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No fence sitting, going ahead with EV tech development: Bosch
German auto parts giant Bosch today said it will continue to develop electric vehicle technology in India despite the lack of a clear policy in the sector. The company showcased the electric vehicles offered by Bosch here today and set up a new project ‘Agile Project House’ to develop India-specific solutions for the electric vehicle segment. Soumitra Bhattacharya, Managing Director, Bosch Ltd. and Chief Technology Officer, Bosch Mobility Solutions India “Policies will continue to evolve. This industry cannot get everything from day one.” Jan Oliver Roehrl expresses similar thoughts that solutions must continue to be developed. “As a Tier 1 supplier, we have a responsibility to come up with solutions. We don’t wait until policies are implemented to develop new solutions. We can’t be the school that rides the wall.” He said. Bhattacharya said that while the company will focus on electric vehicles, it will continue to provide so...
FredaMatilda
64
May 21, 2024
Auto components firm Varroc gears up for next phase of growth
The Varroc Group has 37 12 manufacturing facilities 12,4000 engineering centers Employees and 760 employees in 12 2016-17 countries with engineering expertise and is on a growth trajectory Annual sales reached $1.5 billion. Mumbai:Managing Director of Auto Parts Company Group, Rahul Bajaj nephew Tarang Jain After the successful leadership of the company, the company is now gearing up for the next phase of growth and is set to set up a company by the first quarter. IPO next year. I made a huge investment and the years of hard work have paid off,” Jain said. Jain said he will now leave the company and hire experts to expand his management. Aurangabad-based Varroc appointed Ashwani Maheshwari in April 2018 as CEO of its India operations. Co-leading the company’s metals business with Maheshwari is US-based Varoc Lighting Stephane Vedie. Both Maheshwari and Vedie report to Tarang Jain. TR Srinivasan (from Alliance Tire) was also recently appointed as Group Chief Fina...
PrimoJasper
66
May 21, 2024
Liberty House emerges as top bidder for Amtek Auto
The ongoing efforts to acquire Bhushan Power and Steel Liberty House is another case in which NCLT has been following earlier and its application is pending. Mumbai: Liberty House Amtek to be acquired Auto. The bankruptcy court appointed an official to manage the debt resolution of the auto parts maker confirmed on Wednesday that the British Metals Group is the preferred bidder for the assets. The bidder said the acquisition will help Amtek Auto retain 6,000 jobs and help Liberty House enter the Indian auto industry. The company has recently made a series of acquisitions in the steel industry in the UK and Australia, including Tata Steel’s UK operations. Liberty House Sanjeeveev chairman Gupta “This business will be the cornerstone of our strategy to launch ‘Green Metals’,” he said Auto excellent customer base working closely together. ” ‘ Freedom House’s eco-metal strategy is to recycle scrap metal rather than produce it from s...
YvetteNeedham
75
May 21, 2024
Bharat Forge to invest up to Rs 30 crore for 45% stake in EV startup TORK Motors
The Company plans to acquire shares in three tranches based on the achievement of each milestone. NEW DELHI: Auto component giant Forge today said it will make up to three strategic investments of Rs 100 crore to acquire a 45% stake in Pune-based electric vehicle (EV) startup Trafigurara Motors. TORK is an electric drivetrain company specializing in electric two-wheelers and luxury electric motorcycles. “The Company’s Investment Committee has approved the acquisition of 4,736 equity shares of Rs 10 each at a premium of Rs 21,103 per share and 2,841 preference shares of Rs 100 each at a premium of Rs 21,013 per share, ” a BSE “filing ” the Bharat Forge document said. The company said in another filing that it will make a strategic investment of up to Rs 300 crore to acquire 45% stake in TORK. The company will acquire the stake in three tranches based on various milestones to be achieved from time to time.
JoshuaAlick
66
May 21, 2024
Irked by budget’s custom duty hike, Germany warns India it won’t be a one-sided fight
Ney said, “I don’t understand the factor of escalating tariffs on cars. If India wants 8% GDP growth and increased exports, it should also allow easy imports. NEW DELHI: Germany has questioned India’s decision to raise tariffs on auto parts, with its ambassador warning that the budget could backfire when India relies on exports to boost growth. Prime Minister Martinai said India should negotiate a free trade agreement with the European Union instead of resorting to protection measures. He said that New Delhi is in a very favorable position in this regard as India’s trade surplus with the EU is close to $5 billion. Ney said at a press conference on the sidelines of the India Industrial Expo that since 20,000 Over the years, German companies have invested in 97 companies in India Directly and indirectly generating $ 4 billion “Make ‘Make in India’ a reality,” he said. work,”. “Tariffs on auto parts have increased,̶...
CandiceDalton
67
May 21, 2024
The road ain’t getting better for Tatas’ auto parts biz
TACO seems to be a son of Tata Chairman N Chairman Chandrasekaran vision inconsistency. Putting on the brakes: According to media reports, the Tata family could be kicked out of auto component manufacturing company Tata Auto Systems (TACO), either in whole or in part. The move won’t come as a surprise to industry watchers as TACO’s struggling growth in the Indian market doesn’t seem to be in sync with Tata Sons chairman N together with Chandrasekaran’s vision of a ‘top company’. A TACO spokesperson denied reports of a stake sale in an online response to a query from The Economic Times. Does the stake sale make business sense? Yes: Tatas, Hero Group and TVS Group auto component companies have underperformed the industry from 2011 to 2016. (Mahindra and Mahindra CIE, the auto components company owned by Mahindra Auto Components, did better, with Spanish company CIE acquiring a controlling stake in the company for $116 million in 2013; see ch...
WinifredScripps
67
May 21, 2024
Mahindra, LG Chem to develop Li-ion battery
PTIMM announced that lithium-ion batteries will be installed in Mahindra and Ssangyong electric vehicles. Automaker Mahindra Today, I said I have partnered with South Korean battery maker LG Chem to collaborate on a battery specifically for India. Mahindra and Mahindra (MM) announced in a press release that LG the chemistry plans to develop batteries specifically for India and offer high energy density lithium-ion batteries based on NMC (nickel manganese cobalt) chemistry. MM These batteries will be deployed on the Mahindra with the Ssangyong electric vehicle range. LG Chem will also design lithium-ion battery modules for Mahindra Electric, which will produce battery packs for the Mahindra Group and other consumers. Sikka, President and Chief Procurement Officer of Mahindra and Mahindra, said, “By partnering with LG Chem, Mahindra gains access to the advanced battery technology necessary to deliver a globally competitive product.” He said the company is exp...
AugusHoyle
59
May 21, 2024
Varroc buys over 70% in automotive accessories maker Team Concepts
Singhi Advisors, a niche-focused MA firm Global Investment Banking MA, acted as exclusive advisor to Teama Concepts on this transaction. Exclusive Advisor. Mumbai: Varroc Group’s $1.51 billion polymer acquired Bangalore-based Team Concepts The company is a manufacturer of premium automotive components for Toyota, Renault-Nissan and the aftermarket. Both companies declined to disclose details, including financial terms or the shares involved. Varroc Group has acquired 70% of the above stake in Team Concepts for an undisclosed amount, according to people familiar with the matter. Singhi Advisors, a global investment bank specializing in niche mergers and acquisitions, acted as exclusive adviser to Team Concepts on the transaction. Exclusive advisor. The deal puts Aurangabad-based auto component maker Varrocc involved in a business worth Rs 5 expected to reach Rs 100 crore by 2020 The luxury auto component business is expected to reach 2020 doubling every year. Team Concep...
FrancisAttlee
68
May 21, 2024
Exide launches maintenance-free battery for automotive after-market
AgciesExide Industries The product is available for all types of vehicles sold in the Indian market and comes with a warranty of 15 One month. Exide Industries On Tuesday, the automotive aftermarket launched the fully sealed maintenance free battery. “Advanz batteries are the only batteries in the Indian market that do not require recharging,” the company said in a statement.” “Apart from other advanced features, it is also the only battery in China that comes with a magic eye that shows the exact condition of the battery and determines its lifespan.” The battery manufacturer said. The company has not yet revealed pricing details for the Electric Eye. ‘Pros’. Advanz’s advanced features include a Ca-Ca alloy system that ensures the battery never needs to be recharged throughout its life. It also has an effective flame arrestor with a microporous filter in the vent that blocks acid fumes and limits the spread of sparks in the ...
BarretSandy
72
May 21, 2024
Pininfarina expects revenues to double to $1 bn in 3-5 years
Agency Pininfarina became Mahindra at the end of 2015 Part of the group has regained financial stability and is now looking to strengthen its non-automotive business. The Italian automotive design company Pininfarinana aims to achieve 10 sales of $ 100 million in the next three to five years in partnership with Tech Mahindra and the engineering division. The design and engineering business of the two companies generates about five a billion dollars in revenue annually. Pininfarina Silvio Pietro Angori expects the joint venture to grow to $10 year billion in three to five years. “When I say 10 When $ 100 million, it means Tech Mahindra engineering services combined with our own operations. So, it is possible,” he told PTI on the sidelines of the Geneva Motor Show. Tech Mahindra is currently about 76% of the Turin-based company The company is known for its work for iconic brands such as Ferrari, Maserati and Rolls-Royce. Pininfarina currently generates about 10...
NormanWhit
67
May 21, 2024
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