Dr Agarwal’s raises Rs 215 crore from CDC for expansion
This fourth round of fund raising follows Rs. 270 crore funds raised each from ADV Partners in 2016 and Singapore-based Temasek earlier this year.
Apollo Tyres to cut FY20 and FY21 capex by Rs 600 crore on poor demand from OEMs
Similarly, for our European operations, there was no growth capex being incurred, only maintenance capex would be incurred, he said, adding the company expects to invest €40 million in the European operations this year and
‘ALL to undergo margin pressure in near term; will see demand pick-up in H2FY21’
Though the company expects to benefit through pre-buying ahead of BS-VI transition in fourth quarter to some extent even as the CV industry is half way to ongoing cyclical downturn and is involved in heavy discounts to push i
Elgi Equipments to focus more on global markets, eyes No 2 slot
Air compressor manufacturer Elgi Equipments has decided to cut its dependence on the Indian market and focus more on five global markets including the US, Europe, Thailand, Australia and Indonesia.
A 10% GST cut would have helped customers save 8% on cost
The 10% GST cut would have reduced the on-road prices of vehicles by 7-8%. The reduction would have definitely helped in improving the market.
Automobile makers cut inventory as sales recovery seems elusive: Analysts
An analyst with Motilal Oswal Securities said, “It seems the recovery is elusive and the inventory correction continues to be undertaken by the OEMs. Our interaction with leading PV/2W/CV channel partners still indicates no
Relief measures, festive season to revive demand growth: Rudratej Singh, president and CEO, BMW Group India
BMW will also go for dealers expansion with 13 more in the next 12 to 15 months. In an interview with R Ravichandran of FE, Rundratej Singh, president & CEO, BMW Group India, while terming the current slowdown is short-term i
Madras HC stays public utility service status to auto part industry
The Madras High Court has ordered an interim stay on Tamil Nadu government’s order declaring automotive component manufacturing industry as “public utility service”, describing the decision as arbitrary.
Commercial fleet operators to ask lenders to reschedule EMI repayment
Commercial vehicle fleet operators in India have proposed to ask lenders such as banks and NBFCs to reschedule the EMI payments on loans taken for their vehicles purchase.
Three-wheeler sales dip 11.64% in first-quarter
After posting robust 24% and 37% growth in FY18 and FY19, the industry has reported a 11.64% drop in sales to 267,198 units as compared to 302,383 units sold in the same quarter last fiscal, said a SIAM data.
Tyre OEMs may mention fuel-saving features on sidewalls from January 1
The new code is billed to bring in accountability and transparency in tyre performance in India by labelling key consumer centric informations on sidewalls of tyres, said industry sources, adding that they expect a government
Cement players on verge of growth; price hike to sustain
According to Motilal Oswal, across India, cement players hiked prices by Rs 20 per bag in April, followed by another hike of Rs 30 per bag in May, which was partly rolled back towards end of May.
Royal Enfield signs 3-yr wage agreement with Collaborative Forum
When the strike ended, the management demanded that workers should become part of internal collaborative forum and raise their grievances through this forum as part of its ‘good conduct’ bond.
Truck rentals take huge hit on drop in freight
Truck rentals across the country are in a jittery mode and the dealers and banks are holding a few queries for fleet replacement as compared to last year.
We’re looking at Europe, US for inorganic growth to be No. 2 player globally: Jairam Varadaraj, MD, ELGi Equipments | INTERVIEW
The over Rs 1,600-crore India’s leading air compressor company ELGi Equipments is betting big on the global markets, particularly the European region, to become No. 2 company in the $15-billion air compressor market.
Hyundai bets on compact SUV Venue to maintain growth
Hyundai Motor India Ltd (HMIL) is betting big on Venue, a compact SUV which will be launched shortly. Amid challenges and subdued market sentiment, HMIL expects Venue will not only give the needed impetus to maintain its grow
Tirupur garment exports grow 8% in FY19 to Rs 26k crore
India’s leading readymade and knitwear cluster also registered a domestic sale of Rs 24,000 crore, taking its total businesses during the fiscal to Rs 50,000 crore.
Auto sales on track: 3-wheelers buck the trend with 24% growth in FY 19
Almost all major players, such as Bajaj Auto, TVS Motor, Piaggio, have reported a robust performance in exports due to the surging demand for three-wheelers produced in India in contrast to domestic sales.
Toyota predicts strong demand for Camry hybrid EV
Under the GST regime, hybrid vehicles were put in the same category as big petrol and diesel luxury cars, attracting 28% rate with a cess of 15%.
Italy’s superbike maker Benelli to set up manufacturing unit in India
Italian iconic superbike maker Benelli will set up a joint venture in association with its current Indian distributor to explore the mass-market two-wheeler segment (100CC-250CC) in a big way.
Royal Enfield asked by global union to stop vindictive actions against workers
WPTUC general secretary Valter Sanches has said the union is concerned over continuing violations of workers' rights and vindictive actions against the staff at Royal Enfield's Oragadam plant in Chennai because of their parti
Motoring moves: Volvo Car India to begin assembling plug-in hybrid by year-end
Swedish luxury car major Volvo has said that 2019 will be a challenging year and it expects the to be flat or in lower single digit.
Tamil Nadu launches slew of sops for textile sector to retain numero uno status
The Tamil Nadu government has announced a host of incentives for the textile sector.
No major impact of US GSP withdrawal seen: Textile industry panel
There are 15 products in RMG category under US GSP, which contributes to $586.58 million RMG imports of US.
Sops galore in new knitwear scheme; govt to provide assistance of Rs 2 crore per centre
The objective of creation of new service centres (NSCs) on the PPP model is aimed at providing adequate facilities for testing, training, sample development, consultancy, trouble shooting and facilitation services.
Dr Agarwal’s Healthcare raises Rs 270 crore from Temasek; to add 25 hospitals in next 15 months
On the revenue target, Amar Agarwal said: “We are a Rs 500-crore company right now and will become a Rs 1,500-crore company after the expansion with 25% Ebitda margins.”
Ashok Leyland in talks with global OEM to offer mobility solutions
Hinduja flagship Ashok Leyland said that it is in advanced talks with a select few defence players (OEMs) in the US and Europe to offer its mobility solutions.
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