Page 7 - Hinduja Group

Vision to be among top 10 global commercial vehicle players: Ashok Leyland

Hinduja group flagship Ashok Leyland on Thursday said its aiming to be among the top 10 global commercial vehicle manufacturers in the near future. According to company chairman Dheeraj Hinduja, the heavy commercial vehicle maker is looking at exploring newer markets. Top officials of Ashok Leyland were here to mark the 75th anniversary celebrations of the city-headquartered company. "You know our vision is clear and we have discussed it many times, that is to be a global Top 10 commercial vehicle player. Currently, we are at No 20..." Hinduja told select reporters. Elaborating, he said the company's sales volume was growing in the Indian market and the 'Avtar' product developed by Ashok Leyland was a modular product, and such products have been developed with a mindset to serve international markets. "What is critical for us is to create the right network outside of India, find appropriate distributors in markets where we are currently not present," he added. In the last 16 mont

Ashok Leyland acquires OHM to house E-MaaS business, will invest Rs 300 cr

Electric mobility as a service 'important part' of commercial electric vehicle business, says conglomerate

Ashok Leyland to acquire OHM India as part of EV plan, to invest Rs 300 cr

Hinduja group flagship firm Ashok Leyland on Monday said it will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd and will invest Rs 300 crore into the acquired entity. OHM Global Mobility Pvt Ltd (OHM India) is a wholly-owned subsidiary of OHM International Mobility Ltd UK (OHM UK) and the promoter, Hinduja Automotive Ltd, directly holds 20 per cent and indirectly through other subsidiaries holds 43.23 per cent in OHM UK, Ashok Leyland said in a regulatory filing. The acquisition is a part of the company's EV strategy to engage in the business of eMaaS (e-Mobility as a Service). This would likely result in enhancing the operational efficiency and synergy, it added. OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS. "The company also proposes to infuse fresh equity or preference capital of up to Rs 300 crore in one or more tranches into OHM India for its business requirements," Ashok Leyland said. OHM Ind

HGS Q1 net profit slumps to Rs 16.63 crore as other income declines

Hinduja Global Solutions' net profit more than halved to Rs 16.63 crore in just ended June quarter, compared to the year-ago period, hurt by reduction in other income. The total income stood at Rs 1,247.6 crore during the first quarter ended June 2023, compared to Rs 1,321.33 crore in the same period of the previous year. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margins (including other income) improved from 11.5 per cent in Q4 FY2023 to 15.3 per cent in Q1 FY2024. Partha DeSarkar, Executive Director and Group CEO of HGS said: "The results for the first quarter of the fiscal have been solid and reflect our transformative ability to adapt in a fast-changing macro-business environment." The business process management business achieved operating revenue growth of 7 per cent over Q4 FY2023, along with significant improvement in margins. While the operational performance has improved, PAT (profit after tax) for Q1 FY2024 is lower than Q1 FY2023, primari

Hinduja Renewables bags 80 MW project along banks of Narmada in MP

Hinduja Renewables on Wednesday said it has bagged an 80 MW tender in the world's largest floating solar park along the banks of Narmada at Omkareshwar in Madhya Pradesh. "Hinduja Renewables was declared the successful bidder for Unit C in the Phase II of the project at a tariff of Rs 3.89/kWh yesterday (8th August 2023) by Rewa Ultra Mega Solar Limited (RUMSL), the solar park developer and the tendering authority for this project. RUMSL is a joint venture between the Solar Energy Corporation of India and Madhya Pradesh Urja Vikas Nigam," a company statement said. Asian Development Bank (ADB) is funding the common infrastructure of this project. The world's largest single-location floating solar park will be developed in two phases with a total installed capacity of 600 MW, along the banks of the holy Narmada River at Omkareshwar Reservoir in Khandwa district of Madhya Pradesh. Hinduja Renewables has won the tender for 80 MW, it stated. It has already achieved GW scale capacity wi

Ashok Leyland Q1 net up 25x to Rs 584 cr; plans Rs 800 cr capex in FY24

Better show propelled by 20-fold surge in sales volume across segments, one-time deferred tax credit of Rs 172 crore

Creditors approve Reliance Capital infusing Rs 200 cr in insurance arm

Profit-making unit of bankrupt firm has said the capital infusion will increase regulatory comfort

Hinduja Tech partners with Proaxia Consulting Group for SAP vehicle sales

Hinduja Tech, part of the diversified conglomerate Hinduja Group on Wednesday said it has partnered with Proaxia Consulting Group AG, to become a Proaxia Vehicle Sales and Service Solutions value added reseller. As a Value Added Reseller, Hinduja Tech gains privileged access to resources, services and product knowledge to maximise business outcomes for customers. The collaboration enables Hinduja Tech to offer end-to-end SAP solutions for the automotive industry, leveraging its expertise as a leading SAP services provider coupled with deep domain expertise in the automotive sector, a company statement said. Hinduja Tech is excited to collaborate with Proaxia in delivering tailored business solutions for the automotive industry. By leveraging its expertise in the automotive domain and SAP implementation, HT incorporates industry best practices to drive optimal outcomes and efficiency for the customers, company business unit-head, digital technology solutions, Prashant Nirmale ...

Auto major Ashok Leyland secures defence sector orders worth Rs 800 crore

The two vehicles, FAT 4X4 and GTV 6X6 have special capabilities that will be used by the artillery to carry light and medium guns, respectively

Hinduja Group dials lenders to raise $1 bn for Reliance Capital acquisition

The lenders that the Hinduja Group has reached out to include names like Farallon Capital, Oaktree, Ares Asia, and Cerberus

Lenders vote in favour of Hinduja offer for bankrupt Reliance Capital

Transaction will depend on the Supreme Court decision on plea filed by Torrent, the highest bidder in first auction

Stocks to Watch: IndusInd Bank, Ipca Lab, Infosys, ICICI Securities, RVNL

Stocks to Watch on June 26, 2023: The Hinduja Group is in talks to invest Rs 10,000 crore to hike its stake in IndusInd Bank, as per media reports

Gopichand Hinduja takes over as chairman of $34.5 billion-worth group

Gopichand Hinduja, who was the co-chairman of the Hinduja Group, oversees a diverse global business empire that spans several sectors such as automotive, oil and specialty chemicals

Top headlines: Evacuation completed ahead of cyclone, US Fed holds rate

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Mahindra & Mahindra, Hinduja join race to buy MG Motor India stake

The Sajjan Jindal-led JSW group has already evinced interest to take up to 48% stake in MG Motor India. The company's valuation is pegged at over Rs. 8,000 crore, the sources said

Voting on resolution plan for Hinduja Group's Reliance Capital begins today

Reliance Capital was sent for debt resolution in November 2021 after defaulting on loans worth Rs 24,000 crore

Ashok Leyland seeks pre-pandemic sales volume in FY24 with new launches

Company expects 'highest peak' in sales as MHCV industry grows, says a senior executive

CoC clears plan to distribute funds equally to Reliance Capital lenders

Dissenting lenders to get same amount from Hinduja offer

Top headlines: SoftBank eyes Indian startups, Hindujas top UK rich list

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With $43.45-bn fortune, Hinduja family tops 35th Sunday Times rich list

Wealth shared by UK billionaires climbed to £683.856 billion, £30.734 more than in last year's Rich List