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NCLT admits insolvency plea against Uttam Galva Steel Ltd
IRP will now continue to manage NCLTLTT and take over Uttam Galva management. Mumbai: The National Company Court (NCLT) on Thursday recognized the insolvency case of debt-laden Uttam Galva Steels Ltd (UGSL) after financial creditor State Bank of India filed a bankruptcy petition in the National Company Court. Uttam Galva Steel A lawyer representing the company said that the company is one of them. UGSL is one of the companies in the Reserve Bank of India’s second list of loan defaulters and has been directed to take immediate corrective action. /p20 In early April 20, it was reported that UGSL had defaulted on Rs 100 crore of debt to over 60 lenders due to a virus epidemic. UGSL also stated that due to the embargo, the company had shut down its factories and operations and was yet to repay its creditors Rs 10.08 billion. The company posted a net loss of Rs 1,600 crore for the second quarter. State Bank of India, Deutsche Bank, Oriental Bank of Commerce, Indian Overseas...
KayYale
46
June 2, 2024
Steel Strips Wheels bags orders worth Rs 25 crore from America, Europe
ThinkStock Photos Steell auto parts maker Strips Wheels Ltd (SSWL) on Thursday announced orders worth Rs 250 crore from the US and Europe. In a regulatory filing, SSWL said the export orders of over 17,000 wheels from the US and the EU are primarily for the caravan trailer market, US mobile home and US truck trailer markets. The company added that it expects to fulfill the orders from its Chennai and Dhapar plants as early as July 21st. The report said, “With the rapid recovery of the business, it is expected that similar customer segments will receive orders for similar volumes in the coming months.”
TracyYerkes
50
June 2, 2024
Auto component maker Steel Strips Wheels bags orders worth over EUR 1,38,000 from EU
It has also received orders worth more than $1.3 million (roughly Rs. crores) to produce 116,000 wheels for the US RV trailer market for Rs. 9.76 crores. NEW DELHI:Auto component maker Steelelellel Strips Wheels on Friday said it has received orders worth 1.38 million euros (Rs 1.22 crore) from the European Union. The company said in a regulatory filing that it has received an order for “export of about 20,000 dollars to the caravan trailer market in the EU” The order for one wheel will be executed in September this month at the Chennai plant. The order is reportedly worth more than 13.8 lakh euros. The company said it expects other regular customers to receive similar orders from time to time as the market is normal. “This will support further increase in production at Chennai Steel Wheel Works,” he added. Earlier this week, the company said it had received orders worth USD (about Rs 1.56 billion) from the 20,000 US truck and caravan trailer ma...
UlaAdela
65
June 2, 2024
Auto component output may be back to normal by festival time: Deepak Jain
Mumbai: India’s auto component production is likely to remain the same as last year. Deepak Jain, Chairman, Automotive Component Manufacturers Association of India (ACMA), expects the upcoming festive season to be higher than the FY2019 sales in the automotive market. Volumes are down by 30-35%. Auto sales in FY2019 stood at 26.3 million units, down 18% from 21.5 million units in the previous fiscal year ending March 31, 2020 The industry is facing hurdles such as local blockades and exodus of personnel, Jain said in an online press conference, adding that sales could fall further in fiscal 2021 due to massive loss of business in the first quarter.-There is a shortage of technicians during the blockade. Component manufacturers are increasing their inventory before the end of the year to minimize the impact of the local blockade, he added. There is some budding demand in the rural market that is growing, especially in the agriculture equipment and both the-Wheeler segment...
BaldwinPullman
49
June 2, 2024
Wipro bags multi-year contract from automotive supplier major Marelli
Bengaluru: Wipro signed a multi-year agreement with Magneti Marelli for global automotive engineering services. Wipro In a press release, as part of the agreement, Wipro it will use its EngineeringNXT vehicle engineering framework and strong expertise is Marelli to set up a software engineering factory. Wipro is already Marelil’s IT partner helping the company standardize, streamline and enhance IT services globally. This is an additional engineering services contract. Marelli is a world-renowned supplier to the automotive industry, headquartered in Saitama, Japan and Corvita, Italy. It will also help Marelli improve operational efficiency and accelerate the rollout of cutting-edge technologies for Internet and sustainable mobility solutions. “Our EngineringNXT is based on extensive experience working with the world’s leading automotive OEMs and suppliers, and the service delivery platform will accelerate Marelli’s ability to innovate at scale t...
AldrichJoe
52
June 2, 2024
Signs of green shoots in passenger vehicle and two-wheeler segment: Exide Industries boss
The COVID-19 Exide has proven popular when it comes to lithium-ion batteries This is favorable. Gautam Chatterjee, Managing Director and CEO of Exide, said on Tuesday that sales in the passenger car and automobile segments, which have been declining for several months due to the popularity of the new crown virus, are showing signs of recovery. The year-on-year decline in the two-wheeler segment was much smaller compared to previous months. “In the last two years, the automobile industry has not performed as expected. A similar situation continued in the first few months after the blockade. However, there are signs of improvement in demand, especially in the budget car and two-wheeler segments.” Speaking at the company’s annual general meeting, Chatterjee said demand in the automobile sector is expected to improve during the festive season. He added, “Many automakers have seen an increase in sales over the previous months, which has infused resolve in t...
AlvaDodd
37
June 2, 2024
EV components maker Entuple e-mobility to raise $3.5 million of equity capital
Mumbai: Bangalore-based electric vehicle (EV) Entuple component maker Entuple E-mobility is in talks with several investors to raise $3 million to $3.5 million (Rs 22-25 crore) in equity capital to fund further growth. Entuple Rakesh Mishra According to The Economic Times, the funds will be used to set up the company’s future power assembly manufacturing plant with an annual capacity of 15 1 lakh vehicles will also upgrade the existing R&D and operations manufacturing plant. We also plan to manufacture fast chargers for electric vehicles next year. Mishra said the company is in discussions with strategic investors and venture capital funds and hopes to close the financing soon. Explaining the reasons for supplying parts to emerging low-volume industries such as electric vehicles, President Mishra said that only as localization progresses will the cost of production of electric vehicles come down dramatically and sales grow significantly. “Currently, all EV...
QueenaWodehous
47
May 31, 2024
Mortgage lenders of Amtek subsidiary approaches NCLT to protect their rights
KKR India Financial Services and LT Fin approached Chandigarh benchmark NCLTTT through securities custodian vistra ITCL. Mumbai: Following KKR India Financial Services’ move to a specialized bankruptcy court through Vistra ITCL, revival of Amtek Auto The scheme is once again in trouble. There has been no change in the rights to the mortgaged property after the resolution was passed. The security trustee is still seeking a copy of the settlement plan. KKR India Financial Services and LT Finance approached through the Security Trustee Vistra ITCL National Company Court (NCLT) Chandigarh bench seeking intervention in the proposed resolution fund Deccan Value Investors LP (DVI), a US-based hedge fund. The appeal relates to Amtek Auto part of the factory land being mortgaged by private lenders KKRR comprising India and LT Finance. Interestingly, DVI had recently filed an appeal before the National Company Appellate Tribunal (NCLAT) against the NCLT order holding that lack of ...
JeremyReynolds
51
May 31, 2024
Inverted Energy launches buyback plan for its e-rickshaw batteries
NEW DELHI: Lithium-ion battery maker Energy Pvt LTD on Monday announced a buyback program for electric rickshaw batteries with a payment of Rs 10,000 after the expiry of product warranty. The initiative, which will be launched daily on October 20, is aimed at encouraging electric rickshaw owners to switch to green energy, the company said in a statement. “Our buyback program underscores our confidence in our products and our commitment to creating a stronger, cleaner India. Inverted Energy aims to encourage more rickshaw commuters to use green energy and contribute to a cleaner, more efficient economy,” said Ragha Jain, co-founder of Inverted Energy. The money will be repaid at a later date.” To the world. The company claims that the country currently has 150 1-2% electric rickshaws only 10,000 The use of lithium-ion power is mainly due to lack of awareness and cost differentials. The company said, “Compared to conventional batteries, lithium-ion...
RobertJoyce
52
May 31, 2024
Auto component makers performance likely to remain subdued in September quarter: Icra
Following a double-digit decline in FY2020, annual auto component sales (excluding tires) are expected to decline by 16-20% in 2020-21. Mumbai:Performance of auto component makers is expected to remain weak in the second quarter of the current fiscal but is expected to continue to improve significantly, credit rating agency Icrara said on Thursday.Following a double-digit decline in FY2020, annual auto component sales, excluding the tire business, are expected to decline by 16-20% in FY2020-21. Tire makers are expected to fare better, with sales declines expected to be in the high single digits, the report said. The auto parts industry has been struggling with weak demand since fiscal 2020, the report said. The industry experienced 16 months of declining sales before the new coronavirus outbreak, which was further exacerbated by the epidemic. Icra looks ahead and the industry is expected to see strong growth in the 2022 outlook fiscal year, which will improve profitability a...
LouChesterton
83
May 31, 2024
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