1. Home
    2. >
  2. Industry information
OEMs to cut down shifts to manage inventories
Ahmedabad: OEMs across India will shorten production cycles to manage inventory in response to weak sales after demonetization, the Indian Automobile Manufacturers’ Association said. While Diwali sales in Dusshera were good, the demonetization drive in the Centre affected car sales in November and December months. In 2017, he said, OEMs will need to manage their production cycles after new products are launched. This is because sales across categories have declined by 5% and market sentiment has not changed due to the liquidity crisis. He told the Economic Times, “Some automobile companies will reduce their production shifts from three to two.” Auto dealers hinted at possible layoffs, but SIAM He said the situation could improve in the coming months. He said, “While layoffs are not imminent, we expect more disruptions to maintenance at auto plants.”
BarryTruman
73
May 21, 2024
Sona group may buy out Japanese partner in joint venture
NEW DELHI: Auto parts supplier Sonaa Group plans to buy Japanese products, with its partner Mitsubishi Mining holding a 25 percent stake in joint venture Sonaa BLW Precision Forgings, a person closely involved in the deal discussions said. Sona BLW is the flagship company with an annual turnover of around Rs 25 billion. The Sunjay Kapur-led Sona Group has a capitalization of Rs 35 billion. The deal could be finalized as early as this week. The person did not disclose current financial terms but said the valuation could be well below market value as Mitsubishi Mines has decided to exit the forging business and will look to sell its stake immediately. For Sona, full ownership of Sonaa BLW is part of the group’s strategy to focus on its forging business. Last month, the group agreed about 455 listed company Sona of Sona, 25.1% of Koyo Steering Systems for Rs 100 million to sell shares Corp to Japan’s JTEKT as a partner and decided to exit the steering business. “...
DaleMalan
72
May 21, 2024
Wilbur Ross-owned IAC eyes acquisitions in India to double business
Mumbai: Wilbur Ross Its International Auto Parts Group is an in-house specialist for automakers. The group is exploring acquisition opportunities to expand its manufacturing capabilities and regional coverage in India to meet the growing orders and business growth of Indian automakers. IAC is keen on acquiring companies close to Chennai or Sanand, Gujarat for quick access to automotive manufacturing centers and ready-made orders. Gajanan Gandhe, Managing Director and Vice President, Africa and South Asia, IAC India According to an internal presentation, after years of building new facilities, the plant is close to full capacity. The new IAC facility will be built as the company wins new business. “We will definitely grow faster than the market. We don’t want to start from scratch as the acquisition of North has given us the opportunity to work with Suzuki. We may look at going to Chennai or Sanand. In 2011, IAC acquired Manesar-based Multivacc India Private Ltd....
RuthChaucer
68
May 21, 2024
Sona Group promoters pick up Mahindra’s stake in JV for Rs 120 crore
NEW DELHI: Promoters of auto component maker Sona Group have acquired stake in Mahindra Mahindra Joint Venture for Rs 1.2 crore. Sona Group and MM formed a joint venture about 20 years ago to manufacture SUVs as well as clutches and driveshafts for light commercial vehicles. The promoter family of /psona purchased the 37.5% stake in MSLL held by Chairman MM and related companies. The promoters of the Sona Group will now own more than 70% of the company, which supplies components to Ashok to Leyland, Tata Motors, MM, Eicher, JCB and Meritor USA. The transaction was funded by Avendusss loan facility. Son-in-law Gaurav Motwane He said, “We have provided an exit avenue for our investors and will continue to expand the market and build MSL Over the years, the brand has benefited from our association with Mahindra Group.” Surinder Kapoor, the late chairman of Sona Group, who was also an individual investor in MSL sold a 5% stake in ILFSS Financial Services. Issuing shares...
HermanWyld
74
May 21, 2024
Ansysco Anand ties up with Seiken Chemical for Indian market
NEW DELHI: Anand Ansysco, the automotive component maker of the Auto Group Anand today partnered with Japan’s Seiken Chemical Industry Co. to manufacture and market coolants and brake fluids in India. The partnership will primarily serve Japanese OEMs in India under a Technical Assistance Agreement (TAA) signed between Ansysco Anand and Seiken Chemical Industry Co. the companies said in a statement. The purpose of the TAA is to manufacture and market coolant and brake fluids for Japanese OEMs in India,” the company said. This will give Ansyscooco. Anand access to the latest technology in Seiken coolants and brake fluids.” This partnership will help Ansysco Anand about 60% of the Indian automotive market into the Indian automotive market Japanese OEM share manufacturers. Yukio Maekawa, President, Seiken Chemical Industry Co. said, “Ansysco Anand is a trusted partner with whom we can collaborate to provide high quality coolants and brake fluids in Ind...
AlfredClare
68
May 21, 2024
Kapurs likely to steer away from Sona Koyo
NEW DELHI: Japanese auto parts maker JTEKT Corporation plans to acquire a 25% stake in Sona Koyo Steering Systems from its Indian partner Sona Group for Rs 575-625.1 crore, two people familiar with the matter told The Economic Times. This concludes a 32-year-long partnership Between the two parties. It is believed that Jettygate has made a bid of Rs 115-1255 per share to Sona owned by the Kapur family of Sona Group, which valued the joint venture at Rs 2300-2500 crore as compared to the current capitalization of Rs 145 crore, which is more than 50 percent higher. Karisma Kapoor’s ex-husband Sanjay Kapoor is Sona Koyo His father Surinder Kapoor is the founding chairman of the company. A spokesman for Sona Koyo Steering Systems did not respond to email inquiries, phone calls, or Whatsapp messages. Jettygate did not respond to email queries. “The planned acquisition is in line with the Japanese auto parts maker’s strategy to consolidate its business in India b...
GeorgeBecher
63
May 21, 2024
After selling its entire stake to Japan’s JTEKT Corp, Sona Group to now focus on its forging business
The group plans to invest Rs 30-4,000 crore in five years to double the revenue from its forging business in India to Rs 2,000 crore. NEW DELHI: Indian auto component maker Sonana Group on Wednesday announced its decision to sell its entire stake in Sona Koyo Steering Systems Japan’s JTEKT Ltd (SKSSL). He said he would focus on the forging business. The group plans to invest Rs 300-400-400 crore over the next five years to double the sales of its Indian forging business to Rs 200 crore. Sona BLW Precision Forgings Sunjay Kapur “This deal enables us to focus, invest and grow our precision forgings business.” As technology in the automotive industry continues to evolve, we want to dominate our business through technology. This will enable us to react quickly in the event of a technology disruption,” Kapoor said. Sona Group has gained several customers in the electric vehicle sector. Announced the opening of a new plant to enhance the manufacturing capabili...
PoppyStella
62
May 21, 2024
Sona Autocomp Holding to sell stake in Sona Koyo Steering Systems to JTEKT Corporation
NEW DELHI: Sona Autocomp Holding Limited today announced the signing of an agreement with its long term technology and financial partner, JTEKT Corporation, for the sale of its entire stake in Sonaa Koyo Steering Systems Limited (SKSSL) for Rs. 41.9 for Rs. 100 million. The total cost is Rs. 419.28 crore for 49, 914, 664 shares at Rs. 84.00 per share, which is equivalent to 25.12% of SKSSL shares. SKSSL It is a manufacturer of steering systems for passenger cars and utility vehicles in India. The company travels to Maruti Suzuki, Toyota, Tata Motors, Mahindra Mahindra, Honda, Renault Nissan, Ford and others to supply steering components. SKSL has a transaction value of Rs. 1,922.5 crore, equivalent to Rs. 1,010 crore. x times SKSSL’s EBITDA for the last 12 a month ended September 30, 2016 84.00 per share Higher share price in rupees compared to SKSSL Average closing price premium for the last three months is around 34%. The transaction is still subject to regulatory a...
KayYale
65
May 21, 2024
Pricol inaugurates new plant in Pune, eyes incremental business of Rs 200 crore
Mumbai: Coimbatore-based auto component manufacturer Pricoll has opened a new plant on the outskirts of Pune. The company is expected to cover 6.588 acres Phulgaon The new plant will add Rs 20 crore to its business over the next few years. The new investment in Pune will cater to the growing electronics cluster business in two-wheelers, commercial vehicles, off-road vehicles and tractors. The investment in electronics manufacturing will also benefit the company’s growing body control module and telematics business. The plant also has a new technology pump production line for domestic and export markets. The new plant in Pune and manufacturing operations in Indonesia, Brazil and India will be an added impetus to Pricol’s manufacturing operations for global markets. “As India continues to emerge as a global automotive hub, Pune is one of the cities driving this growth,” said Vikram Mohan, Pricol Limited, Pune. “Pricol Pune’s newly built plan...
TheraJonah
71
May 21, 2024
Gestamp invests Rs 260 crore in hot stamping plant in Pune to meet future light weighting needs of car makers
Mumbai: Hestamp, a Spanish auto component company specializing in metal parts, has invested Rs 26 crore in a new hot stamping plant in Pune to meet the country’s growing demand for safe and light vehicles. The company claims that Hestamp’s hot stamping technology can reduce the overall weight of a vehicle by up to 30%. Hot stamping is one of the solutions for manufacturers to reduce the weight and emissions of white structural bodies. In addition, the hot stamping process improves the performance of the vehicle during a collision and contributes to passenger safety. The new plant in Pune will be one of 70 hot stamping lines around the world producing lighter and safer metal parts. With new crash standards set to take effect later this year, most domestic automakers are upgrading their vehicles to the new standards. The plant will be serviced by Fiat Chrysler Automobiles (FCA), Ford Motor Co. and Tata Motors. The new Pune plant is expected to employ 130 people by 2017 ...
MarinaScott
64
May 21, 2024
1 … 965 966 967 968 969 … 976
Q&A
Encyclopedia entry
You May Like
Contacts Us:
Tel：WhatsApp +1 (443) 226-3000
email：service@cnauto.vip
User Agreement Privacy Policy Cookie Policy Intellectual Property Protection Policy About us
Copyright © 2021-2025涂多多(青岛)跨境电子商务有限公司All Rights Reserved