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Auto components industry to see double-digit decline in growth this fiscal: ACMA
ACMA data shows that exports of automotive components declined by 23.6% in H1 2020, from Rs 51.02 billion ($7.4 billion) in H1 2019 to Rs 39.03 billion ($5.2 billion) in H1 2020-21. NEW DELHI: Demand for auto components continues to grow even after the embargo and is expected to continue to grow in the next fiscal, said Deepak Jain, chairman, Automotive Component Manufacturers Association (ACMA). However, the rapid recovery in global demand, shortage of raw materials (especially semiconductors) and rising raw material prices could make the New Year difficult. Jain This means it is difficult to quantify how much of an impact this will have on the industry, but ACMA is working with its members to see how this can be overcome. In the first half of the current fiscal year, sales in the automotive ancillary industry fell 34% to $15.9 billion. Overall sales are still expected to see double-digit declines in fiscal year 2021, but given the recovery in demand in the second half of the ...
LouChesterton
67
May 31, 2024
ACMA : Haryana reservation law mandating 75% jobs with monthly salary less than Rs 50,000 for local candidates will affect ease of doing business
Getty Images Representational Photos The Automotive Component Manufacturers Association (ACMA) has urged the Haryana government to reconsider implementing a law that requires companies to reserve 75 percent of posts with a monthly salary of less than Rs 50,000 for local candidates. It is having a negative impact on the ease of doing business in the state for the industry. Emphasizing on the need to reconsider this provision, Depaka Jeni, President, ACMA, said, “The automobile and auto component industry in India is a global industry and our production not only caters to the domestic demand but also to the international market for the automobile and auto component industry. ” said. More than 25% of the production of the Indian automobile components industry is exported, with the US and Europe being the major markets. Our industry needs skilled labor to use high quality products. It considers a candidate’s talent, not where he or she lives. “The reason thi...
TinaTerry
47
May 31, 2024
Auto parts industry revenue to grow 16-18% in FY22; outlook revised from negative to stable: ICRA
Long-term demand drivers include the growing interest of Indian OEMs in localized supply chains. MUMBAI: Credit rating agency ICRA on Tuesday revised the outlook for the auto components sector to stable from negative due to recovery in demand from original equipment manufacturers (OEMs), substitutes and exports, OEMs said. ICRA expects the domestic auto component industry revenue to grow by 16% to 18% from April 2021 onwards, driven by increased content per vehicle, lower base effect and higher monetization rates. Long-term demand drivers include Indian OEMs’ interest in localized supply chains. Sourcing from India is expected to increase in the coming years due to the diversification of supply chain risks among global OEMs, ICRA said in a statement. OEMs account for more than 56% of the demand for automotive components, except for medium and heavy commercial vehicles, (MHCV) Demand from all segments outside the industry has grown significantly since September. It i...
PatriciaMorse
47
May 31, 2024
Daicel to set up automobile airbag inflator manufacturing plant at CapitaLand’s OneHub Chennai
The plant will cater to the country’s growing demand for automotive airbag inflators. Bangalore:Osaka, Japan-based Cellu will set up an airbag inflator manufacturer at Capitaland OneHub Chennai, a next-generation industrial township on Old Mahabalipuram Road in Chennai. This will be Cellu’s first airbag inflator manufacturing facility in India with a planned investment of around Rs. 23 crores in the first phase. Srivastava, CEO, CapitaLand India Business Park “We welcome Cellu to India and join the growing community of leading multinational companies at OneHub Chennai, which provides companies with an ecosystem of ready-to-manufacture and plug-and-play capabilities. “We deliver it,” he said. We are excited to be a part of this important milestone for Cellu and look forward to supporting its growth in India. The plant will meet the country’s growing demand for automotive airbag inflators. Daicell plans to begin operations in December 2023. ...
PrimoJasper
50
May 31, 2024
Hero Motors acquires strategic stake in Hewland Engineering for undisclosed amount
New Delhi: Auto component maker Hero Motors on Monday said it has acquired a strategic stake in UK-based gearbox design technology firm Hewland Engineering for an undisclosed amount. The acquisition will create a competitive single-source company that can be a source for original equipment manufacturers (OEMs) in North America, Europe and the Middle East to design and manufacture high-quality transmission products, particularly in the emerging electric vehicle segment. Hero Motors India (HMC) in a statement: He added that HMC’s access to Hewland’s established motorsport customer base in the UK will enable it to further strengthen its combination of products and services and aggressively pursue its objectives, particularly in the electric passenger car transmission segment. Looking for global OEM and Tier 1 supplier opportunities. Commenting on the acquisition, Pankajajaja M Munjal, Chairman and Managing Director, HMC, said, “This investment marks an import...
MarshHuntington
56
May 31, 2024
Government raises customs duty on certain auto parts to support local manufacturing
NEW DELHI: In a bid to support domestic manufacturers, the government on Monday proposed to increase customs duty on some imported components used in automobiles. In the budget for 2021-22, Finance Minister Nirmala Sitharaman has proposed to increase customs duty on components like ignition harness, safety glass, signaling equipment, etc. to 15 percent from February 2nd. Currently, the tariff on these components is 7.5% to 10%. Nirmalala Sitharaman in the budget speech: “We have increased the tariff on some auto parts to 15 percent, making it comparable to the general tariff on auto parts.” The government said the basic tariff changes are aimed at creating a level playing field for small and medium enterprises and other domestic manufacturers. The components will also attract agricultural infrastructure and development costs at a rate of 5%. Jain, President, Auto Component Manufacturers Association “The increase in basic tariffs on some auto componen...
BerylPhilemon
65
May 31, 2024
Semiconductor industry finding it difficult to meet increasing demand from auto sector
INDIA FROM COVID TO 19 As automotive sales recover, automotive OEMs are seeing a steady increase in demand for automobiles. However, the semiconductor industry is finding it difficult to meet the growing demand as it is also coping with the impact of industries such as IT, due to the COVID-19 event, home appliances, mobility, medical devices, etc., which are showing unprecedented demand. According to an Ernst & Young India report titled “Semiconductor Supply Impacts Automotive Sales: How to Effectively Manage Supply Chain Challenges through Digital Technology and Planning Solutions,” today’s semiconductors can be mitigated through effective technology-based planning. Semiconductors are becoming an important part of the DNAA of next-generation electronics such as smartphones, laptops, and automobiles. Supply chain constraints must be prioritized and addressed. ‘ Vinay Raghunath, Partner and Head of Automotive, EY India. With work-at-home and the COVID...
AdelaJuliana
75
May 31, 2024
Talbros Automotive sells defunct Chennai plant to raise Rs 21 crore
Mumbai: Auto component maker Talbross Automotive on Thursday, he said, has raised Rs 210 crore by selling land and buildings of its defunct Chennai plant. The funds will be used to reduce debt and strengthen the balance sheet. The Gurgaon-based company is involved in two-and three-wheelers, passenger cars, commercial vehicles, agricultural/off-road vehicles and industrial vehicles and has its own manufacturing facilities in Haryana, Uttarakhand and Maharashtra. “. The company has sold approximately 1.67 acres of land and buildings at Ambattur Industrial Park, Chennai (Tamil Nadu),” Talbros Automotive Components Ltd said in a regulatory filing. Total sales revenue was Rs 210 crore. The net proceeds after statutory liabilities will be utilized to reduce debt and strengthen the balance sheet of the company.” The manufacturing operations at the plant have been discontinued, the company said, adding that this will not affect the company’s operations. TAC...
MollyCharlotte
50
May 31, 2024
Amara Raja begins work on lithium-ion cells, sets up research hub at Tirupati
Amararara Raja Batteries The country’s first technology center for lithium-ion battery development was set up at its Tirupati plant in Andhra Pradesh. The advanced lithium-ion technology research center is a pilot project at the Tirupati headquarters and will be the first private sector oriented lithium-ion battery manufacturing plant in China in the coming years, Amara Raja Batteries CEO S Vijayanand told PTI. /p Since early 2019, the company has been working on a technology transfer agreement with the Indian Space Research Organization Cooperation (ISRO). Vijayanand said Amaraj has invested Rs 200 million excluding fees paid to ISRO in the center Technology transfer fees and tender fees. The company won the NSSO tender in January 2019 along with other 9 NSSOs. He said that no royalty is payable on the lithium-ion battery technology transfer agreement with ISRO. He said that the 10 companies which have been awarded the technology license will have to pay only the tender fee ...
BobGrace
54
May 31, 2024
Birla Precision to ramp up capacity to tap emerging opportunities in India
Firstly, the company plans to invest Rs 300 million in the next one year to increase its drill manufacturing capacity in the cutting tools segment. Automotive components company Birla Precision Technologies Ltd is increasing its production capacity to capitalize on new opportunities in India as the global supply chain changes during the epidemic and as companies look for regions to source from outside China, senior executives said. To begin with, the company plans to invest up to Rs 300 crore in the coming year to enhance its drill manufacturing capacity in the cutting tools segment. To begin with, the company plans to invest up to Rs 300 crore in the coming year to enhance its drill manufacturing capacity in the cutting tools segment. Vedant “India will play a key role in the global automotive supply chain. Over time, there is a growing desire to shift the supply chain to India to immediately eliminate the impact of the COVID-19 pandemic.” Birla Precision Technologi...
OliverRaleign
48
May 31, 2024
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