India’s Motherson Sumi Expands Internationally

Noida, India-based auto component maker Motherson Sumi Systems consolidated net profit stood at $108.81 million in the quarter ending March 31, 2017, a better-than-expected 20 percent growth. Motherson Sumi’s net sales outside India rose over 14 percent to 94.76 billion rupees (GB Please convert to USD)

CFO of Motherson Sumi Systems, G. N. Gauba told Press Trust of India, “We have earmarked $300 million capex for the current fiscal. The investment will mainly go into the upcoming nine manufacturing plants across the world.”  The company will set up three plants in India, three in Hungary, one each at South Korea, Mexico and the United States, he added.
Auto parts from Motherson Sumi Systems
Currently, the company operates over 180 facilities across the globe catering to various automobile OEMs including Mercedes- Benz, Audi, Toyota, Ford and Suzuki, reports the Economic Times. It has set a target of achieving a turnover of  $18 billion by 2020 through global expansion.

May 22, 2017   No Comments

India’s Motherson Sumi Acquires Finland’s Automotive company

Noida, India-based automotive component firm Motherson Sumi Systems, a joint venture between its parent Samvardhana Motherson Group and Sumitomo Wiring Systems of Japan, acquired Finland’s PKC Group Plc for about $609 million.

“We are very happy to announce that we have successfully acquired 93.75 per cent shareholding in the PKC Group, which has significant market presence in the American and European markets with major growth plans in China,” chairman Vivek Chaand Sehgal of Motherson Sumi said in a statement. The acquisition will expand the company’s footprint significantly in the commercial vehicle segment.

Headquartered in Helsinki, Finland, PKC is a global tier 1 supplier of wiring harness and associated components to original equipment manufacturers in the heavy and medium duty commercial vehicles and locomotive segments across North America, Europe, Brazil and China, reports Livemint.

Motherson Wiring Harness

Motherson Wiring Harness

 

April 3, 2017   No Comments

India’s HCL Technologies to Provide IT for Volvo Ocean Race

The Volvo Ocean Race owned by Volvo Cars and the Volvo Group hosts a round-the-world yacht race once every three years. This race is often described as the longest and toughest professional sporting event in the world, sailing’s toughest team challenge, and one of the sport’s Big Three events, along with the Olympics and Americas Cup.

HCL Campus in Noida

Noida, India-based HCL Technolgies is the official IT services provider, developing and delivering IT solutions for the 2017-18 edition of the 45,000 nautical mile race around the world. The IT infrastructure will form the backbone of Volvo Ocean Race’s streaming and TV production, and  will include vital features such as inter-site connectivity at the race’s global stopovers, digital content delivery, mobile data centers and infrastructure with full redundancy, Wi-Fi networks, and multimedia facilities for media centers and race offices, reports the Economic Times.

Volvo Ocean Race CEO Mark Turner said, “The upcoming edition of the Volvo Ocean Race will be more digitally focused than ever before. Building the complex IT infrastructure that we use for this around the world is a huge challenge, and we’re confident that this partnership with HCL Technologies will allow us to provide fans, media and stakeholders with a more connected experience than ever before.”

March 22, 2017   No Comments

Blackstone Puts Big Money in Indian Real Estate

New York City-based Blackstone Group is in advanced talks to acquire over 360,000 sq ft spread over six floors in the First International Financial Center (FIFC) Tower at Bandra-Kurla Complex, a business district in Mumbai, for over $125 million.

Real Estate

With rising income levels of India’s consumers, Blackstone has started focusing on retail spaces in India. The company has acquired properties across major markets in India in deals that are turning out to be benchmarks in the real estate sector. It owns India’s biggest portfolio of income producing office assets totaling over 30 million sq ft worth over a billion dollars across Noida, Mumbai, Pune and Bangalore says ET Realty.

 

February 13, 2017   No Comments

AkzoNobel Inaugurates Specialty Coatings Facility in India

AkzoNobel a Dutch multinational company in paints, coatings and specialty chemicals has set up a first-of-its-kind Specialty Coatings production facility and color laboratory in the satellite town of Noida 15 miles from New Delhi, reports BusinessWire, India.

Alberto Slikta, managing director, Specialty Coatings, AkzoNobel, said, “India is a key market for our growth strategy and this facility will enable us to further strengthen our position as a leading producer while supporting the supply network. Additionally, this market shows signs of a high demand for consumer durables and electronics. As demand and volumes rise, we will continue to fortify our footprint in high-growth economies such as India.”

AkzoNobel Logo

AkzoNobel India has been operating in the country for over 60 years. It currently has six manufacturing sites, two research centers, and a network of over 8,800 dealers and distributors.

December 28, 2016   No Comments