The Indian auto component industry contributes 2.3% to the GDP and employs about 5 million people.
Entry Point Aluminium forging, light-weighting technology are new ancillaries to EV manufacturers.
“The company has also been investing in the modernisation of its plants and expects this to yield results in the future,” Wheels India said in a release.
The auto industry is seeking a reduction in GST rate to a uniform level of 18% in a bid to help save jobs.
On Monday, Bosch’s stock lost 0.15% to close at Rs 15,140.95 per share on the NSE.
MSL at present manufactures pressure die casting dies, jigs and fixtures, primarily meant for two and three - wheeler industry.
Confederation of All India Traders (CAIT) also suggested to review items placed under different tax slabs under GST as many of the products are overlapping.
Earlier this week, auto industry body SIAM had asked the government should follow a well laid out road map and a practical time frame for rollout of electric vehicles.
Under the terms of the agreement, the shareholding structure of JAASS will be: JSS 65%, Anand Group 30% and Abhishek Group 5%, Anand Group said in a release.
SECO currently manufactures clutch systems for passenger vehicles in its plant in Chennai and supplies to Hyundai. This plant will become a part of the Joint Venture.
Royal Enfield (RE) has denied the charge, saying the intellectual property rights to the technology are owned by its supplier.
The funds will be utilised to upgrade products for transition to BS VI emissions standards, set up production lines and scale up its gears business, the company said.
Several auto makers say hybrid drivetrains will help stem compliance costs, but are wary about investing in a technology that could be eclipsed by zero-emission electric vehicles.
After the share sale, Sigma Group has ceded control of the joint venture companies’ four manufacturing facilities in and around Chandigarh to its former partners.
GFG, whose business spans metal manufacturing, engineering, energy, financial services and property will also soon unveil the executive lead teams in India.
The company had earlier set itself a turnover target of Rs 20,000 crore by fiscal 2021, which means it will have to grow at a compounded annual growth rate (CAGR) of 22%.
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