14 was around Rs 700 million only supplying instrument clusters to Japanese automakers Toyota, Honda and Suzuki. The objective of the joint venture is for Denso to fully acquire Pricol within five years, including Pricol’s four “Denso Technology Instrument Cluster Commitments” under the following four “Transfers”: transfer of Wheler Private Cars in Coimbatore and Gurgaon to Pricol’s wholly owned subsidiary, Denso Technology Instrument Cluster. Denso acquired 51% of the shares of Pricol Components foll...
ShirleyPope
44
June 2, 2024
Fiat’s component arm to hire 300 people in India this year
NEW DELHI: A senior official of Fiat Group’s auto parts unit Marelli told ETAuto that the company will hire 300 people this year In order to support its expansion plans in India, the famed staff. Most of the hiring will take place at Manesar’s upcoming plants near Gujarat and Gurgaon. The company currently has 10 plants in India and employs around 2,300 people. Marelli has entered into a joint venture with Maruti Suzuki India, India’s leading automobile manufacturer, to open a new plant in Manesar (Haryana) to manufacture Automated Motor Manual Transmissions (AMTs) and another plant is manufacturing automotive lighting in Gujarat. The Italian components maker is optimistic about the Indian market and expects its sales in the country to more than double in the next three years to 400 million euros (about Rs 300 million) from the current 160 million euros (about Rs 1.3 billion). It is expected to increase. (crores). As AMT In order to succeed, the company is...
JoanneWheatley
46
June 2, 2024
Auto component major Bosch declares lockout at Jaipur plant
NEW DELHI: Auto parts giant Bosch has announced the closure of its Jaipur plant as worker unrest continues at the plant. The plant, which has a history of labor disputes, was closed for a day last month because of a one-day union strike. In a filing, Bosch Ltd said, “The company management has taken a prudent decision to shut down the unions and workers at the company’s Jaipur plant from four documents that say that the month 5 from day to day until the outbreak of Mad Cow Disease.” It is reported that the union continued its “illegal expansion” since March 19, 2015, reducing production by as much as 70% before announcing the shutdown. The company later added that since April 2, 2015, the union has been on an illegal hunger strike. The company’s management said the decision was taken after careful consideration, taking into account the safety of employees, the interests of customers and the overall impact of the severe slowdown on t...
MerryBecky
45
June 2, 2024
Michelin hires Arun Jaura as project director of research and development
Mumbai: Global tire giant Michelin has appointed Arun Jaura, an automotive expert with decades of experience, as director of R&D projects for OEMs as well as Tier 1 suppliers such as Ford in the US and Mahindra in India. Jaura is known for developing talent at low cost and utilizing advanced technologies for mass market deployment. In addition to many successful vehicle platforms and systems, Jaura played a key role in the launch of the Mahindra SUV hybrid vehicle. At the Commonwealth Games, his team at Eaton partnered with Tata to showcase the CNG hybrid bus. With its patents, technical papers and reputation in industry and government networks, Michelin has leveraged its experience to develop and launch quality products “Made in India, for India and the World”. Over the last two years, he has worked with industry, government and research labs to actively promote the National Electric Vehicle Mission.
MonroeWebster
50
June 2, 2024
Auto component major Bosch lifts lockout order at its Jaipur plant
NEW DELHI: Auto parts giant Bosch today said he had placed tomorrow’s orders at its Jaipur plant last week due to ongoing unrest among factory workers. The company said on April 15: “With the support of the Minister of Labor, the labor parties held a conciliation meeting on April 13, 2015, where the union agreed not to take ‘slow’ action and appealed to Bosch Ltd.” The suspension was lifted from the first shift in 2015. The Secretary of Labor directed the parties to continue discussions on a long-term wage settlement. On April 6, Bosch announced the closure of its Jaipur plant as worker unrest continued at the plant. The plant, which has been experiencing labor issues, closed for a day last month after a one-day strike over wages. Since March 19, 2015 From that day, the union began illegal delays that led to a 70 percent reduction in production, followed by the announcement of a lockout. Bosch also said it does not expect an immediate imp...
TabRosalind
49
June 2, 2024
Oerlikon inaugurates Rs 1000 crore Drive Systems Segment’s plant at Sanand
Ahmedabad: On Wednesday, Oerlikon opened its third drive system unit plant in Ahmedabad, Sanand district, Gujarat. Dr. Matthes, CEO of Oerlikon’s Drive Systems Division, said, “With this new manufacturing capacity, we will continue to travel in India, enhancing our ability to advance high-tech products and enabling our customers to develop new and innovative solutions for the domestic market.” “We will provide our full support,” he said. Visit our 10th global manufacturing facility. Oerlikon Drive Systems Division from 19999 Oerlikon has been operating in India for many years, with manufacturing facilities for the Oerlikon Grazianono and Oerlikon Fairfilld brands in Greater Noida and Belgaum, respectively. Oerlikon Drive Systems serves both domestic and international markets, including construction equipment, commercial and utility vehicles, industrial applications and agricultural markets. The Rs. 1,000-crore Cr Sanand facility is spread over...
CyrilSenior
41
June 2, 2024
M&M attracts 25 suppliers with Rs 1,000 crore for ancillary units at Zaheerabad
ET bureau Hyderabad: At least 255 Managing Director of a group comprising auto component suppliers Pawan Goenka Component companies have agreed to set up an ancillary unit in telangananana on Zaherabad to support the $165 Domestic auto giant Mahindra $100 million Mahindra. Addressing a rally in Zaherabad on Wednesday after the completion of the expanded automobile plant built at a cost of Rs 25 crore, Goenka said MM 6 suppliers are now setting up plants at the supplier complex with a cumulative investment of Rs 10 crore. Over. Goenka said the suppliers’ ancillary facilities will help further maximize industrial activities and operational efficiency, help in on-time delivery and optimize costs. MM So far, more than 110 investments have been made in tractor and automobile plants in Zahirabad Currently providing employment to more than Rs 35,000 crore people. The group has Asia’s largest tractor manufacturing plant in Zahirabad and manufacturing plants in Mumbai, C...
TobeyConan
47
June 2, 2024
Maruti’s localisation content may not exceed 95%: Official
Kolkata: Maruti Suzuki, China’s largest carmaker, may not localize more than 95% of its auto parts as some highly complex components have to be bought from overseas suppliers, an official said. “95% is all the models launched by the Indian company They are localized. Since we don’t have a manufacturing base in India, we have to buy some very complex parts from outside,” said Executive Director (Sales and Marketing, Maruti Suzuki). Speaking at the inauguration of the Maruti dealership today, he told reporters that due to economies of scale, it was not possible to have a supplier base for these parts. The companies manufacturing these advanced components need an exclusive market, which is not possible in India. Commenting on Maruti’s response to the ‘Make in India’ campaign, Kalsi said that the company started this campaign early and has built a strong supply base in India by bringing in foreign technology. He said, “We h...
QuintionDarwin
47
June 2, 2024
Goodyear looking at India with ‘renewed interest’
NEW DELHI: US tire giant Goodyear is considering a “renewed interest” in India as the company looks to see significant growth in one of Asia’s biggest markets. Its subsidiary Goodyear India plans to enter the top two to three in the passenger car tire segment by launching new technology products such as the recently launched TripleMax like Assurance. Rajeev Anand, Vice Chairman and Managing Director, India, told Press Trust of India (PTI), “The new government has introduced reforms and there is a positive feeling. Now people are interested in India again.” Summarizing the company’s ambitions, he said, “We want to be in the top two to three in the passenger car segment of the Indian car tire market.” Anand did not disclose any figures but said that Goodyear India has been growing steadily over the last three to four years. “We have grown with the automobile industry and are growing faster than the (tire) industry,”...
BrookGarden
53
June 2, 2024
Amtek Auto set to buy select business of Asahi Tec
NEW DELHI: Automotive component maker Amtekek Auto Asahi is set to be acquired by Tec Corporation cast iron, forging, machining business for an undisclosed amount. Amtek Auto Ltd (AAL) has entered into a share purchase agreement with Japan-based Asahi partnership Tec Corporation to acquire various group companies engaged in casting, forging, and iron and steel fabrication business, according to documents filed with the BSE. “The transaction will be completed through AALLL overseas subsidiaries already,” it said. He added that the acquired companies have a number of manufacturing plants in Japan, Thailand and China, and have long-standing partnerships with “blue chip” original equipment manufacturers. For the year ended December 31, 2014, Amtek Auto announced revenues of Rs 111.89 crore and a net profit of Rs 700 crore. In 2013-14, the company achieved a revenue of Rs. 399.97 crore and a net profit of Rs. 32.33 crore.
AngeloRebecca
38
June 2, 2024
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