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Wheels India bets on LCV segment, exports amid demand slowdown
Indian products in the wheel export segment are in strong demand in the international market, especially construction wheels and forged aluminum wheels with an export value of Rs. 6.1 billion. Chennai:Chennai-based auto component maker Wheelss India, which is part of the 85 TVS worth $100 million group, will start production of 14,000 cars near Chennai, Chairman S Ram said at the company’s annual general meeting today. Export market. The company has also invested in modernizing its plants. As the domestic market begins to slow down, Wheels India is strengthening its presence in the export market,” Wheels India said in a press release. “With few exceptions, all sectors from passenger cars to commercial vehicles have been affected. “Light commercial vehicles, light commercial vehicles and utility vehicles have shown reasonable growth in the last fiscal. We are hopeful that the sentiment in the rural market improves after the normal monsoon, which will incr...
MerryBecky
53
June 2, 2024
Auto parts firms diversify amid electric vehicle, BS-VI changes
Bharat Forge It is one of the largest manufacturers of precision components in India. Mumbai: The decision to penalize fuel-wasters and switch to electricity to meet transportation needs is spurring innovation in a key aspect of the value chain: component manufacturers. Anuragagaga Jain, Managing Director, Endurance Technologies, on this month’s financial report conference call, “We are getting into the aluminum forging business and have started manufacturing inverted fork triple clamps and active clamps.” Vehicles with electrical systems will also benefit from the program. ICICI Shashank Kanodia “This is a very new trend as everyone wants to reduce the weight of the vehicle in the best possible way to control emissions.” Bharat Forge It is one of India’s largest manufacturers of precision components focused on improving lightweight production. In its annual report, the Pune-based company said, “Stricter emission standards will acc...
GenePatrick
68
June 2, 2024
Auto component companies put $2 billion investments on hold
including Shriram Pistons Rings Several other companies have also been put on hold. NEW DELHI: The recession has forced India’s auto component industry to attract at least Rs 200 crore (about Rs 14.33 lakh crore). Auto Component Manufacturers Association. Investments in capacity expansion have been put on hold, but the industry is still investing in some innovations, Jain said. He said the industry has invested around Rs 90,000-110,000 crore to transition to the stricter-VI emission standards in 2020 which came into effect on April 1 BS, of which the auto component industry has invested around Rs 30,000 crore. “If we talk about $57 billion worth auto component industry, the general investment ratio is close to $17 billion:3 or 1:Jain said in an exclusive interview that this could generate additional revenue considering the growth rate of about 14% last year. “Jain said. The Economic Times says, “$2 billion in investments may be put on hold this year....
RuthHaggai
57
June 2, 2024
Pricol announces non-working days across facilities in October
Pricol said the move is to keep production, sales and market demand aligned. Chennai:Auto component maker Pricollllll on Thursday announced 10 monthly closures of its factories across the country. According to the company, the vacation will be implemented at Coimbatore 1, 3, 4, Gurgaon 2, 9, Pune 5, Sri City 10, Pantnagar 7 units. The Tamil Nadu-based company announced last month that eight families out of its 10 companies Home plants in the country would be shut down. Pricol in a regulatory filing on Thursday, as part of an effort to keep production and sales requirements in line with market demand. The downturn in the auto industry has forced many manufacturers and parts suppliers to reduce production and plan temporary plant closures. Leyland, a manufacturer of heavy commercial vehicles for the Hinduja Ashohok Group, has announced the closure of several manufacturing plants due to low demand. TVS Sundaram Group of Companies-Clayton Ltd, car makers Maruti Suzuki Lt...
DonnaAugustine
42
June 2, 2024
TVS Group auto parts maker sets up unit in Sri City
Chennai: 85 TVS worth $100 million Sundram Fasteners, a part of the Sundram Group, in a press release on Wednesday, has set up precision engineered component manufacturing plants in three urban SEZs along the border of Tamil Nadu and Andhra Pradesh. Sundram Fasteners, which has invested Rs 10 crore, on Tuesday exported its first order to a European manufacturer in Germany to supply large original equipment manufacturers. The company said, “The new division will further strengthen the company’s export business by adding products to its manufacturing portfolio and diversifying its export customer base.” Sundram Fasteners, which has expanded its manufacturing base amidst a severe sales downturn in the domestic automobile sector, reported a standalone net profit of Rs 1.3 crore and EBITDA of 18% for the third quarter of fiscal 2020, driven by operational efficiencies and cost control. Sales declined to Rs 6928 crore from Rs 10188 crore in the same period last y...
SamField
41
June 2, 2024
Auto component maker NEIL investing Rs 100 crore to expand product portfolio
NEW DELHI: Engineering Industries Ltd (NEIL), an auto component maker under the CK Birla Nationall group, will invest Rs 10 crore over the next three years to manufacture needle roller bearings at its Jaipur plant, a senior company official said. The company, which has entered the needle bearing segment using NTN licensed technology, expects to have a vertical revenue of around Rs 500 crore next year, which will later be expanded to Rs 1 crore. “Now we are entering the needle roller bearing segment with a complete product portfolio, which is the only missing piece in the automotive segment. We will invest Rs 100 crore over the next three years.” said Rohit Saboo, CEO, National Engineering Industries Limited (NEIL). He said that the investment in needle roller division will be a part of the company’s overall capital expenditure program of Rs 33 crore being undertaken over three years. When asked about his expectations from the new segment, Saboo said, ̶...
NatMacMillan
58
June 2, 2024
Coronavirus: Minda Industries, Bharat Forge to stop manufacturing operations
Bharat Forge This measure is also in line with the Maharashtra government’s 2020 requirements Guidelines issued daily on March 22nd. (Representative photo) NEW DELHI: Auto component makers Minda Industries and Bharat Forge on Monday said they will suspend operations at their manufacturing sites as part of preventing the spread of the deadly coronavirus. Minda Industries said in a regulatory filing, “In view of the comments made about the new coronavirus (COVID-19) we have decided to suspend the growing concern of its spread in some parts of India, the government’s guidelines and the suspension of production announced by some OEMs (original equipment manufacturers ) announced suspensions.” . ” he said. Production in North India, Rajasthan and Maharashtra until further notice. Meanwhile, Bharat Forge in a statement to the BSE “The company has decided to suspend the operations of all its offices and manufacturing sites in India from March 23 to ...
MaureenStowe
37
June 2, 2024
Coronavirus impact: MRF, Maxxis India suspend production till April 14
NEW DELHI: MRF Tire Manufacturers and Maxxis India on Wednesday announced the temporary closure of the plant due to the coronavirus pandemic. In a regulatory filing, MRF Ltd said, “In view of the 211-year sky blockade across the country, our operations at our headquarters, sales offices and factories in India will continue to be closed until closure.” The company added that the expected financial impact of the program cannot be determined at this stage. Similarly, Magis India said that production operations at its Sanand plant will remain suspended till April 14, 2020 in view of the blockade imposed to contain the outbreak.
IvyHenry
65
June 2, 2024
Kalyani Group contributes Rs 25 cr to PM-CARES to fight coronavirus pandemic
AgencyBharat Forge Baba President Kalyani said: “The organization is committed to supporting the central, state government and local authorities to tackle the epidemic in every possible way.” NEW DELHI: Kalyani Group flagship auto component giant Bharat Forge on Tuesday, other group companies pledged to contribute Rs 2.5 In order to fight the coronavirus pandemic, Rs 100 crore to the Prime Minister’s Citizens Aid and Relief (PM-CARES) Fund. He said the group is still considering using its research and development facilities to meet its needs. Other contributing group companies include Kelia ni Steel, Saarloha Advanced Material Pvt Ltd, Automotive Axles and Hikal Ltd. Baba Kalyani, Chairman, Bharat Forge “The organization is committed to supporting central, state and local authorities in every possible way to tackle the epidemic.” “We are utilizing the group’s research and development facilities to find ways to alleviate the shorta...
PaulBill
53
June 2, 2024
MG Motor India: Supplies resume from China but facing hurdles from Italy
The agent MG Motor India supplies the following diesel automotive parts and engines to Italy: NEW DELHI: SAIC MG Motor India has said that the supply of parts from China has resumed but the supply of parts from Europe will be disrupted due to the outbreak of coronavirus in the continent. However, the company has not yet revised its production, sales or investment plans for 2020. “Supply and production were affected by the coronavirus outbreak in China in February. Since March, the situation has started to improve…. Now we are more worried about Italy. (But) we are optimistic about bookings. MG Rajeveve, President, Auto India Chaba “We will be able to achieve our annual target.” MG India has bought some auto parts and diesel engines from Italy. The company has ordered 16 lakh vehicles Hector SUV and 2,000 units of MG ZS EV. Between July 2019 and February 2020, the company sold more than 20,000 vehicles Hector SUV. MG Motor India plans to invest Rs 2...
MickJeremy
52
June 2, 2024
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