Indian auto industry is set to invest up to $7 billion, or about Rs 58,000 crore, by FY28 to deepen localisation of advanced components from electric motors to automatic transmissions to reduce imports and capitalise on multinationals’ ‘China Plus One’ sourcing strategy. Automakers and their suppliers are likely to make this investment between FY24 and … Read more
Gandhinagar: Car market leader Maruti Suzuki India will invest a cumulative ₹38,200 crore in Gujarat as part of a broader plan to double the output to 4 million units by FY31. In his address, T Suzuki, representative director and president of Suzuki Motor Corp, said: “Compared to 10 years ago, we expect 1.7 times in … Read more
Tractors and Farm Equipment manufacturer TAFE Ltd on Monday signed a memorandum of understanding with the Tamil Nadu government to invest Rs 500 crore in the state. The investments would be utilised for taking up expansion of the Chennai-headquartered company’s farm equipment division besides enhancing its manufacturing facility for the assembly and exports of ‘Silent … Read more
Motorcycle manufacturer Royal Enfield, a unit of Eicher Motors Ltd, has earmarked investments of Rs 3,000 crore spread over a period of eight years in Tamil Nadu towards development of new products, the company said on Monday. The investments are expected to generate about 2,000 direct and indirect jobs in the region. As per a … Read more
Indians’ love for larger, feature-rich vehicles, coupled with a concerted push to deepen local content, is turning into a boon for auto parts makers with domestic component sales rising 6.5%, on a high base, to a whopping $36.1 billion in the first half of this financial year. The shift in consumer preference is driving up … Read more
