Maruti Suzuki eyes Europe to broaden global footprint
As per the report, the carmaker is not only scaling up its export capacity but also working to align its popular models like the FRONX, Jimny, and Baleno with European safety and emission regulations — a clear indicator of its intent to enter the highly competitive but rewarding European market.
In the domestic market, the passenger vehicle segment is seeing sluggish demand due to a number of factors like rise in ownership costs, weak demand for entry-level cars, among other things.
Beyond Europe, MSIL also plans to double down on key international markets such as Africa, the Middle East, and Latin America — regions where it already has a network of established dealerships. The move is part of a broader strategy to insulate the company from fluctuations in the domestic market and strengthen its global identity.
Maruti's export strategy is also aligned with the government's vision of turning India into a global automotive manufacturing and export hub. With India being one of Suzuki Motor Corporation's largest manufacturing bases, the expansion plan is expected to bring new investments and product innovations.
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Business Standard
10 minutes ago
- Business Standard
Govt halts US arms deals after Trump slams 50% tariffs on exports
New Delhi has put on hold its plans to procure new U.S. weapons and aircraft, according to three Indian officials familiar with the matter, in India's first concrete sign of discontent after tariffs imposed on its exports by President Donald Trump dragged ties to their lowest level in decades. India had been planning to send Defence Minister Rajnath Singh to Washington in the coming weeks for an announcement on some of the purchases, but that trip has been cancelled, two of the people said. Trump on Aug. 6 imposed an additional 25% tariff on Indian goods as punishment for Delhi's purchases of Russian oil, which he said meant the country was funding Russia's invasion of Ukraine. That raised the total duty on Indian exports to 50% - among the highest of any U.S. trading partner. The president has a history of rapidly reversing himself on tariffs and India has said it remains actively engaged in discussions with Washington. One of the people said the defence purchases could go ahead once India had clarity on tariffs and the direction of bilateral ties, but "just not as soon as they were expected to." Written instructions had not been given to pause the purchases, another official said, indicating that Delhi had the option to quickly reverse course, though there was "no forward movement at least for now." India's defence ministry and the Pentagon did not respond to Reuters' questions. Delhi, which has forged a close partnership with America in recent years, has said it is being unfairly targeted and that Washington and its European allies continue to trade with Moscow when it is in their interest. Reuters is reporting for the first time that discussions on India's purchases of Stryker combat vehicles made by General Dynamics Land Systems and Javelin anti-tank missiles developed by Raytheon and Lockheed Martin have been paused due to the tariffs. Trump and Indian Prime Minister Narendra Modi had in February announced plans to pursue procurement and joint production of those items. Singh had also been planning to announce the purchase of six Boeing P8I reconnaissance aircraft and support systems for the Indian Navy during his now-cancelled trip, two of the people said. Talks over procuring the aircraft in a proposed $3.6 billion deal were at an advanced stage, according to the officials. Boeing, Lockheed Martin and General Dynamics referred queries to the Indian and U.S. governments. Raytheon did not return a request for comment. Russian Relations India's deepening security relationship with the U.S., which is fuelled by their shared strategic rivalry with China, was heralded by many U.S. analysts as one of the key areas of foreign-policy progress in the first Trump administration. Delhi is the world's second-largest arms importer and Russia has traditionally been its top supplier. India has in recent years however, shifted to importing from Western powers like France, Israel and the U.S., according to the Stockholm International Peace Research Institute think-tank. The shift in suppliers was driven partly by constraints on Russia's ability to export arms, which it is utilizing heavily in its invasion of Ukraine. Some Russian weapons have also performed poorly in the battlefield, according to Western analysts. The broader U.S.-India defence partnership, which includes intelligence sharing and joint military exercises, continues without hiccups, one of the Indian officials said. India also remains open to scaling back on oil imports from Russia and is open to making deals elsewhere, including the U.S., if it can get similar prices, according to two other Indian sources. Trump's threats and rising anti-U.S. nationalism in India have "made it politically difficult for Modi to make the shift from Russia to the U.S.," one of the people said. Nonetheless, discounts on the landing cost of Russian oil have shrunk to the lowest since 2022. India's petroleum ministry did not immediately respond to a request for comment. While the rupture in U.S.-India ties was abrupt, there have been strains in the relationship. Delhi has repeatedly rebutted Trump's claim that the U.S. brokered a ceasefire between India and Pakistan after four days of fighting between the nuclear-armed neighbours in May. Trump also hosted Pakistan's army chief at the White House in the weeks following the conflict. In recent months, Moscow has been actively pitching Delhi on buying new defence technologies like its S-500 surface-to-air missile system, according to one of the Indian officials, as well as a Russian source familiar with the talks. India currently does not see a need for new arms purchases from Moscow, two Indian officials said. But Delhi is unlikely to wean itself off Russian weapons entirely as the decades-long partnership between the two powers means Indian military systems will continue to require Moscow's support, one of the officials said. The Russian embassy in Delhi did not immediately respond to a request for comment. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
11 minutes ago
- Mint
India pauses plans to buy US arms after 50% tariff hike by Trump; Rajnath Singh's trip cancelled: Report
New Delhi has put on hold its plans to procure new US weapons and aircraft, according to three Indian officials familiar with the matter, in India's first concrete sign of discontent after tariffs imposed on its exports by President Donald Trump dragged ties to their lowest level in decades. India had been planning to send Defence Minister Rajnath Singh to Washington in the coming weeks for an announcement on some of the purchases, but that trip has been cancelled, two of the people said. Trump on Aug. 6 imposed an additional 25% tariff on Indian goods as punishment for Delhi's purchases of Russian oil, which he said meant the country was funding Russia's invasion of Ukraine. That raised the total duty on Indian exports to 50% - among the highest of any U.S. trading partner. One of the sources aware of the matter said the defence purchases could go ahead once India had clarity on tariffs and the direction of bilateral ties, but "just not as soon as they were expected to." Written instructions had not been given to pause the purchases, another official said, indicating that Delhi had the option to quickly reverse course, though there was "no forward movement at least for now." Delhi, which has forged a close partnership with America in recent years, has said it is being unfairly targeted and that Washington and its European allies continue to trade with Moscow when it is in their interest. India's purchases of Stryker combat vehicles made by General Dynamics Land Systems and Javelin anti-tank missiles developed by Raytheon and Lockheed Martin have been paused due to the tariffs, reported Reuters. Trump and Indian Prime Minister Narendra Modi had in February announced plans to pursue procurement and joint production of those items. Singh had also been planning to announce the purchase of six Boeing P8I reconnaissance aircraft and support systems for the Indian Navy during his now-cancelled trip, two of the people said. Talks over procuring the aircraft in a proposed $3.6 billion deal were at an advanced stage, according to the officials. Boeing, Lockheed Martin and General Dynamics referred queries to the Indian and U.S. governments. Raytheon did not return a request for comment. India's deepening security relationship with the US, which is fuelled by their shared strategic rivalry with China, was heralded by many U.S. analysts as one of the key areas of foreign-policy progress in the first Trump administration. Delhi is the world's second-largest arms importer and Russia has traditionally been its top supplier. India has in recent years however, shifted to importing from Western powers like France, Israel and the U.S., according to the Stockholm International Peace Research Institute think-tank. The shift in suppliers was driven partly by constraints on Russia's ability to export arms, which it is utilizing heavily in its invasion of Ukraine. Some Russian weapons have also performed poorly in the battlefield, according to Western analysts. The broader U.S.-India defence partnership, which includes intelligence sharing and joint military exercises, continues without hiccups, one of the Indian officials said. India also remains open to scaling back on oil imports from Russia and is open to making deals elsewhere, including the U.S., if it can get similar prices, according to two other Indian sources. Trump's threats and rising anti-U.S. nationalism in India have "made it politically difficult for Modi to make the shift from Russia to the U.S.," one of the people discounts on the landing cost of Russian oil have shrunk to the lowest since 2022. India's petroleum ministry did not immediately respond to a request for comment. While the rupture in U.S.-India ties was abrupt, there have been strains in the relationship. Delhi has repeatedly rebutted Trump's claim that the U.S. brokered a ceasefire between India and Pakistan after four days of fighting between the nuclear-armed neighbours in May. Trump also hosted Pakistan's army chief at the White House in the weeks following the conflict. In recent months, Moscow has been actively pitching Delhi on buying new defence technologies like its S-500 surface-to-air missile system, according to one of the Indian officials, as well as a Russian source familiar with the talks. India currently does not see a need for new arms purchases from Moscow, two Indian officials said. But Delhi is unlikely to wean itself off Russian weapons entirely as the decades-long partnership between the two powers means Indian military systems will continue to require Moscow's support, one of the officials said. The Russian embassy in Delhi did not immediately respond to a request for comment.
Mint
41 minutes ago
- Mint
BNP Paribas Falls Further Behind on Valuation as BBVA Tops It
(Bloomberg) -- BNP Paribas SA, long the European Union's most valuable bank, has dropped to fifth place, highlighting how its stock is trailing peers. The market value of Spanish rival BBVA SA rose to €91.8 billion ($107 billion) at 11:26 a.m. in Madrid on Friday, above the €90.4 billion for BNP Paribas. Banco Santander SA has the highest valuation among EU lenders, followed by UniCredit SpA and Intesa Sanpaolo SpA. BNP Paribas has benefited less than many competitors from the end of negative interest rates in Europe a few years ago, partly because of a higher share of fixed-rate loans in France compared to Spain and Italy. Long-time Chief Executive Officer Jean-Laurent Bonnafe is now focusing on boosting profitability at the lender's large domestic retail business. European bank stocks have been on a tear since the beginning of the year, with many hitting the highest level in more than a decade. Lenders have been boosted by higher interest rates and, more recently, prospects of a public sector investment spree across the region. But while BNP Paribas similarly hit a multi-year high earlier this year, its overall increase has been less strong than for many of its peers, especially in Spain and Italy. The bank is now one of just a few major ones in the EU whose price-to-book ratio, which is a common valuation indicator, has remained below 1. The price-to-book ratios for France's other big listed banks, Societe Generale SA and Credit Agricole SA, are below 1 as well. BNP Paribas' stock has risen about 35% this year to date, compared with roughly 55% for the industry. BBVA is up about 68%. The Spanish bank's shares have rallied around 17% since the end of July alone after it unveiled higher payout targets. BBVA, whose formal name is Banco Bilbao Vizcaya Argentaria SA, is also seeking to buy the smaller domestic rival, Banco Sabadell SA. --With assistance from Jorge Zuloaga. More stories like this are available on
