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Bosch ready for BS-VI, to invest Rs 1,170 crore in India
Mumbai: With the government announcing its plan to introduce BS-VI by 2020 year According to the emission standards, Robert Bosch GmbH, the world’s largest automotive component supplier, has begun talks with Indian carmakers to provide affordable local solutions for the Indian market. “Obviously, four years (to migrate to Bharara Stage-VI) is a very tight timeframe, so we need to work with the OEMs In order to overcome the challenges, we plan to add the right amount of resources to make this happen.” Robert quoted Markus Hein, a member of the Bosch Board of Management: “So far we have been providing solutions to India and addressing the BS-VI He said that the solutions are full of confidence and positive attitude. The Bosch Group plans to invest Rs. 10,000 crore (RD) in 2016 2016 1.017 in India in factories, production capacity, infrastructure and research and development, focusing on the development of solutions that are compliant with future laws ...
WilliamWolf
53
June 2, 2024
Motherson Sumi eyes Wilbur Ross company IAC for $800 million buyout
ET bureau MUMBAI/NEW DELHI: Samvardhana Motherson Group’s flagship listed company Motherson Sumi Systems Limited (MSSL) Wilbur is in the company of billionaire investors. Ross Deeper talks could be one of the boldest bets. International Automotive Components (IAC) a group worth 7.5.5 $ 100 million restructuring specialists after a failed IPO attempt is looking to cash in on 8 $ 100 million from its low-margin business, multiple sources said. The successful completion of the acquisition will help Vivek Chand Sehgal, co-founder and chairman of the Motherson Group, to move further into new product categories in the automotive interiors space and, more importantly, into key markets such as the US, where the group is based. To date, the 2014-15 Stonerid wire harness project has just been completed-sub-jointed. Currently, 84% of MSSL’s revenues come from abroad, with Germany being the largest contributor. The company aims to reach 30% of sales from the US within the next fi...
CoraMackintosh
41
June 2, 2024
Rane (Madras) buys US-based Precision Die Casting for $2 million
Chennai: Automotive component manufacturer (Madras) Ltd, part of the Rane Ranee Group, has invested 200 in the acquisition of Preisioion Die Casting, USA. Rane (Madras) Ltd has set up a wholly owned subsidiary, Rane (Madras) International Holdings B V (WOS), in the Netherlands, which has invested USD 2.02 million so far, according to a filing with the BSE. “The Rane (Madras) International Holdings B V (WOS) has entered into a Share Purchase Agreement with PDC Cooperative Holdings Inc, USA, to acquire 100% of the share capital of Precision Die Casting Inc and to receive an equity investment of US$2 million dollars. ” Add. In addition, the Company has provided a limited guarantee under a Standby Letter of Credit, (SBLC) for the PDC Term Loan Facility in the amount of US$2,000,000. Today, the company’s shares closed at Rs. 292.20 per share on the Bombay Stock Exchange, up 7.43%.
RodBerkeley
42
June 2, 2024
Minda Industries acquires Spain based Rinder for Euro 20 million
NEW DELHI: Minda Industries, an automotive component manufacturer, today announced the acquisition of the global lighting business of the rinder group in Spain for 20.1 million euros. The acquisition includes 100% of the equity of Rinder Lightia and Systems and Technical Center in Spain and 50% of the equity of rinder Riducu in Colombia. The transaction will be financed through internal accruals and debt. UNO Minda NK Group Chairman Minda “This acquisition will position Minda Industries as a technology leader in lighting solutions and further enhance the company’s R&D capabilities. Minda Industries currently has an annual turnover of around Rs. 3 billion from its lighting business. As a result of the new acquisition, this figure will increase to around Rs. 755 crores. The acquisition will give Mindadaa access to Rinder India’s three plants in Bahadurgarh, Haryana and Chakan and Pimpri, Maharashtra. Globally, the acquisition will help Minda Industri...
ArcherBronte
65
June 2, 2024
Sona Group to double turnover to Rs 10K cr by 2020, foray into railways, defence, aerospace
NEW DELHI: Auto component maker Sona Group is targeting to double its revenues to Rs 10x billion in a year by entering into related sectors like railroads, defense, aerospace, etc., in 10 sectors. “As a group, we need to double our annual sales by 2020 and that is our target,” said Sunjay Kapur, Chairman, Sona Koyo Steering Systems. Currently, the Sona Group is valued at around Rs 4,500-5,000 crore. Sona Koyo Steering Systems is the flagship company of the Sona Group listed on the stock exchanges. Sona BLW Precision Forgings, a private company, is a joint venture between Sonaa Holding and Mitsubishi Materials Corporation, Japan. “For the private sector, we have ambitious growth plans. Under review-rail and defense forging projects. These companies are of different sizes, but there are many opportunities. We are definitely there,” Kapoor added. Kapur told Sona, BLW I get a lot of inquiries from the aerospace sector because the company has a lot of bus...
ElroyJerome
42
June 2, 2024
Components major Denso India eyes Rs 5,000 crore revenue by FY18
Mumbai: Denso India (Manufacturer) Denso Corporation, a subsidiary of Japan’s leading automotive components company, is targeting revenues of Rs. 500 crore by FY 2018. “We are targeting a sales revenue of Rs 500 crore by 2017-18. Last year, we had sales of Rs 35 billion. However, I would like to add that this was the revenue for the financial year 2010,” Tako Nojiri said. PTI, “The domestic automobile industry is growing rapidly. The company, which is the largest supplier of components to domestic automakers such as Maruti, Toyota, Honda, Hyundai and Tata, expects sales to grow by 9% in 2020, he said. This Japanese conglomerate 32 entered India a few years ago and currently has nine and seven manufacturing plants in one company, employing more than 40,000 people. The company holds more than 60% of the domestic auto parts market share, and supplies parts to large automakers and railroad companies. When asked about capital expenditure plans to achie...
BlairLancelot
52
June 2, 2024
Cummins to put Rs 1,000 crore in India research & development unit expansion
NEW DELHI: Diesel engine maker Cummins plans to invest Rs 1,000 crore in expanding its R&D center in India, which is said to be the company’s largest R&D center outside the US. The Pune technology center, headquartered in Indiana, has 1,500 plans to add another 500 engineers next year. Anant Talaulicar, Chairman, Cummins Group India “The investment in the R&D center will be completed by the end of 2016 investment. India is one of our top five markets and once the investment is completed, the technology here will grow significantly.” The technology center is part of Cummins Technologies India Private Limited, a wholly owned subsidiary of Cummins. Talaulicar Cummins said that Cummins has a leader 6 diesel and natural gas commercial vehicle technology suitable for Europe. Once the Indian government informs Phase the company will intensify its research and development to provide localized solutions for the Indian market. “The challenge is t...
AubreyDickey
49
June 2, 2024
Napino group arm ties up with Germany’s ZF for switches
NEW DELHI: Vishnu Vaibhav Industry, the automotive component manufacturer of Napino Group, has partnered with ZF TRW Global Body Control System (BCS), Germany, to supply four-wheel switches to Indian automakers. Vishnu Vaibhav Industry Pvt Ltd (VVIPL) in a statement, Under the agreement between the two parties, ZF will focus on manufacturing four-wheel switches for domestic OEMs in India through an agreement with ZF’s agreement TRW Technology Partnership and Service Provider Agreement. In addition, VVIPL will also provide a local manufacturing base for ZF TRW Global BCS for its global customers in India. The statement said, “This also includes global development and manufacturing of switches and switch modules, mechanical steering column locks and entry-level automotive products.” Currently, VVIPL in Haryana exists only in the two-wheeler segment. We will be entering the four-wheeler segment in collaboration with our German partners. We have an engineer...
MargueriteEvan
51
June 2, 2024
Steel Strips Wheels bags 15-million euro order from PSA Peugeot Citroen
NEW DELHI: Steel Strips Wheels Ltd (SSWL) today said it has secured 1,500 orders worth ₹ 10,000 crore (more than Rs 110 crore) is French automaker PSA for supply of steel wheels to Peugeot Citroen for a period of five years. The material will be supplied to Peugeot Citroen’s upcoming new plant in Guenitra, Morocco, as well as existing plants in Poissy, France, and Vigo, Spain, the company said in a filing with the Bombay Stock Exchange. “The total number of projects is about 172 Generate about 15,000 wheels in five years and about 15,000 wheels in five years He added that the cumulative revenue of 10,000 euros. The order is the largest export order in SSWL’s history and marks SSWL’s move towards “Spin Forming Technology for Passenger Car Steel Wheels”, including the development of two sets of wheels using this technology. This will enable SSWLL to develop lightweight steel wheels for other global passenger car manufacturers in the futur...
GregaryCarey
42
June 2, 2024
With Rs 360 crore funding from KKR, Classic Stripes promoter buys back control of firm from PE investor
Mumbai: In a unique deal, Classic Stripes Private Limited, the founding shareholder (CSPL) of the auto parts maker, regained control of the company from the private equity investors who sold a majority stake in it five years ago. Musale is headquartered in Mumbai The family, with the support of Kohlberg Kravis Roberts Co. (KKR), repurchased 51% of the shares acquired in 2011 for Rs 20 crore from Navis, owned by Rs 100 crore Capital Partners (NCP). An additional Rs 16 crore has also been provided to settle short-term liabilities. Asia-focused NCPP has invested $110 million (about Rs 4.5 billion) in the company and will monetize it through its Indian operations, but will retain the company’s overseas operations, people familiar with the matter said. Founded in 1987 by Kishore Musale, the first generation entrepreneur, CSPL is the world’s largest manufacturer of automotive graphics with an annual production capacity of more than 1.5 lakh One lakh automotive graphic ki...
LindaTemple
40
June 2, 2024
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