Auto Components
Union Budget 2024: Incentivise capex, rationalise GST rates on EVs, components make part of ACMA's Budget wishlist
Auto components industry body ACMA has proposed measures to boost the auto component sector, including incentivizing capex expenditure, increasing depreciation rates on plant and machinery, and rationalising GST rates on EVs and their components. The recommendations were submitted to the Ministry of Finance and the Ministry of Heavy Industries.
German auto component supplier ZF Group sells 7.5% stake in its Indian subsidiary
"ZF Group has sold 1,425,000 shares, equalling 7.5 per cent stake, in its listed Indian subsidiary ZF CVCS India to increase liquidity and financial flexibility for its growth plans. The transaction will strengthen the financial flexibility of ZF, allowing it to invest in its further growth, and in the dynamically developing Indian market," the company said.
Minda Corp joins hands with Taiwan firm to locally produce sunroof for PVs
HSIN Chong Machinery Works Chairman Roger Hsi said the company is looking forward to collaborate with Spark Minda to expand its footprint in India's growing vehicle market to develop and manufacture innovative integrated automotive sunroof and closure systems for next-generation vehicles.
Brakes India forms JV with Japanese firm for advanced braking products
Brakes India and ADVICS announced a joint venture to develop and manufacture advanced braking products for the Indian light vehicle market, investing Rs 500 crore over three years. The partnership will focus on Electronic Stability Control (ESC) and leverage strengths in technology, localisation, and manufacturing processes. Products will initially target hybrid and electric vehicles, with plans to supply to the Indian market.
Renault, Geely create joint venture for hybrid, combustion engines
Renault and Geely's joint venture, HORSE Powertrain, aims to develop combustion and hybrid engines, bolstering competitiveness and addressing decarbonization challenges. With anticipated annual revenue of 15 billion euros and a production target of five million units. The venture, led by Matias Giannini as CEO and Daniel Li as chairman, signifies both companies' strategic partnership efforts.
Wheels India records 64.3 per cent rise in Q4 net at Rs 36.8 crore
Wheels India Ltd reported a 64.3% increase in net profit for the January-March 2024 quarter to Rs 36.8 crore, attributing the growth to strong export performance. The company's full-year net profits rose by 8.6% to Rs 67.9 crore. Managing Director Srivats Ram highlighted the success of exports, particularly in earthmover wheels, aluminum wheels, and hydraulic cylinders. Revenues remained steady at Rs 1,167 crore for the quarter and grew by 6.3% to Rs 4,619 crore for the full year. The Board recommended a dividend of Rs 7.39 per share.
NCLT okays Metalysts Forgings' acquisition by Deccan value-led group
"It (resolution plan) shall be binding on the corporate debtor (Metalysts Forgings), its employees, members, and creditors, including the central government, any state government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the resolution plan," the division bench of justice VG Bisht and technical member Prabhat Kumar said in its May 14 order.
ASK Automotive, AISIN Group enter into JV for passenger car segment
Auto parts maker ASK Automotive on Wednesday said it has entered into a joint venture pact with Japanese auto components supplier AISIN Group Companies in the passenger vehicle space. As part of the collaboration, the two partners will market and sell the auto components in "independent after markets for passenger car production", ASK Automotive said in a statement.
Ramkrishna Forgings to supply power train components to US' largest EV producer
Ramkrishna Forgings ventures into the US electric vehicle market, supplying powertrain components to the largest EV producer. This marks their foray into EVs, leveraging their forging expertise. Shares rose post-announcement. The move aligns with their commitment to innovation and sustainable mobility. The company also secured orders for Vande Bharat train sets
Uno Minda starts construction work at alloy-wheel plant in Haryana
Auto components maker Uno Minda on Wednesday said it has commenced construction work on a passenger vehicle alloy-wheel plant in Haryana, entailing an investment of Rs 542 crore. The facility is located at IMT Kharkhoda in Haryana, and it will have a production capacity of 1.2 lakh wheels per month.
NCLAT dismisses Sundaram Brake's plea against CCI cease and desist order on railways tendering
The National Company Law Appellate Tribunal (NCLAT) rejected Sundaram Brake Linings' plea challenging a cease and desist order issued by the Competition Commission of India (CCI). The CCI's order, issued on July 10, 2022, directed 10 companies, including Sundaram Brake Linings, to cease anti-competitive practices related to certain tenders of the Indian Railways.
Schaeffler India re-appoints Harsha Kadam as MD, CEO
With over three decades of experience in propelling businesses towards profitable growth, Kadam's expertise spans across various domains including sales, manufacturing, product design and development, and business excellence, as per the company.
ED files additional chargesheet in Bhushan Steel case
Enforcement Directorate chargesheet includes Bhushan Steel and Bhushan Energy funds misappropriation with 156 accused. Properties bought with siphoned funds, Mercedes seized, money-laundering probe ongoing.
Uno Minda ties up with Starcharge Energy for EV chargers
StarCharge, a global leader in electric vehicle charging infrastructure and microgrid solutions, operates in 67 countries and regions with manufacturing facilities in the US, Vietnam, and China. "We are optimistic about the outlook for EV adoption in India and believe there will be tremendous opportunities for home charging solutions," StarCharge Chairperson Shao Danwei stated.
Minda Corporation rolls out one million two-wheeler smart keyless system
With a workforce of more than 16,000 people, Spark Minda operates 29 manufacturing facilities across India, Vietnam, and Indonesia, in addition to R&D facilities located in Pune and Bangalore. The company has recently expanded its global footprint by opening offices in Japan and Italy for the integration of its operations.
Exide Industries further invests nearly Rs 40 cr in advanced chemistry battery cells making arm
EESL is into manufacturing battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, prismatic, as well as manufacturing, assembling, selling battery modules, battery packs and other related activities, the company said.
