Henkel sees growth
Highlighting its ability to respond flexibly and quickly to market changes, Henkel is confident that the rise in demand for its products in the industrial space will sustain itself. Announcing the achievement of significant organic sales growth exceeding 7.7 per cent in the first quarter of 2021, the company, supplying high-performance adhesives, sealants and surface treatment products to the auto industry among others, is continuing to pursue its growth agenda of further strengthening innovation, sustainability and digitalization. Reporting that its Group sales have reached around Euro-five billion, an increase of over 0.8 per cent in nominal terms, the company invested in a new 100,000sq. m. facility at Pune early last year. It also announced that it will invest Euro 50 million in India over the next five years.
A part of this investment, it announced, will be used to build the plant and expand it over phases. Impacted by the Covid-19 pandemic, the company is experiencing good traction for its adhesive technologies business unit especially.
Tata Motors has announced the extension of warranty and free service period for its CV customers across the country in view of the restrictions announced by several state Governments across India to curtail the spread of the COVID-19 virus. It applies to CVs whose warranty and free service period were scheduled to expire in the period of 01 April, 2021, to 30 June, 2021. The company has also announced one month extension of Tata Suraksha AMC as well. In other news, sources claim that India’s competition regulator has ordered an investigation into allegations that Tata Motors abused its market position while supplying
CVs to some of its dealers. They mention that the case pertains to allegations from two former Tata dealers that it dictated terms around the quantity and type of vehicles it should stock, and also worked in concert with affiliate firms while advancing credit. In its 45 page order, the CCI, inform sources, has termed as anti-competitive the practice by Tata Motors to ‘coerce its dealers to order the vehicles according to its own whims and fancies’. The CCI’s investigation unit, they add, has been called to submit a report within 60 days. Tata Motors, in its response, has said that it is reviewing the CCI’s order and will consult its legal counsels.
Sarwant Singh, former managing partner at Frost & Sullivan, has joined Ashok Leylandowned Switch Mobility, claim sources. They mention that he will be the president and chief planning officer, and CEO of the mobility service company and based in London, UK. The development comes in the wake of Ashok Leyland acquiring a majority-stake in the Optare Group and renaming it as Switch Mobility. The CV maker, the London-based Hinduja Group’s flagship company, through Switch Mobility, inform sources, is working towards the development of a robust electric product portfolio in anticipation of the change in the automotive ecosystem. Switch Mobility is being structured into a company that would be at the forefront of offering mobility services in the electric and other alternate fuel domains as they evolve, sources add.
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