The Maharashtra government has put on hold Memorandum of Understanding (MoU) valued at an estimated Rs.5,020 crore of three Chinese companies signed up under Magnetic Maharashtra 2.0. Including the MoU with Great Wall Motor, Hengli Engineering and PMI Electro Mobility Solutions, these arrangements were expected to generate employment for 3,692 strong workforce in the state. Confirmed Subhash Desai, Minister of[Read More…]
In a move to immediately address the liquidity issues and credit needs of around 1.5 million MSME, the World Bank approved a USD 750 million fund to ease operations reeling under the Covid-19 crisis. Through the MSME Emergency Response program, it is supporting the increased flow of finance to the latter. Strengthening the overall financing ecosystem, the World Bank is[Read More…]
With the purpose of developing state of the art Noise, Vibration and Harshness (NVH) products like powertrain mounting, suspension isolators and rotating dynamic absorbers, Premier Seals India has partnered FEV India. Aimed at the joint development of new and allied products for the Indian automotive industry, the partnership will provide innovative and new solutions. Believed to have the potential to[Read More…]
Sun Mobility set up its first Quick Interchange Station (QIS) at the Indian Oil Corporation Limited (IOCL) pump in Chandigarh. It has installed battery swapping stations in line with the company’s strategy to contribute to the expansion of the nationwide energy infrastructure network. Together the two companies are planning similar installations in Amritsar, New Delhi, Gurugram and Bengaluru under the[Read More…]
Talbros Automotive Components Ltd., has bagged orders worth Rs.234 crores. Due for completion by FY2026, these include orders received by the JV and subsidiary companies and from both global and domestic OEMs across segments. A major part of this order is known to have been received from an international OEM based in India and includes domestic as well as exports[Read More…]
Apollo Tyres commissioned a new greenfield manufacturing facility at Chittoor, in Andhra Pradesh. Known to have earmarked an investment of Rs.3,800 crores for Phase I, the facility is spread over a 256 acre expanse and will employ 850 people. The plant will target a production capacity of 15,000 passenger car tyres and 3,000 truck-bus radials by 2022. Marking the company’s[Read More…]
To simplify the group structure, Motherson Sumi Systems Ltd. (MSSL) recently approved a group reorganisation plan. The plan entails a demerger of the Domestic Wiring Harness (DWH) business from MSSL into a new company, in the process of being incorporated as a wholly-owned subsidiary of MSSL. Approved with an objective to help business grow across product portfolios within the auto[Read More…]
In order to boost demand for Electric Vehicles (EV), FICCI has sought a two year or higher tenure (extension up to 2025) of the FAME II scheme. In the short term, ‘Booster Incentives’ under Fame II for 12 months within the existing budget allocation of Rs.10,000 crores have also been sought. To ensure continuity of the EV growth roadmap impacted[Read More…]
Urging domestic players to take advantage of the opportunities generated amidst Covid-19 pandemic, Nitin Gadkari, Union Minister for Road Transport and Highways, expressed confidence over India emerging as an Electric Vehicle (EV) manufacturing hub in next five years. He reasoned that global businesses are looking for opportunities outside China. Assuring support to the EV sector, Gadkari mentioned that the government[Read More…]
Amidst the evolving India and China trade dynamics, the Government of India has taken a firm stand on Chinese investors. Taking a bold step to bar their participation in the Micro, Small and Medium Enterprises (MSME), confirmed Nitin Gadkari, Union Minister for Road Transport and Highways, Shipping and MSME that Chinese companies would not be allowed to invest in MSME[Read More…]
