&w=3840&q=100)
Electric two-wheeler firms in talks with govt for localisation relief
Surajeet Das Gupta New Delhi
Listen to This Article
Electric two-wheeler (e2W) firms have approached the Ministry of Heavy Industries (MHI), seeking exemptions from including
electric motors in the localisation calculations under the production-linked incentive (PLI) scheme for automobile and auto components — and from the phased manufacturing programme (PMP) localisation requirement for subsidy eligibility under the PM Electric Drive Revolution in Innovative Vehicle Enhancement scheme.
In a meeting with the MHI, 2W companies told the government that their stock of rare earth magnets is dwindling, leaving them with no option but to import electric motors — already fitted with rare earth magnets — directly from China. Earlier, many companies
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
38 minutes ago
- Business Standard
Startup founders can't be Batman, Superman, Mandrake combined: Shivakumar
What's changed in the past five to 10 years is the advent of consumer technology (tech), and today, consumers are using more digital services than physical ones, says Shivakumar premium Surajeet Das Gupta New Delhi Listen to This Article His just-released book, The CEO Mindset, focuses on leadership qualities in a complex world. Shiv Shivakumar, operating partner at Boston-based $500 billion private equity (PE) major Advent International — who has straddled various companies from Hindustan Lever to Aditya Birla group — talks to Surajeet Das Gupta about management challenges and business models. Edited excerpts: What is your assessment of the impact of artificial intelligence (AI) on Corporate India? AI will take out aggregator jobs — for example, the executive who prepares the minutes of board meetings is gone. Most of these roles lie in middle and lower management, but
Time of India
9 hours ago
- Time of India
Ola Electric revises IPO fund use amid gigafactory delay
Ola Electric has revised the use of its ₹5,275 crore IPO proceeds following a delay in expanding its battery cell gigafactory. The company's board has approved changes in fund utilisation timelines, citing slower EV market growth . "Proposed variation in the objects / terms of utilisation of the Initial Public Offering ('IPO') proceeds and extension of time limit for utilisation of IPO proceeds ('Proposed Variation')," said in an exchange filing. Earlier aiming for a 20 GWh capacity by 2026, Ola now plans to limit its Tamil Nadu facility to 5 GWh till FY2029. Only ₹2,681 crore of the IPO proceeds have been used; ₹2,594 crore remains unutilised, including ₹1,228 crore initially marked for cell manufacturing expansion. The change impacts Ola's commitment under the Centre's ₹18,100 crore PLI scheme for battery storage . The company may face up to ₹100 crore in penalties for missing milestones. It is currently engaging with the government to revise the scheme's timelines. Ola has begun cell production, and integration into its EVs is expected by the festive season. The decision reflects broader trends in the Indian EV space, where the pace of adoption has not matched earlier projections. Ola's revised manufacturing strategy signals a more cautious, demand-driven approach as the company adjusts its long-term capital plans.
The Print
10 hours ago
- The Print
Exide charts growth path with focus on lead-acid, lithium-ion batteries
'Exide stands fully prepared for the future,' Gorthi said, as he cited policy tailwinds such as the PLI scheme and lower import duties that are accelerating EV adoption and battery storage demand. Speaking at the company's 78th Annual General Meeting, Exide Industries chairman Sridhar Gorthi said, 'Despite the macroeconomic headwinds and a slowdown in capex across sectors, your company has demonstrated resilience and reaffirmed the commitment to new horizons of innovation, operational excellence, and sustainable growth.' He said that commercial production at the company's lithium-ion cell manufacturing facility under its wholly owned subsidiary Exide Energy Solutions Ltd (EESL) is expected to commence during the current financial year. Kolkata, Jul 26 (PTI) Exide Industries on Saturday said it is strategically poised to lead the future of energy storage through a dual-pronged focus on its conventional lead-acid battery business and the next-generation lithium-ion segment. Managing Director and CEO Avik Roy, in his address, described FY25 as a year of 'resilience and strategic progress', during which the company transitioned to a 'One-Exide' operating model with B2B, B2C, and international verticals. 'This shift reflects our commitment to agility, accountability, and strategic clarity,' Roy said, adding that 'Approximately 70 per cent of our business segments delivered double-digit growth.' He highlighted that Exide invested Rs 1,000 crore in FY25 in the lithium-ion business and infused another Rs 400 crore in FY26, taking the total equity investment in EESL to Rs 3,702 crore. 'These investments reflect our long-term commitment to building a robust and scalable lithium-ion ecosystem in India,' Roy said. Among operational highlights, the four-wheeler aftermarket grew in double digits, while the two-wheeler battery segment, after a sluggish start, rebounded strongly in Q4. The solar business also posted consistent double-digit growth. Roy flagged that traction and standby battery exports were subdued due to weak demand in Europe and the GCC, and telecom battery sales were impacted by a shift to lithium-ion. However, he stressed that Exide is adapting quickly to these trends. 'We are providing both lead-acid and lithium-ion solutions through Exide Energy Solutions,' he said. Exide's continued focus on R&D and digital transformation was another major theme. 'We are boosting our factory efficiency, quality, and forecasting accuracy through Industry 4.0 tools and AI-based systems,' Roy said. He also pointed to the rollout of new technologies like punched grid batteries and CONCAST technology for better product performance. On sustainability, he said more than 75 per cent of the company's lead requirements were met through recycled inputs, and over 20 per cent of electricity consumption came from renewable sources. 'Sustainability is embedded in our operations from green energy adoption and eco-friendly products to expanded recycling capacity and green logistics,' Roy added. Looking ahead, the chairman said, 'Our investments in lithium-ion technology, alongside the continued strength of our lead-acid battery business, position us well to meet evolving energy demands.' The company had posted a consolidated profit after tax (PAT) of Rs 1,077 crore for FY 2024-25, up from Rs 1,053 crore a year ago. PTI BSM RG This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
