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16 Korean companies sign MoU with Andhra government to set up ancillary units
According to the official statement, the two companies will invest $737 million (Rs. 47.91 billion) to create 6,583 jobs. Today, around 16 The company signed a Memorandum of Understanding (MoU) with the Andhra Pradesh government for Ananthapuramu to set up a manufacturing plant in the region to establish an automotive ancillary division under the South Korean automaker Kia Motors program. According to the official statement, the two companies will invest $737 million (Rs. 47.91 billion) and provide 6,583 jobs. Representatives of the Korean company and Industry Minister Solomon Arokia Raj Chief Minister NN signed the MoU at the Secretariat Chandrababu Naidu N and Industry Minister Amarnath Reddy were also present. Automobile giant Kia Motors will invest $1.1 billion to set up its first automobile manufacturing plant in Eramanchi, Anantapuram, India. Kia plans 2019 Kia Motors plans Mid-year in Ananthapuramu The plant launched its first India-specific car. The state gover...
PhilipBoyle
71
May 21, 2024
Continental announces Alexander Klotz as a new head for India R&D Center
Alexander Klotz He said that the cars of the future will be equipped with computers on wheels that can sense, plan and operate. Continental needs to continuously improve its research and development capabilities to promote innovation. Mumbai: German automotive components manufacturer Continental has appointed Alexander Klotz as the new head of its Technology Center India (TCI). As a trusted partner in strengthening Continental’s global R&D capabilities, Klotz it will help TCI enter a new phase of growth, the company said in a statement. Prashanth Doreswamy, Marketing Director, Continental India and Managing Director, Continental Automotive India “As a technology company, Continental TCII Alexandria, as an R&D center, will continue to invest heavily and its leadership and experience will play an important role. Continue to ensure that the center continues to grow in terms of its capabilities, innovation potential and capacity. The center currently has ...
BartFerdinand
68
May 21, 2024
Pricol Limited receives ARAI Certificate for Telematics Devices
Pricol It is one of India’s leading manufacturers of telematics equipment and has installed around 10,000 vehicles. vehicles. Mumbai on Tuesday announced that Pricol Limited, a leading automotive component manufacturer based in Coimbatore, has received the coveted ARAI certification for telematics equipment. The ARAI telematics equipment certification is in line with the requirements of Road Transportation (MoRTH) consistent with AIS 140 The regulation aims to introduce Intelligent Transportation Systems in India to improve road safety. The certification complements Pricoll’s unique advantage of manufacturing the device in its own facility in India. The equipment is not only designed to meet the requirements of the 2018 April 1 New safety regulations come into effect on a daily basis, but also provides OEMs with additional features that can be integrated into vehicles such as buses, trucks, and coaches as well as attachments such as RFID readers, fuel, and more. ...
SabinaDoherty
74
May 20, 2024
Precision Camshafts buys majority stake in German firm
MFT not only complements the company’s current relationship with OEMs; NEW DELHI: Automotive component maker Camshafts today said it has acquired 76% stake in Germany’s MFT Motoren und Fahrzeugtechnik GmbH (MFT) for an undisclosed amount. Precision Camshafts acquired the company through its wholly owned subsidiary PCLL (International) Holding BV. Yatin Shah, chairman and chairman of Precision Camshafts, said in a statement, “The acquisition will create added value for us through new products and unlock collaboration opportunities.” ,” he said. It will also help strengthen the company’s “Customer base,” he added. MFT has established long-term relationships with global brands such as Volkswagen, Audi, Opel, Westfalia, Hatz and Suzuki. We manufacture balancer shafts, camshafts, bearing caps and engine mounts. Precision camshafts on the other side for Ford, GM, Toyota, Maruti Suzuki, Hyundai, Daimler and Porsche.
ChaselWolf
70
May 20, 2024
Varroc Group banks on changing regulations to sustain double digit growth
Authors Nehal Chaliawala and Ketan Thakkar India’s second-largest auto parts maker Group is planning an initial public offering this month. The group is trying to maintain double-digit growth by changing Indian laws and regulations to shift the world from halogen to LED headlights. The company had earlier set a target of achieving revenues of Rs 2 billion by fiscal 2021 implying that it should grow at a compound annual growth rate (CAGR) of 22%. in 2018 the company. Total revenue for the financial year stood at Rs 104.17 billion. Varroc Engineering Managing Director Tarang Jain declined to provide future guidance but said the company is committed to maintaining the growth momentum in the segment. It benefited from strong acquisitions in the lighting business and the domestic two-wheeler aftermarket. “The global automotive market is expected to grow by 2%, with the lighting business growing by 4%. For us, the content of each vehicle will increase further, which pro...
EricaEugen
69
May 20, 2024
CCI slashes price fixing penalty on battery makers
Considering the present stage, the CCI approved the penalty waiver and submitted the penalty waiver application to extend the cooperation. The Competition Commission of India (CCI) has penalized leading zinc-carbon battery maker Evereready with substantial reduction in Industries India, Indo National and Pasonicic Energy India. They are conspiring to adjust the prices of their products. CCI Evereready reduced the fine against Eveready by 30% to Rs 171.555 crore, reduced Nippo’s fine by 20% till Rs 422.61 crore and withdrew a smaller fine against Panasonic. The initial fines were Rs 245.07 crore, Rs 528.2 crore and Rs 746.8 crore respectively. The reduction in fines was approved considering the stage of application for reduction of fines and the fact that due to the existence of cartels, the CCI is expanding cooperation by creating added value. Officials said the lighter penalty is aimed at encouraging people to go to CCI to disclose information about cartel organizatio...
VitaJim
74
May 20, 2024
Extended warranty market growing rapidly in India: Vivek Burman, The Warranty Group
Vivek Burman Some Indian dealerships say they can offer extended car warranties and related products. New Delhi: The warranty market extension is expected to grow rapidly in the coming years. High maintenance costs, efficiency and better customer experience will contribute to the growth of the warranty market. Take an interview with Vivek Burman (The Warranty Group (TWG)), Director, South Asia, ET, as we discuss the warranty market and future prospects in India. Edited excerpts: How big is the warranty market in India? India is rapidly adopting extended warranty and combined services and the market is on a fast growth trajectory. According to a report by IBEF Automotive, the Indian automotive aftermarket is expected to grow by around 10-15% annually, from $7 billion in 2016 to $16.5 billion by 2021. It has the potential to generate up to $3,010 billion in revenues by 2026 year, adding $65 million million jobs annually. Factors that positively influence aftermarket warranty...
MichaelBlume
93
May 20, 2024
Electric vehicle transformation to hit hard auto part suppliers, small players: Report
Electricity demand associated with electric vehicles could help power companies generate $11 billion in revenue. Anticipated changes in the deployment of electric vehicles (EVs) in India will have a significant impact on existing automotive component suppliers, according to a report by a consulting firm. Fierce competition from new entrants, including technology companies and battery maker Ernst & Young. From a component supplier perspective, the report, titled “Electrifying India: Building Blocks,” says that while larger players may be able to adapt to large-scale changes, smaller players may be hit the hardest by these disruptions. The report also points out that there is an urgent need to invest in domestic R&D and manufacturing capabilities to address shortages in the domestic EV supply chain. He said, “The growth of electric vehicles will bring significant changes to the automotive value chain, including technology, manufacturing systems, owners...
LyndonPullan
91
May 20, 2024
Eveready Industries may monetise land to reduce debt and fund growth
Other companies have engaged the services of management consultants to identify areas of cost savings for potential clients. Kolkata:Battery maker Eveready Industries India Ltd (EIIL) plans to monetize surplus and underutilized land to strengthen its balance sheet. The planned sale of surplus land is expected to reduce total outstanding liabilities of Rs 20,020 crore further strengthening the company’s balance sheet. Part of the proceeds will also be used to fund EIIL’s growth plans. The Board of Directors of the battery maker has approved the management’s proposal to monetize the remaining land assets in Kolkata and Hyderabad over the next 12 to 18 within a month. The company has engaged management consultants to identify areas of potential cost savings. Eveready Industries reported a standalone loss of Rs 16.12 crore in the fourth quarter due to a sharp rise in operating costs. Net profit for the previous quarter was Rs 10,466.6 crore. The annual net pro...
BartFerdinand
65
May 20, 2024
GFG Alliance appoints former Vedanta CEO Mahendra Singh Mehta as country head for India
The British and Australian metals and manufacturing giants plan to turn around the stressed steel company and announced to be GFG to set up an advisory board in India. Mumbai: UK-based GFGG Alliance has appointed Vedanta has been appointed While Reliance Infrastructure former CEO Mahendra Singh Mehta The company is looking to enter the Indian auto parts and steel market. Prior to this, the Bankruptcy Court approved the acquisition of two distressed assets by group companies Liberty House (Amtek Auto and Adhunik Metaliks) under the Annual Insolvency and Bankruptcy Code, 2016. GFG, which operates across the metal fabrication, engineering, energy, financial services and real estate sectors, will soon form executive leadership teams across its business units in India, attracting senior professionals across the sectors. Mehta has more than 36 years of experience in operations, strategy and business transformation in the steel, non-ferrous metals, mining, power distribution, inf...
DeirdreAmelia
68
May 20, 2024
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