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Tata AutoComp systems eyes more foreign acquisitions in quest to expand
Mumbai: Tata Motors (TACO) is gearing up for a major project. Tata Group’s $103.1 billion auto parts unit is looking for opportunities in India and abroad. The company said it plans to invest Rs 100 crore in organic expansion over the next three to four years and is looking for managing director Ajay Tandon. The listed foreign acquisitions could be worth more than $200 million (Rs 13 billion) and could be completed in the next six months to two years. Earlier this year, Tata Motors acquired TitanX, a Swedish supplier of powertrain components.This will triple our overseas sales contribution from 12% in the high fiscal of 2016, giving us the confidence to do more foreign trade. P’s acquisition began three years ago with the goal of growing to become one of India’s top 10 automotive component manufacturers by 2021 and one of India’s top five automotive component manufacturers by 2025. McKinsey conducted a survey of 3,500 many companies and found that t...
HuldaLucas
83
May 21, 2024
Adient, Arvind ltd form JV for automotive fabrics in India
The joint venture, Adient Arvind Automotive Fabrics, is based in Ahmedabad and produces advanced performance fabrics for automotive seating systems, the company said. Adient Arvind, a global leader in automotive seating, and Limited, India’s leading textile retail group, on Tuesday announced the formation of Adient Arvind Automotive Fabrics, a joint venture to develop, manufacture and market automotive fabrics in India. Adient Arvind Automotive Fabrics will be headquartered in Ahmedabad, India, where it will manufacture high-quality products. The joint venture will be in Adientt and Arvind Both parties will contribute industry expertise in their respective fields, the company said in a statement. top technology and design capabilities. “Adient is committed to strengthening our fabrics portfolio through continuous advancements that provide new value to our customers,” Adient” Arvind’s global fabric design and technical resources The combination ...
ErinBabbitt
72
May 21, 2024
Pricol to acquire PMP Auto Components
NEW DELHI: Auto parts maker Pricolllll plans to expand its business into Europe and North America by acquiring Ashok Piramal Group company PMP Auto Components for an undisclosed amount. In a regulatory filing, Pricol’s board of directors “approved the acquisition of PMPP” Auto Components. Pricol said, “Pricol and PMP Auto Components India have entered into a binding and exclusive agreement pursuant to which Pricol PMP will be acquired with a full ownership interest in the wiper systems business.” The document notes that the parties are working to “finalize the documents and close the transaction as soon as possible.” The acquisition gives Pricol access to manufacturing sites in Europe and North America where the company does not yet have a presence. This will enable Pricol to produce its current product portfolio in the new regions,” the company said. The acquisition will strengthen Pricoll’s position among passenger car...
FlorenceMary
64
May 21, 2024
Bosch lines up Rs 900 crore capex for FY18
NEW DELHI: Automotive components giant Bosch plans to spend more than Rs 9 billion in capital expenditure this fiscal as it plans to invest in developing future technologies, including internet business solutions. The Bengaluru-based company, which specializes in developing local solutions for the Indian market, is leading the change in the Internet of Things (IoT) era. Soumitra Bhattacharya, President and Managing Director, Bosch Group India “Bosch India started its ‘Internet’ journey a few years ago,” he said. We have been investing in the region and the investment will be over Rs 90 crore in 2017-18.” Yes,” he said. Here. He added that about 15% of the allocated capex this year will be spent on R&D activities. Bhattacharya “The region accounts for more than 30% of the Group’s R&D engineering workforce, making Bosch India the largest center outside Germany with 18,500 engineers.” A local R&D center wa...
ArleneForster
75
May 21, 2024
Japanese firm Topy Industries to pick up 26% stake in Wheels India subsidiary
Chennai: Wheels India Ltd, a TVS Group company, today said Japan’s toppy Industries acquired a “minority stake” in its subsidiary Wheelss India Car Wheels Ltd, subject to regulatory approvals. Wheels India and Topy Industries Japan have entered into a partnership through a ‘Strategic Collaboration’ agreement in the passenger car steel wheel business. Under the agreement, Topy Industries will acquire Wheels India Car Wheels Ltd, a wholly owned subsidiary of WIL, which today (WCWL) means it owns 26% of the shares. Wheels India reported revenues of Rs 224.3 crore for FY2017. “The equity capital of WCL is Rs 50 crore. topy Rs 800-900-900-900-900-900-900-900-900 crore.” Srivats Ram, Executive Director, Wheels India Ltd. “The new company (formed after the merger) will have five board members, three from Wheels India, one from Topy Industries and one independent director,” he told reporters. He said Wheels India has gone th...
JuneCooper
74
May 21, 2024
Dhoot Transmission to acquire Scottish firm
Aurangabad-based Dhoot Transmission, a manufacturer of automotive electrical components, has agreed to acquire the entire stake of Scotland-based TFC Cables Assemblies for an undisclosed amount. This will be the third deal for the Indian company, helping it to expand its presence in Europe and gain share in the key automotive components market in Western Europe. The deal is expected to be first announced on Thursday. Mumbai-based investment bank Singhiii Advisors was the sole advisor. Established in 1999, Dhoot Transmission is one of the leading electrical equipment companies supplying products to the automotive and industrial sectors in India and Europe. Today, it is a multi-regional multinational company with 13 family operations in Pune, Aurangabad, Chennai, Manesar, Pithampur, UK and Slovakia. The company’s key customers include Volvo, Piaggio, Honda, Bajaj Auto, Royal Enfield, Suzuki and CNH, with revenues of Rs. 6 billion in FY 2017.
EllisMalan
79
May 21, 2024
Pricol acquires PMP Auto Components
NEW DELHI: Auto components maker Pricolllll on Thursday said it has signed a binding agreement to acquire 100 percent stake in Ashok Piramal Group’s PMP Auto Components wiper systems business. The acquisition was made through a wholly owned subsidiary of Limited, which Pricolll acquired this time. The transaction was funded by internal accruals and external debt. The transaction will be accretive to Pricolll shareholders’ earnings per share, and the integration of the business with Pricoll is expected to further improve profitability. In 2008, PMP acquired the wiper systems business from Magna. The company has manufacturing facilities in the Czech Republic, Mexico and India and supplies wiper motors to global automotive customers, including Volkswagen, Fiat, John Deere, Skoda, Audi and Seat. The company is one of the 20 FY turnover of around 25 Confirmed orders and revenue visibility of over Rs. 45 crore crore. The acquisition will enable Pricol to diversify its ...
MollyCharlotte
69
May 21, 2024
Amtek Auto says insolvency proceedings accepted by NCLT
NEW DELHI:Debt-laden auto component maker Amtek Auto today said the insolvency proceedings initiated by a consortium of banks led by the National Company Court of Corporation Bank have been approved by the (NCLT). The company is listed on the Bombay Stock Exchange (BSE) In a filing, “Chandigarh NCLT” Under 20166 201666, the court has accepted the petition filed by the company bank Seventh Year Insolvency and Bankruptcy Code section.” Insolvency proceedings have also been initiated by other companies including Electrostelel Steel, Lanco Infratech and Jyoti Structures Ltd. 12 Reserve Bank of India Pen NPLs recognized by the Reserve Bank of India. These 12 accounts alone accounted for one-fourth of the NPLs, or Rs 8 percent crore. Of this, Rs 6,000. crore belongs to public sector banks. After NCLT receives your case, you have 180 cases per day to decide on a solution, but there may be an additional 90 a day. If the plan is not finalized, the company will go ...
BobGrace
60
May 21, 2024
UK’s MG Motor sets up Rs 2000 cr plant in Gujarat
Ahmedabad: British carmaker MG Motor on Friday opened its Rs 20,000-crore manufacturing plant in Halol, Gujarat, the company’s first manufacturing facility in the country. MG Motor India plans to launch the first products from the plant in 2019 with an initial capacity of 80,000 units per year. The state-of-the-art plant is spread over 170 acres. The company’s plant already has 70 acres. Notable Employees. The facility is said to be a part of the ‘Make in India’ and ‘Skill India’ programs, which will create many jobs besides creating additional indirect jobs in the country. “Today is a watershed day for the MG brand in India as we open our first manufacturing facility in the country. Overall, our goal is to create jobs for local talent, leverage an excellent supplier base and contribute positively to the Gujarat ecosystem, which includes everyone. “Auto India is a stakeholder. “Since 1924, when the brand was first establi...
ElroyCarrie
63
May 21, 2024
GST dries up working capital for auto component companies
Chennai: Smaller manufacturers in the Hosur automobile cluster have started asking OEMs and suppliers to face working capital shortfalls due to the imposition of GST. Under the new tax regime introduced on July 1, these entrepreneurs will have to pay a hefty 10 percent tax on their products. Merchants say they have to set aside funds for remittances every month, but customers (who pay the 28%) high tax rate) payments usually take $100 days. “We have been representing Tier 1 companies and are facing threats of defaults from suppliers and OEMs (original equipment manufacturers),” said K Velmurugan, managing partner of JIT Auto Comp, a small manufacturer of stamped steel components. Earlier, the component manufacturers were required to pay 17.5 cumulative excise duty and value added tax (VAT) of 17.5% on purchase of raw material worth Rs 10 crore. Offsetting input tax with the corresponding output tax meant that only the value added of the manufacturing activity was ...
YorkDenis
68
May 21, 2024
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