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JBM Auto to invest Rs 300crore with Poland’s Solaris Bus & Coach
NEW DELHI: Auto component manufacturer JBMM Auto today announced that it will partner with Solaris Poland Bus Coach 30 joint ventures to invest Rs. crores in developing and manufacturing electric and hybrid buses in India. The company is moving to the Bombay Stock Exchange to the Bombay Stock Exchange (BSE) According to the filing, the joint venture will bring world-recognized, sustainable and affordable European electric vehicle technology to India for the first time. He added, “The focus is on developing local sources of all key components, systems and assemblies to meet the needs of the country and the world.” Ecolife plans to start production in Kosi, Uttar Pradesh in the fourth quarter of FY 2016-17. The company added, “JBM Solaris In the coming phases, we will work harder to bring all types of buses in-house,” the company added.” On July 14, 2016, JBM Auto signed a joint venture agreement with Solariss Bus Coach S.A. in Poland. JB...
CorneliaBarton
51
June 2, 2024
Indian auto component industry to grow 5 times by 2026
ET Car NEW DELHI: The global auto component market is expected to reach about $1.75 trillion. However, the Indian auto component industry accounts for only $40 billion in sales, which is only 2.3% of India’s total GDP and contributes only $11 billion to exports. Under the Automotive Mission Plan 2026, (AMP), the market size and exports are expected to grow five-fold. This will require an investment of $2.5 to $30 billion, so we are not competing for the market, but in 2026. Balaji, Chairman, ACMA Arvind, said. Top auto component manufacturers have invested $50 billion in R&D, and 50% of the innovation in the automotive industry is co-created with auto component companies. Industry leaders say everyone is focused on this market because of the tremendous growth opportunities. But with every opportunity comes a challenge. The first and most important challenge is to provide better quality and technologically advanced products to OEMs. The industry is also laggi...
PageLucia
59
June 2, 2024
Hero Group looks for technology to make electric and hybrid vehicles
NEW DELHI: Rockman $100 million Industries, India’s 500-value automotive component manufacturing group, has started discussions with foreign partners to set up a joint venture to secure technical know-how on materials required for manufacturing hybrid and electric vehicles in the new era. In an exclusive interview with The Economic Times, Suman Kant Munjal, Managing Director, Rockman Sustris, said the aim behind the move is to prepare for the future. “Every 10-15 2000 years, the global automotive industry will change as new technologies emerge. Hybrid and electric vehicles may take some time to grow in India, but we are ready for it. “We hope it will continue to grow in the future.” Munjal and added that the deal is expected to close in the next 12 pen to 18 a month. Munjal, Managing Director, Rockman Industries Ujjwal, added: “We want to gain technical knowledge of magnesium, titanium and carbon fiber composites for aerospace and racing. In ten ye...
MaxwellElla
43
June 2, 2024
Motherson board to meet next week to evaluate fund-raising
NEW DELHI: Auto component giant Motherson Sumi Systems today said the board will meet next week to evaluate various financing options. Motherson Sumi Systems on BSE “The Board of Directors will meet every day on August 8 to discuss and evaluate various financing options, including capital issues,” it said in a filing on August 8.” However, the company did not reveal any further details. Motherson Sumi Systems is the flagship company of the Samvardana Motherson Group. It was established in 1986 in partnership with Sumitomo Electric Systems of Japan. Its broad portfolio of businesses includes wiring harnesses, passenger car mirrors, injection molded products, instrument panels, door trim and bumper modules, blow molded parts and machined metal parts.
CecilMaud
48
June 2, 2024
Bosch to manufacture 2-wheeler ABS at Chakan from April
Pune:German auto component giant Bosch today said it plans to manufacture anti-lock braking systems (ABS) for two-wheelers at its nearby Chakan plant from the next fiscal. Anda Wolff, Senior Vice President, Manufacturing and Quality, Bosch Tell “In order to meet the huge future demand for these systems in the country, we plan to start production of ABS for bicycles at our Chakan plant in Pune from April next year.” The group has 250 plants in 60 countries, including one in Higashimo, Japan. Since April 2018, the government has made it mandatory for all new motorcycles with a displacement of more than 125cc to be equipped with ABS, and since April 2019, it has been mandatory for all existing and new bikes to be equipped with ABS. He said that according to the company’s plan, the Chakan plant can produce 70,000-800,000,00000 two-wheeler ABS units every year.
LennonWatt
53
June 2, 2024
Japan-based JTEKT Corp looking to hike stake in Sona Koyo Steering Systems
Eastern Standard Time Japanese auto parts JTEKT, the world’s largest supplier of steering systems, is looking to strengthen its presence in the Indian auto parts market and is in talks to increase its stake in Sona Koyo, the listed flagship company of the Sona Group, according to people familiar with the matter. It is said to have already started. The stake in Steering Systems Ltd. The ongoing negotiations were interviewed on condition of anonymity by ET NOW. ET NOW first reported the story. Jetty currently owns about 20% of Jetty with Sonaa and is negotiating with Sonaa’s share, Koyo Steering Systems, to increase its stake. Due diligence sources say the proposed transaction is ongoing. “Responding to ET NOW Jettygate responded to an email inquiry that it had not yet responded to Sonaa’s email Koyo Steering Systems Limited has made any decision not to comment.” Sonaa Group said, “In accordance with company policy, we do not comment on mar...
LindaTemple
47
June 2, 2024
Escorts divests auto products business
NEW DELHI: Escorts today announced the demystification of auto parts. As part of its strategic realignment program, Escorts is focusing on key verticals such as Agricultural Machinery, Construction Equipment, Railway Equipment and others. The automotive products business comprises a basket of products to cater to the needs of various automobile manufacturers and alternative markets in India and abroad, including motorcycles, scooters, passenger cars, commercial vehicles and utility vehicles. Dipan Ghosh, Chief Executive Officer, Escorts Automotive Products and Escortssss Railway Products, said: “We believe that the transfer of our OEM export business to Badve Engineering Ltd will help us focus on our core areas and with Badve Engineering Ltd’s intervention, the business will move forward. Ltd stepping in, the business will move forward.” Badve Engineering Ltd. Shrikant Badve “We are pleased to acquire a company with a good market position and versatil...
MarkLucius
42
June 2, 2024
Tata AutoComp to acquire TitanX
PTI NEW DELHI: Tata AutoComp Systems, the automotive components arm of the Tata Group, today announced that it will acquire engine cooling supplier TitanX for an undisclosed amount. “TitanX it is a leading supplier of engine and powertrain cooling solutions to the commercial vehicle industry with facilities in North America, South America, Europe and China,” Tata Motors said in a statement.” EQT Opportunity is currently co-owned with Forertrasform. Praven Kadle, Chairman of Tata AutoComp Systems, said, “TitanX it is a perfect fit for our future growth areas. We are confident that under the successful and experienced management of TitanX, it will be a great asset and contribute to the growth of Tata AutoComp. I am confident of that.” ‘ Ajay Tandon, Managing Director and CEO, Tata AutoComo Systems, said that the acquisition is an important part of the company’s global expansion strategy and an important acquisition to strengthen its pos...
BrunoNorton
44
June 2, 2024
Auto parts makers open up Rs 5000 crore investment to meet rising demand
ET bureau NEW DELHI: India’s auto component industry is completely open for business. With signs of strong new demand in the automotive market, some companies have delayed investments while others have accelerated investments in new capacity. Companies such as Lumax, Varroc, JBM Group, CK Birla Group and others have scheduled new investments totaling more than Rs 5,000 crore (see table). A large portion is for adding new capacity and a large portion is to prepare for new safety and emission regulations. Arya, Group Managing Director, JBM He said that the company has accelerated investments in several new facilities six months ahead of schedule. JBM The group, which is a major supplier to Maruti Suzuki, plans to invest Rs 1,000 crore over four years in capacity expansion and new businesses. Aurangabad-based Varroc Group Over the same period, the Varroc Group plans to invest more than Rs 600 crore per annum in emissions technology and next-generation lighting systems. C K ...
AlvaHerty
36
June 2, 2024
Kedaara to sell Bill Forge for Rs 1,332 crore to Mahindra CIE
Mumbai: Mahindra CIE Automotive has agreed to acquire automotive forging company Bill Forge in a cash and stock deal worth Rs 133.2 2 1 crore.The Indo-Spanish component maker expects this to help it diversify its business and add to its revenues and margins in the Asian market. As per the agreement, about half of the acquisition cost of Mahindra CIE will be generated through internal cash, with Bengaluru-based Bill Forge shareholders being allotted 31.99 lakh shares on a preferential basis at a price of Rs 200 per share. The company will also issue 22.5 million shares to CIE subsidiary PIA2 at the same price to maintain CIE’s ownership of more than 51% in Mahindraa CIE and restore the Spanish industrial group’s confidence in the Indian joint venture. /P After the completion of the acquisition, the shareholding of CIE subsidiary PIA in Mahindraa CIE will be 51.39% and the shareholding of MVML, a subsidiary of the Mahindra Group, will be reduced to 17.26%. Bill Forge, ...
NicolaByron
60
June 2, 2024
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