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Focus is on new processes and cut in bad costs: Apollo Tyres MD
Apollo Tires Nerajaj Kanwar tells Nehal Chaliawala and Satish John that the world needs to adapt to new ways of working. In response to the uncertain demand environment, the company is redesigning and remanufacturing to cut down on all unnecessary costs, or in Kanwar’s words, “bad costs”. What is your business recovery plan? What is your business recovery plan? Most of our plants are currently open around the world. As far as India is concerned, all our plants are open. Sales have started gradually increasing, especially in the commercial vehicle segment as trucks are still transporting essential commodities. The demand for agricultural tires is also starting to increase in India. It is a very dynamic situation. The demand outlook for automakers is bleak. How will this affect this impact? Apollo tires? Apollo sales represent 80% of replacement demand and 20% of original equipment manufacturer (OEM) demand. Our focus now is to look at our sales in the re...
BerylStevenson
47
June 2, 2024
Labour availability could prove a challenge in ramping up production: Sona Comstar Chairman Sunjay Kapur
The industry has been urging the government to implement a vehicle scrapping policy to create demand, the Kapoor organization said. NEW DELHI: Sona Sunjay Kapur said that labor supply may pose a challenge for businesses to scale up due to large outflow of migrant labor from the industrial belt. Sona Comstar, which started operations earlier this month He said that by ensuring the safety of local employees, the company can restart its manufacturing plants in Haryana and Chennai (Tamil Nadu). “Fortunately, we have a lot of local people so we started working with them and the migrant workers may have gone back. Of course, we are tracking all our employees, but we can’t find them. It’s just. It’s a challenge for the whole supply chain for us to add labor there,” added Kapoor, adding that the company wants to streamline that work and get people back to work. Sona Comstar is currently working to fulfill export orders as domestic demand has yet to ki...
SuzanneBetsy
45
June 2, 2024
COVID-19 fallout: Amara Raja Group announces pay cut to employees
Jaikrishna B, Group President (Group HR), Amara Raja Group, said that the BPLP initiative is a step towards creating a win-win solution for individuals and organizations. Hyderabad: As a result of COVID-19 Amarara, Raja Group, a leading conglomerate spanning across multiple industries, on Wednesday announced that the salaries of junior and senior executives will be reduced in the coming months. After reopening and restoring them to the required levels, they will be refunded to the employees under the Business Performance Pay Reduction (BPLP) in the next financial year. According to information provided by the Group, the total number of employees is approximately 16,000, of which approximately 20% have been subject to pay reductions. According to last year’s annual report of the group’s flagship company, Amara, which had 7,541 employees, including temporary staff, as of March 31, 2019, the cost of salaries and other benefits stood at Rs 345.23 million. In view of...
ZenobiaEipstein
53
June 2, 2024
Huge job losses imminent if demand remains weak: ACMA
After last year’s decline, the auto parts industry, which employs about 5 million people, grew 18 percent. NEW DELHI: ACMA INDUSTRY AGENCY He said if the auto component industry continues to face headwinds due to the coronavirus pandemic, it could suffer major job losses. Weak demand and overcapacity will force auto component manufacturers to lay off employees to keep their business running, industry sources added. Deepak Jain, Chairman, Automotive Component Manufacturers Association of India (ACMA) “Until demand recovers, there will be concerns about financial stress, job losses and liquidity management.” Even if these companies reopen completely, they will not need as much labor because of low market demand, he said. “So in this case, people are losing their jobs even if we don’t like them. It’s a temporary labor force, but it could be other labor if demand doesn’t come back,” Jayne noted. He added that the automotive ind...
LindaThackeray
50
June 2, 2024
Minda Corporation’s German subsidiary filed for insolvency in Germany
NEW DELHI: Automotive component manufacturer Minda Corporation on Tuesday announced that its German subsidiary Minda KTSN Plastic Solutions GmbH Co. KG (MKTSN) has declared that it has filed for bankruptcy in Germany. The Board of Directors of Minda Corporation announced Tuesday that its German subsidiary, Minda KTSN Plastic Solutions GmbH Co. KG (MKTSN), held a meeting to request additional financial support, taking into account KG. MKTSNN’s extensive review and consideration of current and future cash flow requirements as well as COVID-19 impacted by the pandemic, the Board of Directors decided not to impact MKTSNN to take any further financial risk and recommended that capital be allocated to growth and profitable business opportunities. Do. /pAfter Minda KTSN Plastic Solutions GmbH Co. KG (MKTSN) filed for bankruptcy in Germany today. MKTSN was a manufacturer of automotive motion and non-motion plastic parts acquired by Minda Corporation in 2007. Since then, the comp...
MarshHuntington
59
June 2, 2024
Auto component industry should aim for 5 pc of global trade in 5 yrs; govt support crucial: ACMA
Representative photo NEW DELHI: India’s auto component industry should look at increasing exports and strive to capture at least 5 percent of total global trade (about $1.3) trillion) in the next five years, an industry executive said. Vinnie Mehta, secretary general of the Automotive Component Manufacturers Association of India (ACMA), told PTI that government support for incentives is important to achieve this goal. He added that government support will not only act as a catalyst for business growth but will also help the industry to become self-reliant. Currently, 25% (or $15.1 billion) of India’s auto component industry exports to the US and other countries. The EU accounts for 65% of the exports, Mehta said. “The global trade in auto components amounts to $1.3 trillion, while the share of the Indian auto components industry is only 1.3%. We must try to get at least 5% share of global trade in the next five years, but we need to. “For this, gov...
BradyDewar
38
June 2, 2024
Auto industry lobbies appeal against 100% inspection of Chinese imports
Some of the agency’s imports from China are critical components, and the ACMA president said the domestic auto parts industry is not competitive. MUMBAI: Two major auto industry lobbies on Monday urged the government to oppose 100% Chinese products at the port Manual inspections could hurt companies trying to normalize their supply chains after the industry took embargo measures. Rajan Wadhera, the lobby group of the Society of Indian Automobile Manufacturers (SIAM) “Excessive clearance delays caused by port congestion could ultimately affect the number of vehicles manufactured in India. With growth slowing down, the sector is consolidating on its own.” The statement said, “For now, it is best to avoid further disruption.” Explaining the complexity of the automotive value chain, Deepak Jain, President, Automotive Component Manufacturers Association of India (ACMA), said, “Some of the products that we import from China are critical component...
VeronicaMarlowe
53
June 2, 2024
COVID-19: Auto component sector may see 16% drop in revenue this fiscal, says report
Parts are concentrated in commercial vehicle companies and companies already in business report that recent large debt-financed expansions will be more vulnerable than diversified expansions. MUMBAI: Sales in the auto parts industry may fall 16% this fiscal due to supply chain disruptions caused by the COVID-19, epidemic and weak demand for cars in India and abroad, a supplier said. Report. Crisil Ratings, in a report on Tuesday, said the industry’s revenues would have declined by about 10 percent in the last fiscal, adding Rs 32 percent crore to the losses. Based on a growth forecast of 30000000000000 Home Crisil analyzed the auto component suppliers based on their ratings, which account for 40% of the industry’s revenue. Krisil Ratings “Because the COVID-19 pandemic has disrupted the supply chain, it has dealt a fundamental blow to the demand for automobiles in both domestic and international markets. The auto parts industry is expected to see a decline i...
ZenobiaEipstein
44
June 2, 2024
SSWL receives orders worth USD 140,000 along with maiden order for alloy wheels from EU
Reuters. NEW DELHI:Auto component maker Steelelellel Strips Wheels Ltd on Wednesday, said he has secured 14 orders worth $105,000 (about $105,000 (about $105,000) crore) from the European Union market and its first order for alloy wheels. Steel Strips Wheels Ltd (SSWL) In a regulatory filing, the company said that it received its first order in the alloy wheels segment for the EU market in 7 from its Mehsana The plant. The document says: “This includes more than 300 for the US and EU markets and more than 1,000 CV (Commercial Vehicle) wheels with an order value of about 14,000 units USD.” He added, “Customers are expected to receive more orders in the future as quality and delivery times are finalized.” Earlier this week, Steel Strips Wheels was awarded a $1,001,000,000 order for more than 1,190,000 wheels produced for the U.S. RV trailer market. SSWL 3755 recently secured a long-term order worth Rs. 100 million through its domestic customer sup...
MollyCharlotte
50
June 2, 2024
Tsuzuki to set up plant at Reliance’s Model Economic Township in Jhajjar
Getty Images Featured Image NEW DELHI: Model Economic Township Ltd (METL), a subsidiary of Reliance Industries Ltd, said on Sunday that Japanese company Tsuzuki has set up a manufacturing unit at its plant in Jhajjar (Haryana). METL said in a statement that it has signed a contract with a Japanese company. Tsuzuki will manufacture steering knuckles for the automotive industry at MET in Reliance. Tsuzuki Managing Director Eichi Oya said that the company will start production operations at the new plant in Jhajjar in 2021, said the company. He added that the plant will cater to both domestic and international markets. Tsuzuki is the third Japanese company after Panasonic Tsuzuki and Denso to invest in MET Jhajjar, one of the 12 industrial township sites designated by the MET Jhajjar Japanese government for the development of industrial townships in India. Shrivalabh Goyal, CEO and Executive Director, said that Tsuzuki’s investment in India will improve India’...
SibylBessie
42
June 2, 2024
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