Tag: India
Mahansaria Tyres comments on EATD acquisition
Commenting on its agreement in principle to buy a majority stake in European Agriculture Tyre Distributor (EATD), Mahansaria Tyres Private Limited (MTPL) states that it intends to build a global, market leading off-highway tyre business. MTPL describes the acquisition as its first step towards building its distribution network in Europe and developing EATD into “a leading" European distributor. EATD has also announced that it will distribute MTPL tyres in Germany, Austria, Switzerland, Belgium, Netherlands, Czech Republic, Slovakia and Poland, along with continuing to act as a distributor for Tianli tyres.
EATD to distribute Mahansaria off-highway tyres in 8 European markets
EATD recently disclosed plans to bring a new investor on board, and when we spotted Yogesh Mahansaria visiting the distributor’s stand at Agritechnica 2019 the list of potential investor candidates suddenly became a whole lot shorter. Mahansaria is indeed the new investor; EATD confirms that Mahansaria Tyres Private Limited (MTPL) has reached an in-principle agreement to acquire a major stake in the company.
Bridgestone adds India to EMEA region
From 1 January 2020, Bridgestone’s India business will fall into the EMEA Strategic Business Unit (SBU), transferring from the China, Asia-Pacific SBU. As a result, Bridgestone Europe, Russia, Middle East and Africa (BSEMEA) will become Bridgestone Europe, Russia, Middle East, India and Africa (BSEMIA), one of four SBUs globally, alongside Bridgestone China, Asia-Pacific, Bridgestone Americas, and Bridgestone Japan. According to the company, the integration of Bridgestone India into EMEA comes as a result of Bridgestone EMEA’s “ongoing transformation capitalising on the opportunities digitalisation offers to pioneer mobility solutions that meet the needs of customers for convenience, efficiency and sustainability”.
India’s vehicle scrappage plan unlikely to produce desired results, says GlobalData
Following the news that India has issued draft guidelines for setting up authorised vehicle scrapping facilities across the country, Animesh Kumar, director of research and consulting company Automotive Consulting at GlobalData, warns that the current scrappage initiative is “unlikely” to produce the desired results.
Maruti Suzuki’s EV launch delay raises concerns over India market outlook
Following the news that Maruti Suzuki has deferred plans to launch its first electric car Wagon R EV for individual customers in India, Animesh Kumar, director of Automotive Consulting at GlobalData, a leading research and consulting company, offers his view: “The news regarding the deferment of Wagon R EV launch, coupled with the news regarding the inclusion of Hyundai Kona in government’s fleet, raises concerns regarding India’s electrification plans.
Titan International sells Wheels India share
Titan International, Inc. has reduced its shareholding in steel wheel manufacturer Wheels India Limited. It sold, via a wholly-owned subsidiary, a 10.4 per cent stake in Wheels India on 3 October, thereby dropping its share in the company from 34.2 to 23.8 per cent. Titan International intends to use the net proceeds of approximately US$19 million received from the transaction to pay down outstanding indebtedness.
Birla Carbon releases 7th sustainability report
Birla released its seventh annual sustainability report titled Evolving Sustainably, Together on 18 September 2019. The 2019 report focuses on sustainable operational excellence, product and process innovation, customer engagement, sustainable supply chain enhancement, and community outreach efforts. It is aligned with international standards set by the GRI and CDP and highlights efforts initiated by Birla Carbon in collaboration with leading sustainability, environment and risk agencies to achieve its objectives in alignment with the 17 United Nations Sustainable Development Goals (UN SDGs).
JK Tyre gains five-star safety audit
JK Tyre & Industries has successfully completed a best practice five star occupational health and safety audit conducted by the British Safety Council. JK Tyre’s four manufacturing facilities in Chennai, Mysore, Banmore and Laksar all received the certification.
Slight slowdown in India’s radialisation
The radialisation in India’s commercial vehicle and off-highway tyre market has slowed down but is still progressing, says Apollo Tyres. During an earnings call earlier this month, chief financial officer Gaurav Kumar commented that radialisation in the market as a whole has “slowed down slightly from earlier expectations.”
JK Tyre now 26% shareholder in Treel Mobility Solutions
In June and July, J.K. Organisation company JK Credit & Finance acquired 50.003 per cent equity shares in Indian start-up Treel Mobility Solutions Pvt. Ltd. JK Tyre & Industries has now obtained 26 per cent equity in the smart tyre system specialist from its group sibling and rebranded Treel as a ‘JK Tyre Product’. JK Tyre paid Rs 59.8 million for its 26 per cent share in Treel; JK Credit & Finance continues to hold 24.003 per cent in the company.
Endurance Technologies drops plans to make tyres
Indian automotive components manufacturer Endurance Technologies Limited has informed the National Stock Exchange of India (NSE) that it’s halted plans to set up a tyre manufacturing operation. The decision not to expand into this area was made after investors voiced concerns about the project.
Ceat: Two more OE tyre approvals
Ceat tyres have been chosen as original equipment on two new models sold in the Indian market, the Hyundai Venue and the latest Suzuki Alto.
India: From rubber growers to tyre makers
Rubber growers in India’s Kerala state are guarding themselves against potential slumps in natural rubber prices by forming a producer company that will manufacture tyres for two- and three-wheel vehicles. The Integrated Rubber Farmer Producer Company Ltd (IRFPC) was registered last November. The Pala-based company is being financed in part by a share float open to rubber farmers, and is also being assisted by German NGO the Andreas Hermes Akademie.
Apollo Tyres introduces EnduMaxx brand in India
Apollo Tyres has introduced the Endumaxx brand of tyres for light trucks in India. The company described light truck radial demand as having “a potential of 112,000 tyres per month in India, and it is growing at a much faster pace than any other segment”.
Maxxis to supply OE to Hero MotoCorp
Numerous Indian news sources are reporting that Maxxis India has entered into an OE supply arrangement with scooter manufacturer Hero MotoCorp. As a result, Maxxis is set to supply its 90/100-10 M6000 53J front and rear tyres.