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Auto component makers get together in Gujarat
Ahmedabad:ACMAA, the apex body of India’s auto component industry, on Tuesday said a buyers and sellers meet in the city would boost automotive business in western India. ACMA President Ramesh Suri said the state is optimistic about the automotive industry and organizing such events in the state will consolidate business opportunities for Tier-II and Tier-III suppliers with Tier-I suppliers. Gujarat has attracted investments from OEMs like Maruti Suzuki, Tata Motors, Ford, Honda, HMSI, General Motors, Atul Auto, Mahindra Gujarat Tractors, AMW, etc., apart from having a large number of automotive component manufacturers. Suri added, “As the Indian automotive industry gradually recovers and regains momentum, the components industry needs to start preparing for the upcoming growth cycle.” 50 auto component manufacturers showcased their products and technologies at the buyer-seller conference, along with representatives from Maruti Suzuki, Ford, Tata Motors, ...
EileenFelton
43
June 2, 2024
Motherson Sumi Systems Ltd gets orders worth Rs 15,400 crore from Germany’s Daimler
NEW DELHI: Auto component maker Motherson Sumi Systems Ltd (MSSL) Daimler AG of Germany has received the largest order worth Rs 154 crore in its history is to supply exterior and interior systems for Mercedes-Benz. The company’s subsidiary Samvardana Motherson Automotive Systems Group BV (SMRP BV) (MSSL) in a statement, the company has received a large number of orders to supply a variety of exterior and interior systems for future generations of Mercedes-Benz. “MSSL estimates that these orders will generate sales revenues with a lifetime investment of around Rs 154 billion (~€2.21 billion), which is expected to start in the year 2018.” To support Daimler’s expansion, MSSL’s two new plants will be invested in, one of which will bring SMRP BV closer to Daimler’s car assembly plant, the company said. In addition, this will help expand the production capacity of the existing plant in Germany and the production capacity of the new machines an...
AugustineEdie
50
June 2, 2024
Minda Corp ropes in US-firm VAST as JV partner for keys business
NEW DELHI: Minda Corp, the flagship Rs 320 Ashok worth crore Minda Group’s car key and access control system manufacturing arm, has found a new partner. US-based Vehicle Access System Technologies (VAST) acquired 50 percent of the business after its former partner, French auto parts maker Valeo, sold its stake to Minda a few months ago and later exited the business. The joint venture will now be renamed Mindaa VAST Access Systems. Minda Corp expects the revenue from the joint venture to double to Rs 55 times billion in the next three to four years from the current Rs 1 crore starting around 27 years. Minda VAST plans to set up more plants in India and add new products to the portfolio of the previous joint venture. Minda announced that the upcoming new products include PEPS (Passive Entry and Passive Start Control Unit), ESCL (Electric Steering Column Lock), hinges, electronics and power cut-offs for four-wheelers. Minda, Chief Executive Officer, Ashohok Group The be...
LouJim
63
June 2, 2024
How Daimler deal gives Motherson a big push to achieve its American dream
New Delhi: Motherson Sumi Systems, one of India’s largest automobile companies Recently, Daimler secured an order worth Rs 100 crore for the 1540. This will bring us closer to our cherished goal of achieving a targeted 30% consolidated revenue growth over the next five years. In the US. Under the agreement, the Noida-based company will set up two plants in these countries, one in the US and the other in Hungary, close to the German automobile giant’s manufacturing plants. Once production starts at these plants, other automakers will also receive orders. The increase in orders from the U.S. is part of Matherson’s strategy to reduce its overdependence on Europe. For the fiscal year ended March 31, 2014, the company had consolidated revenues of more than 50 of which 58% was $ 58% it was generated. 2014 North and South America accounted for 10% of fiscal 2014 sales and 14% of sales in the first nine months of fiscal 2015. “Over the past two years, we have b...
ChesterMacadam
55
June 2, 2024
Stanadyne working on doubling sales from India
Chennai: Stanadyne It is a manufacturer of diesel and gasoline fuel injection systems for off-road and on-road engine applications and plans to invest around Rs 10 crore in its Chennai plant to launch advanced technology fuel injection systems. Dr. Pinson, President and CTO of Starnes, said that the company will be established in 2016 The company has launched a new fuel injection system for the sub-50 hp engine market. He claims the system will reduce particulate emissions by 50 percent and provide better fuel economy. Gender. Up to 8 percent. For a typical farm application, he says, it could save Rs 15,000 per year in fuel. A company statement said, “The company aims to strengthen its market share in India and will manufacture these next-generation diesel injection systems at its Chennai plant, which will require an investment of about Rs 1 billion over the next few years.” The company said, “The new products will be developed by the Starnes Engineering...
MauriceBernard
47
June 2, 2024
Steelbird to invest Rs 100 cr to set up new plant in Rajasthan
NEW DELHI: Helmet maker Stelbird is initially planning to invest Rs 1 crore to set up a new manufacturing facility in Tapukkara, Rajasthan. The facility will be operational in the next two years. The Delhi-based company, which currently manufactures helmets at two plants in Baddi, Himachal Pradesh, is aiming to expand its operations to meet the needs of customers across the country. “We are planning to set up a new plant at Tapukara in Rajasthan, which will be the world’s largest manufacturer of helmets, with an initial capacity of 10,000 per day It can later be scaled up to 50,000 units per day, and above.” He said. Steelbird Rajeveve Kapur told PTI. The investment in the first phase is around Rs 10 crore and will be increased as per the requirement, he added. Kapoor said the company has already started purchasing land for the plant and plans to start production in the next two years. “The demand for helmets is growing steadily and annual produ...
SallyBessemer
49
June 2, 2024
Motherson Sumi zeroing in on 3 European companies for acquisition
NEW DELHI: Chand Sehgal, chairman of Motherson Sumi Systems (MSSL) Vivek, India’s largest auto component maker, said the company is exploring the possibility of acquiring three European auto component makers. Shegal said Move aims to double its sales in five years. The company has set a goal of reaching $18 billion in sales by 2020. Current revenues amount to $5.5 billion. Sehgal told The Economic Times that the company wants 65% of its revenues to come from its existing business and will invest Rs 600 crore over the next five years, with the rest being generated through acquisitions. However, he added that the situation may not be resolved during negotiations. Considering India, “We are also discussing joint ventures with German and US companies.” He said. MSSL In its latest five-year plan earlier this week, we are looking at both organic and inorganic ways to achieve this. MSSL has always set rigorous goals and achieved them. In the last five-year plan, the ...
HaydenAlerander
41
June 2, 2024
Apollo Tyres plans to set up sales unit in Malaysia
NEW DELHI: Apollo Tyres plans to set up a subsidiary in Malaysia in the next two years, aiming to expand its global presence to capture around 15 percent of its total export revenues. The Gurgaon-based company is also set to invest Rs 150 crore this year to expand the production capacity of its Truck Bus Radial (TBR) plant in Chennai from 60,000 to 10,000 vehicles per day to 90,000,000 vehicles per day. The president of Apollo Tyres (Asia Pacific) said, “We have been working in Thailand for two years and we believe that Malaysia could be a similar market for us. We are looking at the market potential there and hope to establish an entity in the next two years,” he said. “You can do it,” he said. (Middle East and Africa) Satish Sharma told PTI. He added that Malaysia is expected to have tax-related changes, which could help some markets perform like Thailand. Commenting on the Malaysian market, he said that the country has huge potential for all ty...
MarjorieHearst
48
June 2, 2024
Tata AutoComp Systems launches VRLA batteries
Pune: Tata AutoComp Systems and Japan’s GS YUASA International Tata joint venture AutoComp GY Batteries its VRLA (Valve Regulated Lead Acid) battery manufacturer has been launched. Tata Green Batteries’ range of VRLA batteries are precision engineered using high quality raw materials and manufactured at its state-of-the-art manufacturing facility in Ranjangangaon, near Pune. Ajay Tandon, Managing Director and CEO, Tata AutoComo Systems “As the Indian automotive market continues to evolve, it is imperative for automakers to upgrade their technology to meet consumer demands and always comply with global standards and local conditions. We strive to be a leader and provide cutting edge technology to our esteemed customers.” “These batteries are sold under the brand name Tata Green Batteries-Velocity Plus in sizes 3AH, 3.5AH and 5AH for most of the two-wheeler and scooter/scooter brands.
ElsaLaw
46
June 2, 2024
US-based Emerson acquires Pune’s Ameya Transmissions
Mumbai:US-based engineering firm Emerson has acquired Pune-based Emerson Transmissions, a leading manufacturer of gear operating mechanisms and transmissions, the company said in a statement on Monday. The company did not disclose the consideration for the deal. Ameya Transmissions develops and manufactures a variety of gear-driven mechanisms that supply the manual valve industry. The acquisition complements Emerson’s Process Management, which focuses on final control technologies for the domestic and global oil, gas and power industries, the company said. “Ameya’s reputation as a high-quality manufacturer is a perfect fit for Emerson and a strong complement to our actuator business,” said Amit Paithankar, managing director of Emerson Process Management India. “This acquisition enhances our product portfolio and strengthens our strong platform of gearbox products. It enhances our ability to provide solutions to our customers in India and global...
CathyMark
58
June 2, 2024
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