industry news
UK’s Volex buys majority stake in EDMS company InYantra
UK based integrated manufacturing-services and power products company Volex plc has acquired a majority stake in Indian EDMS firm inYantra Technologies Pvt Ltd for $13 million (around one billion rupees).It will strengthen focus on two high-growth Indian sectors of medical electronics and electric vehicles for inYantra Technologies. As part of the transaction, the two partners will undertake joint development of complex cable assembly capability through low-cost production for both domestic and export markets, as Volex expands the capabilities at the Pune site by building a new medical and complex industrial technology cable assembly facility.
Tata Elxsi and Renesas collaborate to build EV design centre in Bengaluru
Tata Group’s design and technology services subsidiary Tata Elxsi has signed a pact with Japanese semiconductor company Renesas Electronics Corporation to build a design centre in Bengaluru that will develop targeted solutions for electric vehicles. Tata Elxsi and Renesas will bring together their deep domain expertise, intellectual property, and assets to the Centre and collaborate to create reference designs and solution accelerators for critical EV subsystems like battery management systems and motor control units, among others.
Suzuki and Toyota looking to make EVs in Suzuki’s Gujarat plant
Automaker Maruti Suzuki and Toyota are likely to use the former’s Gujarat plant to manufacture electric cars (EVs) for both the entities, as per information revealed by Maruti MD & CEO Kenichi Ayukawa. Ayukawa said that discussions on this matter are still on by Suzuki Japan and anything is yet to be finalised. Toyota and Suzuki are already in a business alliance as well as a product-development and model-sharing relationship.
Elin Electronics receives SEBI approval for IPO
Delhi based electronics manufacturer Elin Electronics Limited (EEL) has received SEBI’s approval for its ` 7.6 billion initial public offering (IPO). Elin’s IPO offers equity shares with a face value of
` 5 each, comprising a fresh issue of up to ` 1.75 billion and an offer for sale of up to ` 5.85 billion. Elin filed preliminary papers with SEBI last year in November.
Omega Seiki partners with Israel based startup to develop e-motors in India
Omega Seiki Mobility (OSM) has announced a strategic alliance with Israel based startup EVR Motors to produce compact e-motors in India. The e-motors will be based on a new TSRF technology and will be used for OSM’s existing and future vehicle models. It will be produced at OSM’s Faridabad facility and its group company Omega Bright Steel and Components’ facility.
Crompton Greaves acquires majority stake in Butterfly Gandhimathi Appliances
Crompton Greaves Consumer Electricals is acquiring up to 55% stake of domestic appliances maker Butterfly Gandhimathi Appliances. The deal is valued at ` 1,403 per equity share, aggregating up to about ` 13.8 billion. It will also acquire certain Butterfly trademarks in allied and cognate classes from promoter group entities for a consideration of ` 303.8 million.
Jupiter International raises money from Edelweiss
Solar PV cell manufacturer Jupiter International has raised ` 1.7 billion from Edelweiss Alternative Asset Advisors (EAAA). The Kolkata based maker will utilise the funds as growth capital to enhance its manufacturing capacity as it plans to set up a new greenfield capacity of 2000-megawatt integrated cell plus module line. The fresh capital was raised through a combination of debt and convertible-to-equity instruments.