Author: MM Desk

South Korea’s Hyundai Motor Group, the parent company of Hyundai and Kia, is gearing up to introduce its first electric vehicles (EVs) manufactured in India by 2025. This strategic move aims to strengthen the group’s presence in India’s burgeoning EV market, currently dominated by Tata Motors. In a statement released on Thursday, the Hyundai Motor Group outlined its timeline for the production and launch of locally manufactured EVs. Production of Hyundai’s India-made EVs is slated to commence by the end of 2024, with the official launch scheduled for 2025. Additionally, Kia will introduce its India-manufactured EV concurrently with Hyundai. The…

Adukale, the FMCG brand synonymous with Karnataka’s rich culinary heritage, has announced a significant milestone in its growth journey with the successful closure of a pre-series A funding round totaling Rs 11 crore. The funding round was led by Force Ventures, with participation from prominent investors such as Aanya Ventures, Subrata Mitra, and Radhika Pandit, among others. This infusion of capital marks a pivotal moment for Adukale as it positions itself for accelerated expansion and market dominance in the traditional snacks segment. The company plans to utilize the funds to scale its outlets, bolster its distribution network, and invest in…

Royal Canin, the French pet food manufacturer, has inaugurated Asia’s second-largest fully operational packaging plant in Bhiwandi, Maharashtra, representing a significant investment of ₹100 crore. This state-of-the-art packaging center, marking Royal Canin’s maiden venture in India, is equipped with automatic packing machines and essential utilities to convert bulk products into retail packs tailored to meet the requirements of Indian pet owners. While focusing on serving the domestic market, the company also hinted at the potential for future exports from the facility. Cecile Coutens, Global President of Royal Canin, emphasized the importance of India as one of the fastest-growing pet care…

The Indian Railways is taking significant steps towards enhancing its production capacity and reducing dependence on imports with the acquisition of a forged wheel plant from Rashtriya Ispat Nigam Limited (RINL) for Rs 2,300 crore. In a move aimed at boosting indigenous manufacturing, the Railway Board obtained approval from the Ministry of Railways on April 15, 2024, to acquire the forged wheel plant located in Rao Bareli, Uttar Pradesh. This acquisition, costing Rs 2,300 crore, is part of a broader initiative to bolster production capabilities within the country. The forged wheel plant, established by RINL, has faced challenges since its inception three years ago,…

ASK Automotive Limited has unveiled a significant joint venture agreement with AISIN Group Companies, including AISIN Asia (Thailand) Co. Ltd. (“AA-T”) and AISIN Automotive Haryana Private Limited (“AHL”). The collaboration aims to introduce and distribute auto components in the independent aftermarket for passenger car products throughout India, Nepal, Sri Lanka, and Bangladesh. Combining ASK Automotive’s expansive distribution network with AISIN Group’s high-quality product range, renowned for its excellence in original equipment (OE) auto components, this strategic alliance is expected to notably enhance the availability of premium passenger car products in the independent aftermarket, catering to the growing demand in the region. Kuldip…

Grew Energy Pvt. Ltd., a leading sustainability brand in India, has secured a lion’s share in the Solar Energy Corporation of India’s (SECI) auction by winning a 200 MW contract. The contract awarded to Grew Energy involves the testing, packaging, forwarding, supplying, and transporting of solar PV modules. Vinay Thadani, CEO and Director of Grew Energy expressed confidence in the company’s ability to meet the demands of the contract, stating, “We are equipped with the technology and have the bandwidth to contribute to multiple solar projects across the country.” Known for its domestically manufactured solar cells and modules, Grew Energy stands out as one of the few manufacturers…

Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors Ltd., renowned for spearheading India’s electric vehicle (EV) revolution, has inked a non-binding Memorandum of Understanding with Vertelo, an integrated fleet electrification platform managed by Macquarie, to supply 2,000 XPRES-T EVs. This collaboration aims to advance India’s transition to sustainable e-mobility. Deliveries of the vehicles to Vertelo will commence in phases. Mr. Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility Ltd., expressed enthusiasm about the partnership, stating, “As market leaders in passenger EVs in India, we are dedicated to promoting sustainable mobility in the country. We are…

Hitachi Energy India Ltd, a subsidiary of the Swiss-based Hitachi Energy and a prominent entity listed on both Indian stock exchanges, has demonstrated remarkable growth in recent years, surpassing the energy market’s growth rate with a compound annual growth rate (CAGR) of 11 per cent. This achievement is particularly significant as the broader energy market in India has experienced single-digit growth over the same period. N Venu, MD & CEO, India & South Asia, Hitachi Energy, expressed confidence in the company’s future growth trajectory, citing a series of infrastructure projects initiated by the Union government. Reflecting on the market dynamics,…

Dr. Reddy’s Laboratories, a leading pharmaceutical company based in Hyderabad, India, announced on Tuesday that it is voluntarily recalling six lots of medication in the United States due to subpotency issues. The affected medication, Sapropterin Dihydrochloride Powder for Oral Solution 100 mg, is indicated to reduce blood phenylalanine (Phe) levels. The recall was initiated after the company discovered powder discoloration in some packets during an accelerated stability test, which led to decreased potency. Dr. Reddy’s Laboratories emphasized that the issue was also brought to their attention through customer complaints. The decreased potency of the medication poses a risk of elevated…

US-based electric car manufacturer Tesla has decided to halt its partnership with Kolkata-based Ramkrishna Forgings, just days after CEO Elon Musk postponed his highly anticipated visit to India, where he was expected to announce Tesla’s entry into the Indian market. Ramkrishna Forgings disclosed the development in a regulatory filing, stating, “Further to our earlier press release dated April 18, 2024, it is hereby notified that USA’s Largest Electric Passenger Vehicle manufacturer has vide a subsequent communication put on hold its earlier approval in relation to supply of power train components, by Ramkrishna Forgings Limited.” Earlier in the week, Ramkrishna Forgings…