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Magna International opens two factories in Sanand, sees strong growth in India
Mumbai: Magna International, North America’s largest automotive parts supplier, has built two new plants in Sanand to fuel its future growth in India. The Canada-based, $360 1 billion auto parts giant plans to double or more than triple the size of its operations in India to nearly 450 times to $500 million in the next three to four years. On Wednesday, the company opened two plants for its seating division—-Magna Seating (part of Magna Motors India Private Limited) and Cosma International (a part). The investment in the Sanand plant reflects Magna’s commitment to the Indian market, Disai, Country Manager, India, Magna International, told The Economic Times. “It meets our current needs. If we need more production capacity, we may decide to expand in the future. We have enough production capacity to support Ford and other OEMs in Sanand. We are not only manufacturing in India and preparing for future growth. export, but we also design locally and t...
WinniLamb
52
June 2, 2024
Ashok Leyland bags $50 million order for 680 vehicles from Zimbabwe
NEW DELHI: Hinduja Ashohok Group’s flagship Leyland today said he has secured 50,000 dollar (over Rs 3.3 crore) worth order for 680 cars and parts from Zimbabwe. Ashok Leyland According to documents filed by the Mad Cow Disease Exchange, the order came from the Ministry of Local Government, Public Works and Housing of the Government of the Republic of Zimbabwe. In November last year, Ashok Leyland an order worth 2 has been announced 100 million dollars (about 1, 33,000 dollars) 100 million rupees) to supply 3,600 trucks and buses from the West African country of Côte d’Ivoire.
YvetteNeedham
45
June 2, 2024
Bharat Forge to set up auto component hub in Nellore
VISAKHAPATNAM: Leading forging giant Bharatt Forge on Sunday announced plans to set up an integrated automotive components hub in Nellore, Andhra Pradesh, saying it would invest Rs 120,30,000 crore and create 30,000 jobs. Bharat Forge Baba Chairman Kalyani The plan was unveiled at the Andhra Partnership Summit, saying it has signed a memorandum of understanding (MoU) with the state government to set up a multi-modal transportation facility in the state. He said, “Bharat Forge plans to set up an integrated auto component center in Nellore. Kalyani said, “The planned investment of Rs 1,200 1 crore will be around 30,000 People will be provided employment.” He added that land will be acquired soon for the project. Headquartered in Pune, Bharat Forge is the world’s largest forging company with manufacturing facilities in India, Germany, Sweden and France. We manufacture a wide range of components for the automotive and non-automotive industries. It ...
LindaSpenser
53
June 2, 2024
Bharat Forge to invest Rs Rs 1,200 crore for component hub in Nellore
VISAKHAPATNAM: Leading forging giant Bharatt Forge today announced plans to invest around ₹12,000 crore to set up an integrated automotive component center at Nellore, Andhra Pradesh. “We are planning to invest about Rs. 120 crores to set up a large integrated auto component manufacturing center in Nellore district, which will create a lot of employment opportunities, directly employing more than 3,000 people and I hope indirectly employing about the same number of people.” ” said Kalyani, Chairman, Bharat Forge Baba here. He was speaking at the inaugural session of the India Industrial Infrastructure Partnership Summit. Announcing the program, Kalyani said he has signed another MoU with the state government to set up multimodal transport facilities. He said, “Secondly, we are proposing to set up a multi-modal manufacturing facility at Anantapur to produce industrial components, defense and aerospace components, including supply chain.” F...
LilithKingsley
46
June 2, 2024
India to be Honda’s parts export hub, eyes Rs 1,100 crore in FY16
NEW DELHI: Japanese automaker Honda plans to utilize India as an export market to increase supply for its overseas operations. We also plan to strengthen overseas shipments of global models manufactured in India. In 2014-15, the company exported automotive components worth Rs 7.22 billion and plans to increase its exports by more than 50 percent to Rs 1.1 billion in the current fiscal by increasing exports to countries like the US, China and India. Canada has also joined the basket. Honda Cars India president and CEO Katsushi Inoue told PTI: “We have been exporting a lot of components from India. We want to increase our exports from India as we want to make India a global export center.” Honda has been gradually increasing its exports of auto components from India. Exports of components reached Rs 42 crore in 2013-14 2000. The company transports various engine parts, forgings, gearboxes and other components manufactured at its Tapukara plant in Rajasthan to ...
RivaWillard
57
June 2, 2024
Amtek Auto pledges 71% stake in JMT Auto with IL&FS Trust Company
NEW DELHI: Troubled auto component maker Amtek Auto has committed its entire capital investment in a 71% stake in group company JMT Auto with ILFS Trust for Investment (ITCL). Amtek Auto has pledged 18, 07, 06, 100 shares of JMT Auto representing 71.73% stake to ITCL on December 29, JMT Auto said in a regulatory filing today. JMT is headquartered in Jamshedpur Auto manufactures 2,000 various parts including engine parts, gears, shafts, pins, bushings, rings, axles etc. The company has 7 manufacturing plants in the districts of Jamshedpur, Dharwad and Lucknow. In 2013, Delhi-based Amtek Auto acquired a controlling stake in JMTTO Auto and integrated it into the Amtek Group. Amtek Auto 9 80 months outstanding value of 80 months outstanding value of Rs. crores of bonds heralded a crisis. The bonds matured in September, but Amtek Auto faced a “cash flow mismatch” and was unable to repay the debt to investors. The company has said it is considering selling...
ZenobiaEipstein
49
June 2, 2024
Volkswagen issue will not affect supplies, says Motherson Sumi Systems
NEW DELHI: Auto component maker Motherson Sumi Systems today told Volkswagen that (VW) supplies would not be affected. This is despite the fact that the German automotive giant is facing up to 180 questions in the United States for his use of equipment to falsify emissions data Fined $ 100 million. The company supplies mirrors, bumpers, dashboards and door trim for many of the Volkswagen Group’s car companies. Its shares plummeted after the VW emissions scandal in the US. Today, its shares fell further by 7.72% to close at Rs 241.90% on the BSE. Since Friday’s close, the stock has fallen over 14%. Motherson Sumi Systems Ltd Chief Financial Officer (CFO) G N Gauba told PTI: “The reaction is exaggerated.” He said, “The emission issue is an engine-related issue. We don’t offer any engine parts to the public, which is different from the parts recalled by the public due to defects.” He also said that MSSL’s investment in the Volk...
LilithKingsley
50
June 2, 2024
Pricol aims to enter new markets, eyes double revenues by 2020
NEW DELHI: Pricolllll, an automotive components company, today announced a new product brand identity that aims to double its global revenues annually by 2020 and plans to enter new markets through acquisitions and development of new products. “Pricol It is India’s largest manufacturer of commercial vehicle governors and cab tilting devices and one of the world’s top 10 manufacturers of automotive sensors. Its goal is to double its global consolidated revenues annually by 2020.” The company reported revenues of Rs 11.5 billion for the financial year 2014-15. It aims to achieve sales of KRW 1.45 trillion by the end of this year. Pricol plans to expand its business globally, focusing on new regions and market segments. Pricol Vikram Mohan He said, “With this acquisition, Pricol we will focus on entering new markets and developing new product segments, which will be achieved through the focus of our team of more than 2755 globally renowned R�...
RachelFinn
45
June 2, 2024
Auto components sector to grow in high single digit: ACMA
NEW DELHI: The Indian auto component industry is cautiously optimistic of achieving high single digit growth this year as the industry as a whole is showing signs of recovery. The Automotive Component Manufacturers Association of India (ACMA) expects the domestic market to continue to be a major contributor to the business and is looking at export growth after the “successful” components exhibition organized alongside the Auto Expo. “We are starting to see positive signs in the parts industry. There are signs of recovery. While the rural market is larger, the passenger vehicle segment is growing and the commercial vehicle segment is also doing well.” ACMA Arvind chairman Balaji told PTI: “We are frustrated.” He also predicted that early signs of increased economic activity would lead to wider growth. Asked about growth expectations for this year, Balaji said, “It is too early for the growth rate. We have to wait until the bugdet....
MauriceBernard
47
June 2, 2024
India’s auto-parts makers ready for Bharat Stage VI emission norms
NEW DELHI: Indian auto component manufacturers are ready to make the transition to comply with the Bharat Stage VI emission standards. Most of them showcased the technology readiness process at their component booths held in conjunction with the Auto Expo. CK Birla Avtec, Group Engine and Transmission Manufacturing Division Launched BS VI petrol and diesel engines for passenger cars developed in collaboration with PSA. “We are already an engine manufacturer, so there is no need to start from scratch,” said Prabhakar Kadapa, Managing Director, Avtec. “We just need to reorganize and invest in testing. The engine using both fuels could be mass produced within a year, he said. Avtec has also obtained a license for diesel engines with pollution levels below 2,000cc. As part of the control measures, the Supreme Court last month barred Transport Minister Nitin Gadkari from registering diesel-engined vehicles, reiterating that the government would register diesel-engine...
BaronWard
50
June 2, 2024
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