Page 2 - Auto Part Makers

Musashi appoints Naoya Nishimura as CEO for India and Africa region

Previously, Naoya Nishimura was the global Chief Research & Development Officer at Musashi

Automotive supplier ZF Group inaugurates new manufacturing unit in TN

With an Rs 1,800 crore project outlay, ZF plans to strengthen its manufacturing presence and expansion in India with investment realization by 2030

Aircraft engine maker Pratt & Whitney establishes R&D centre in Bengaluru

IDCC will facilitate close collaboration with other RTX (Raytheon) businesses in India, including Collins Aerospace and RTX Enterprise Services

Govt to examine demands for inclusion of more components in Auto PLI: Min

The government has constituted a committee to examine the auto industry's demand for including more components in the production-linked incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey said. "A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as technology keeps evolving. It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies like ARAI and the auto industry," the heavy industries minister told PTI. The minister was speaking on the sidelines of a conference on Auto PLI here on Tuesday. Considering the need of the auto industry, the ministry has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year and incentive will be provided for determined sales for a total of five consecutive financial years, starting from th

Infosys to integrate, standardise LKQ Europe's business processes

LKQ Europe is a leading distributor of automotive aftermarket parts for cars, commercial vans, and industrial vehicles in Europe

Indian PV market to nearly double in size by FY31: Maruti MD Takeuchi

Automobile businesses need to be 'reviewed, re-aligned' for higher scale of operations, he says

Schaeffler India to fully acquire auto spare parts platform Koovers

Schaeffler India Ltd on Monday said it will fully acquire KRSV Innovative Auto Solutions Pvt Ltd, an automotive aftermarket spare parts platform, for Rs 142.4 crore. Bengaluru-based KRSV Innovative Auto Solutions, which operates under the brand Koovers, offers spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform. "This acquisition presents an ideal synergy for Schaeffler's future after sales activities in India. It will be a key enabler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape," Schaeffler India said in a statement. Under the share purchase agreement, Schaeffler India will acquire 100 per cent shares of KRSV Innovative Auto Solutions for a consideration of approximately Rs 142.4 crore, it added. "The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. This acquisition will be fu

Auto parts maker Musashi enters India's EV space, to invest Rs 70 cr

Japanese auto parts maker Musashi on Friday announced its entry in the electric mobility space in India in collaboration with BNC Motors and said it will invest Rs 70 crore in the first phase of the business. Musashi India, a wholly-owned subsidiary of Musashi Seimitsu Industries, manufactures transmission components for IC engine-powered two and four wheelers. The company said it will use its platform of design and engineering capability to manufacture its new EV unit consisting of a motor, PCU, and gear box, it said. The company said it will manufacture the e-Axle at its Bengaluru plant, starting October. Musashi will spend Rs 70 crore in phase-1 to set up an assembly line for the product at its manufacturing facility in Bengaluru, it said. We are bringing Musashi's expertise and advanced technology to the electric mobility sector in India. Our focus is to provide components that are essential for the growth and success of electric vehicles, said Toshihisa Otsuka, CEO India and

Varroc Engineering's Q1 loss narrows to Rs 85 crore; revenue rises 36%

Auto parts maker and supplier Varroc Engineering on Friday reported narrowing of net loss to Rs 84.51 crore on a consolidated basis in the June quarter. The company had posted a net loss of Rs 229.28 crore in the year-ago period, according to a regulatory filing. Revenue from continued operations surged 36.25 per cent to Rs 1,628.28 crore in the latest June quarter. The same stood at Rs 1,194.99 crore in the corresponding quarter of FY22. The first quarter of FY23 has started with a stable outlook for automotive on back of a forecast of a normal monsoon. The growth is visible mainly due to low base, Varroc Engineering CMD Tarang Jain said in a statement. Semiconductor supply issues continue to impact premium two-wheeler manufacturers whereas passenger vehicle manufacturers are seeing improved supplies, he noted. "Geopolitical issues have resulted in higher energy cost as well as food inflation which is forcing most of the central banks to hike interest rates at a pace which has no

Marelli Holdings pushes back decision on sponsor after talks stall

The company, a key supplier for automakers Nissan Motor Co. and Stellantis NV, is now seeking to select a sponsor and finalize a plan next month

Motherson Sumi: Margin worries near term overhang for auto component maker

Growth in client volumes of Motherson Sumi and easing up of supply chain issues could be triggers.

Auto parts maker Wheels India Q2 net nearly triples to Rs 21 cr on growth

Revenue for Q2 went up 78% to Rs 911 crore from Rs 511 crore during the July-to-September period of 2020-21

MM Forgings acquires crankshaft supplier CAFOMA Autoparts for Rs 33 crore

Auto components maker MM Forgings Ltd (MMF) on Saturday said it has acquired one of the large independent suppliers of machined crankshafts CAFOMA Autoparts

Icra slashes growth forecast for auto parts industry to 17-20% for FY22

Icra cited the impact of semiconductor shortage on domestic vehicle manufacturers as well as on exports revenues

PLI scheme: Auto component companies hope to pare imports

It would also reduce imp­orts from countries like China, Taiwan and South Korea and facilitate foreign collaborators to set up manufacturing footprint in India

Indian auto part makers want Tesla's entry to benefit local companies

"We will always promote localisation," Deepak Jain, ACMA president told reporters on Tuesday, when asked about the industry body's views on Tesla's demand

Auto component industry revenues to grow by 20-23% in FY22: Icra

Indian auto component industry is expected to post 20-23 per cent revenue growth in the current fiscal aided by strong exports and recovery in the domestic market, as per rating agency Icra.

Auto parts suppliers to see 70% fall in operating profit in Q1: Icra

The sector is taking a hit from disruptions caused by the second wave of Covid

Auto parts maker Sansera Engineering files IPO papers with Sebi

The company said it expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to shareholders.

Daimler India shuts bus and truckmaking unit for 3 days on parts shortage

Daimler said it is supporting its employees with its health programmes, adding that it will pay workers their full salaries for the non-production period