Make in India: Volvo rolls out first locally made car
NEW DELHI: Swedish luxury car maker Volvo Cars on Tuesday began rolling out locallyassembled vehicles in India with the first XC90 driving out of its Bengaluru plant.
In May this year, Volvo Cars had announced that it would start assembly operations in India in 2017.
"The rollout of first locallyassembled Volvo Car speaks volumes for the company's commitment to grow further in India," newly appointed Volvo Auto India Managing Director Charles Frump said in a statement.
He further said: "The last three years have been good for us in India and we noticed a positive and encouraging growth in terms of increased segment share, world-class product and new dealer appointments."
The company is on track to gain a bigger share of the luxury segment, Frump added.
Volvo Cars said India has shown a great long-term potential for a fast-expanding luxury segment and the decision to assemble vehicles locally has provided it a strong platform to achieve 10 per cent segment share by the end of the decade.
Volvo has a segment share of about 5 per cent and aims to double this by 2020.
The Indian luxury car market stood at 34,000 units in 2016, down over 5 per cent from about 36,000 units in 2015. The company's assembly operations are located near Bengaluru, making use of Volvo Group India's existing infrastructure and production licenses.
Volvo Cars said apart from the XC90, more models on the company's SPA modular vehicle architecture are slated for NEW DELHI: The government is considering iphone maker Apple's proposal for setting up manufacturing unit in India, Union Minister Alphons Kannanthanam said on Tuesday.
Cupertino-based iphone and ipad manufacturer Apple has sought certain concessions for setting up manufacturing unit in the country. "We would local assembly in India and an announcement on the same will happen at a later stage. Volvo Auto India sells a range of luxury models, including V40 luxury hatchback, S60 sedan and SUV XC90, in India. like Apple to come in India (for setting up manufacturing unit) and we are examining Apple's proposal," said the Minister of State for Electronics and IT on the sidelines of an event organised by industry body CII.
The company had sought concessions, including duty exemption on manufacturing and repair units, components, capital equipment and CHENNAI: French tyre major Michelin on Tuesday inaugurated a new production line that would take the company to double it's plant capacity, a top official said on Tuesday.
The company which had set up it's facility at Thervoy Kandigai in Thiruvallur district near Chennai had invested about Rs 3,500 crore.
"We have inaugurated a new production line on Tuesday. New tyres of Michelin will be produced that will help truck companies to save lot of fuel and energy ..... ", Michelin Group, Chief Executive Officer, Jean-dominique Senard, told consumables for smartphone manufacturing and service/ repair for a period of 15 years.
The technology major had also asked for relaxation in the mandated 30 per cent local sourcing of components besides reduction in custom duties on completely-knockeddown and semi-knocked-down units of devices that are to be assembled in the country. reporters at the factory.
The new production would serve the increase in demand for both replacement market and original equipment manufacturers in the country.
According to him, with the introduction of new production line, the total capacity of the factory will double by end of next year.
The Chennai plant is producing around 15,000 tonnes a year, it will be more than doubled by end of 2018, he said.
France Ambassador to India, Alexandre Ziegler who inaugurated the new production line, said, "I am delighted to be here with Senard, at a time when the company is expanding it's presence in the Indian market".
"This is another successful example of how our French companies actively contribute to make in India and innovate in India", he said.
The Michelin X-guard range of trucks would come factory fitted with heavy commercial vehicle Ashok Leyland Captain 3718 PLUS long and medium distance commercial vehicles. The company is present in over 170 countries and employs 1.11 lakh people at 70 plants across 18 countries. NEW DELHI: Leading commodity bourse MCX on Tuesday said it will launch option trading in gold on Dhanteras day, October 17.
"This is to inform you that the exchange is targeting to launch trading in Gold Option Contracts with Gold (1Kg) Futures as underlying on October 17," the exchange said in a BSE filing.
MCX has been conducting mock trading in options since the last week of June. It has also been upgrading its technology to handle increased participation in option trading.
In August, Capital markets regulator Securities and Exchange Board of India (Sebi) had allowed option trading in commodity markets.
Besides MCX, agri-commodity bourse NCDEX (National Commodity & Derivatives Exchange Limited) also has plans to launch option trade and has sought permission for guarseed.
The exchange has not yet announced the date of its launch. MUMBAI: Utility vehicle major Mahindra and Mahindra (M&M) on Tuesday said it is working on a slew of measures, including readying a family of petrol engines catering to its entire product range by April 2020, when BS VI emission norms kick in the country.
The Mumbai-based company, which on Tuesday launched an updated version of its compact SUV KUV100 priced at Rs 4.39-7.33 lakh, also plans to roll out electric versions of its crossover models.
"We are working on a very strong petrol engine line-up and by the time BS VI emission norms roll out, our petrol engine offering will be as strong as diesel," M&M Managing Director Pawan Goenka told reporters here.
The company will have petrol engines that can cover all its models, he added.
"Whether all of those get launched in India or not depends on the customer pull. Most likely, all our exports will definitely have petrol-powered vehicles. We would be happy to launch in the domestic market even if we have 5 per cent demand," Goenka said. On introducing electric vehicles, he added that even with less clarity as to how the electric vehicle segment will perform in coming days, Mahindra would roll out its existing products with electric powertrains.
"Whether we have 20 per cent electric vehicles by 2030 or 100 per cent is perhaps a multi billion dollar question.
Mahindra is hedging its bet... and decided that for all crossover SUVS, we will be working on electric version in future," Goenka said.
As part of the plan, the company will introduce an electric KUV100 in over a year from now, he added. On various other disruptions unfolding in the automotive segment, Goenka said the company is learning about driverless technology from its tractor business.