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Motherson Sumi says PLI scheme ‘very exciting’; bullish on India mfg opportunity
In terms of financing to meet growth expectations, the company said it will do so through internal accruals, debt and equity as necessary. Incentives linked to government production (PLI) The program is “very exciting” and the huge opportunity in India could help the company exceed its 2025 annual target. Chaand Sehgal, chairman of auto parts giant Motherson Sumi Systems Ltd Vivek, on Monday summarized a comprehensive plan with a sales target of $360 billion. Motherson Sumi Systems Ltd (MSSL) has a clear idea that no country should have more than 10% of its revenue, but it believes that India offers clear opportunities for manufacturing and wants to promote ‘Make in India’. Vivek Chaand Sehgal, Chairman, MSSL, in an interview with PTI on “PLII announced by the Government of India” said, “The PLII announced by the Government of India is a very exciting program. Let us see what important role we can play here.” Earlier this mon...
BurgessHugh
48
May 31, 2024
MSSL signs strategic agreement to acquire Bombardier’s Electrical Wiring Interconnection Systems business
Ann Gerstner, president of PKC Group’s railcar business “By acquiring the business, we will become a true global partner for our customers and have the opportunity to serve them in the North American market.” ‘ NEW DELHI: Automotive components giant Motherson Sumi Systems Limited (MSSL) on Tuesday announced that its Mexican subsidiary, Motherson Rolling Stocks S. de R.L. de C.V., has announced that it has entered into an Asset Sale and Purchase Agreement for the acquisition of Bombardier Transportation in Hueveretocaca Power Cabling Interconnections, Inc. Systems (EWIS) project at the manufacturing site (BT Ensambles Mxico). Manufacturing Site (BT Ensambles Mxico) Systems (EWIS) Project. MRS Motherson, part of the Motherson Rolling Stock Division, designs and manufactures electrical cabinets, power packs and distribution systems for leading railcar manufacturers. MSSL, through its PKC Group (acquired in March 2017), is engaged in the manufacturing of ...
SpringRusk
54
May 31, 2024
Uptick in passenger vehicle sales to raise aftermarket demand: Auto part makers’ body
MUMBAI: Growth in used car ownership and passenger car market is expected to lead to increased aftermarket demand due to increased use of personal vehicles, said Automotive Component Manufacturers Association ACMAAACMA. Automotive Component Manufacturers Association of India (ACMA) he said that the automotive sector is changing with the increase in automobile consumption in the second quarter of the current fiscal. ACMA also announced that the fifth edition of the four-day conference “Four Days of Automechanika” is an international trade fair for the aftermarket and service industry, which will be held next year on April 22, in collaboration with Messe Frankfurt India, Pragati Maidan, New Delhi. Maidan, New Delhi. The event was originally scheduled to be held monthly in February 2021, and the organizers believe that the event, held later in the new financial year, will enable the industry to secure business-to-business (B2)B) re-establishment of environmental lin...
AnnaMackintosh
48
May 31, 2024
Remsons Industries acquires UK based Magal Cables
Corporate Advisors LLP, an affiliate of Kanu Doshi Group KDA, advised Remsons on the transaction. DBS LLP acted as legal advisor to Remsons on this transaction. Mumbai: Automotive cable supplier Remsons Industries UK Magal on Friday announced the acquisition of Cables Ltd, a part of Arlington Group Engineering Systems. Remsons Remsons, through its wholly owned subsidiary Holding Ltd (registered in the UK), is a 3.3% subsidiary of Cables Ltd. registered) for 3.3 MCL for Rs 100 crore, financed by internal accruals and debt. Magal Cables Ltd (MCL) has a manufacturing facility at Stourport, near Birmingham, with a state-of-the-art technology center, testing and validation laboratory. The company manufactures control cable assemblies, pedal box systems, spare tire winches and jacks for Ford, Jaguar Land Rover, Daimler, Renault, Volvo and many other companies around the world including the UK, Europe and the USA. Kejriwal, Remsons President and Chairman This means that Remsons ha...
SylviaJonathan
48
May 31, 2024
Covid disruption triggered localisation vs globalisation debate: Seetarama Kotagiri, Magna International
Seetarama Kotagiri, CEO-designate, Magna International Mumbai: Magna International of Canada, the world’s third-largest automotive parts supplier, last week announced the appointment of Seetarama Kotagiri as Chief Executive Officer. An engineer from Andhra Pradesh has gained decades of R&D expertise at the Ontario-based company. He started as a product engineer leading R&D and was later promoted to Chief Technology Officer (CTO). He will serve as the company’s global CEO from January 2021 onwards. In his first interview with the Indian media, Kothagiri told The Economic Times Chaliawala and Ketan Thakkar that the recovery from the new coronavirus pandemic was better than expected and that strong reserves helped Magna weather the crisis. He said the company is open to acquisitions as its business recovers outside of China, including India, where it can take on more commercial responsibilities. /p “Because of my pedigree, I must be biased against...
GillCarter
75
May 31, 2024
Cummins India completes BS-IV emission standard certification tests for wheel equipment
Mumbai: Engine and power equipment maker Cummins India on Monday said its wheel equipment has successfully completed the International Center for Automotive Technology (ICAT) certification test for BS-IV emission standards. The new BS for wheeled equipment such as wheel loaders, backhoe loaders, compactors, harvesters, balers and other wheeled equipment-IV (Construction Equipment Vehicles) norms will be implemented from April 1, 2021 onwards. The company said that Cummins India is ahead of schedule. Press Release. The company said that the latest engines can be easily upgraded to go beyond the BS-V emission standards. Ashwath Ram, Managing Director, Cummins India “As India seeks to boost its economy through infrastructure growth, it is poised to make the transition from mechanical to next-generation electronic engine systems.” He added that these new engine systems will be powered by Cummins best-in-class technology and ensure superior performance by ensuring lon...
LillianFrances
47
May 31, 2024
Swedish bearing manufacturer SKF India eyes capacity expansion to meet demand
Mumbai: SKF plans to expand its production capacity as soon as possible as all its manufacturing plants are running at full capacity, said Bhatnagar, Managing Director of Swedish bearing maker SKF India. “Unfortunately, we have to turn down orders because we are running at full capacity and we need to invest in capacity (expansion) quickly,” he told The Economic Times. Bhatnagar said the company is looking at greenfield and brownfield options to increase production capacity. He did not disclose the amount of capital to be spent on capacity expansion, but said the company will continue with the Rs 10-1.5 billion capital expenditure planned for the current financial year. SKF India and its subsidiaries have six plants in India. The company resumed production earlier this year after the relaxation of the coronavirus embargo ahead of competition and managed to win key customers and market share, Bhatnagar said. The bearing and lubricant maker restored order to its wor...
DorothyAugustus
44
May 31, 2024
Auto industry body expresses discontent over reservation for local workers in Haryana
On November 5, the state assembly passed the Haryana Employment Bill. The Local Candidates Bill calls for reservation of 75% of factory jobs and 75% of other blue-collar jobs in the private sector for local residents. Mumbai:Haryana automakers reserved 75% of government for local candidates The factory work measure is not satisfactory as it could lead to disruption in the automobile supply chain due to falling demand. There is excess supply and companies are working overtime. The Haryana government has been asked to reconsider its action by the Automobile Manufacturers’ Association of India (ACMA), the automobile suppliers’ lobby, in a statement. ACMA President Deepak Jain “Recruitment in our industry is based on the talent and skills required by the industry and not where the candidate lives.” “This will not only have a negative impact on the ‘ease of doing business’ in the state, but will also tarnish Haryana’s image as an i...
JacobHudson
46
May 31, 2024
SKF India expects to corner higher share in auto-components market
SKF India has three manufacturing facilities in Pune serving the automotive and industrial electrical industry, Bangalore for the automotive and industrial industries and for Hariwar. Mumbai: Swedish auto parts maker SKF India expects to gain a “significantly higher” share of the industry it serves, regardless of industry growth rates during the demand recovery. Sales in the ninth quarter of the current fiscal stood at ₹650.2 crore, down 23.16% from the July-September month of 2019-20, and it said that demand during the festive season (so far) has been good, especially in the automotive sector. SKF India has three manufacturing plants in Pune serving the automotive and industrial electrical sectors: automotive and industrial in Bengaluru and Hariwar. The industrial sector accounts for 55% of SKF India’s overall business, with the remaining 45% coming from the automotive sector. “Whatever the industry is doing, whether it is doing well or slowly, we are...
UlaWolf
42
May 31, 2024
Helmet vaccine: Government bans manufacturing & sale of non-BIS helmets from June 1
(This article was originally published on November 27, 2020.) NEW DELHI: Non-BIS two-wheeler helmets will not be allowed to be manufactured or sold in the country from June 1, and violating the rules will be considered an offence. The Ministry of Road Transport and Highways on Thursday issued a quality control order on two-wheeler helmets to ensure that only safety helmets, also known as ‘head injury prevention helmets’, are manufactured and sold in India. Failure to wear or wearing poor quality helmets is the biggest cause of road traffic deaths among two-wheeler drivers. Welcoming the move, Dr. Amit Gupta, Professor of Trauma Surgery at AIIMS, told The Times of India, “About 45% of road traffic injuries are head injuries, and 30% of those are head injuries, which are severe brain injuries that can lead to death or incapacitation.” It said. “Even moderate or minor head injuries can have serious consequences such as memory loss.” Proposals ...
ArcherBronte
49
May 31, 2024
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