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Time of India
a day ago
- Automotive
- Time of India
Merc, Skoda-VW may Make in India, Tesla to Stay Away
India Monday unveiled the guidelines for investment under its electric vehicle scheme that will allow carmakers to import 8,000 units at concessional import tariff if they set up a manufacturing facility in the country. The window for receiving formal requests will open soon. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India Monday unveiled the guidelines for investment under its electric vehicle scheme that will allow carmakers to import 8,000 units at concessional import tariff if they set up a manufacturing facility in the country. The window for receiving formal requests will open Musk's Tesla is keen on setting up sales outlets but not to make cars in India while Mercedes Benz, and Skoda-Volkswagen, and Hyundai, and Kia have shown interest in manufacturing EVs under the scheme, Union Heavy Industries Minister HD Kumaraswamy said Monday.'This will enhance India's status as a global EV manufacturing hub… applications window for seeking sops to open shortly,' the minister said, adding that beneficiaries will need to start domestic production within three under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) are contingent on a company agreeing to invest and manufacture EVs in the applicants will be allowed to import Completely Built-up Units (CBUs) of electric four wheelers with a minimum import value of $35,000 at reduced customs duty of 15% for five years and would be required to make a minimum investment of ₹4,150 Mercedes Benz, Skoda-Volkswagen (VW), South Korean Hyundai, and Kia have held talks with the Centre regarding the scheme, Kumaraswamy said shortly after norms for the scheme were notified.'The future of mobility will be electric. SAVWIPL is closely monitoring the development of EV-related policies in India and is thoroughly assessing their implications. Based on this, we define the appropriate next steps in line with our long-term strategy,' a Skoda Auto Volkswagen India Pvt Ltd spokesperson said.'We fully support and remain committed to initiatives that lead to a sustainable and self-sufficient battery electric vehicle ecosystem in India,' the spokesperson Kia and Hyundai did not respond to queries from ET on their plans with regard to the is said to be testing the waters for its electric vehicles (EVs) in India by importing some cars. The company has been in discussions with the Indian government and has in the past flagged its high import tariffs for cars. Founder Elon Musk was expected to visit India in April last year and announce the company's plans, but the trip was called to a query on Tesla's possible India plans, Kumaraswamy said the US-headquartered EV maker has not shown interest in manufacturing domestically.'Tesla only wants to open showrooms and sell imported cars,' he about the impact of US President Donald Trump's newest plan to raise import tariffs on steel, Kumaraswamy said it will have minimal impact on announced in May last week that tariffs on imported steel and aluminium will double to 50% after June 4. 'The only concern is for consignments on the way since they will attract higher duty if they don't reach before June 4,' he said.
Economic Times
2 days ago
- Automotive
- Economic Times
Skoda, Mercedes, Kia, Hyundai keen to manufacture EVs in India: Kumaraswamy
Europe's Mercedes Benz, and Skoda-Volkswagen (VW), and South Korea's Hyundai and Kia, have shown interest to manufacture electric vehicles (EVs) in India, Union Heavy Industries Minister H D Kumaraswamy said Monday. Addressing journalists, he said application window for the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will soon open, after which formal requests will be received. Responding to queries on Tesla's India plans, Kumaraswamy said the US-headquartered EV maker has not shown any interest to make in India.'Tesla only wants to open showrooms and sell imported cars,' he said. Also read: India to open flagship EV making policy to lure global giants Announcing the SPMEPCI guidelines, the minister said this aligns with India's emission reduction goals. 'The benefit is available only if the company agrees to invest and manufacture EVs on India,' he said the beneficiaries will need to start domestic production between three years.'This will enhance India's status as a global EV manufacturing hub…applications window for seeking sops to open shortly,' he officials aware of the developments said Skoda-Volkswagen (VW), and Mercedes Benz may shortly announce investment plans. The car makers are expected to seek sops under SPMEPCI. Also read: Tesla not interested in manufacturing in India, minister says This scheme is aimed at encouraging fresh investments from global manufacturers in EV passenger cars segment. To encourage the global manufacturers to invest under the scheme, approved applicants will be allowed to import Completely Built-in Units (CBUs) of electric four wheelers with a minimum import value of $ 35,000 at reduced customs duty of 15% for five years. Under the scheme guidelines, approved applicants would be required to make minimum investment of Rs. 4,150 crore in line with the provisions of the scheme. The maximum number of cars allowed to be imported at the reduced duty rate shall be capped at 8,000 units per year.
Time of India
2 days ago
- Automotive
- Time of India
Skoda, Mercedes, Kia, Hyundai keen to manufacture EVs in India: Kumaraswamy
Union Minister H D Kumaraswamy announced that Mercedes Benz, Skoda-Volkswagen, Hyundai, and Kia are considering manufacturing electric vehicles in India, with the application window for the SPMEPCI opening soon. The scheme aims to boost domestic EV production and reduce emissions, offering incentives for manufacturers who invest and produce EVs locally. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Europe's Mercedes Benz, and Skoda-Volkswagen (VW), and South Korea's Hyundai and Kia, have shown interest to manufacture electric vehicles (EVs) in India, Union Heavy Industries Minister H D Kumaraswamy said journalists, he said application window for the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will soon open, after which formal requests will be to queries on Tesla's India plans, Kumaraswamy said the US-headquartered EV maker has not shown any interest to make in India.'Tesla only wants to open showrooms and sell imported cars,' he the SPMEPCI guidelines, the minister said this aligns with India's emission reduction goals.'The benefit is available only if the company agrees to invest and manufacture EVs on India,' he said the beneficiaries will need to start domestic production between three years.'This will enhance India's status as a global EV manufacturing hub…applications window for seeking sops to open shortly,' he officials aware of the developments said Skoda-Volkswagen (VW), and Mercedes Benz may shortly announce investment plans. The car makers are expected to seek sops under scheme is aimed at encouraging fresh investments from global manufacturers in EV passenger cars segment. To encourage the global manufacturers to invest under the scheme, approved applicants will be allowed to import Completely Built-in Units (CBUs) of electric four wheelers with a minimum import value of $ 35,000 at reduced customs duty of 15% for five the scheme guidelines, approved applicants would be required to make minimum investment of Rs. 4,150 crore in line with the provisions of the scheme. The maximum number of cars allowed to be imported at the reduced duty rate shall be capped at 8,000 units per year.
Time of India
4 days ago
- Business
- Time of India
Kanakia, hines tie up for ₹3,000 crore office project in Mumbai
Mumbai: US-headquartered real estate investment manager Hines and Mumbai-based property developer Kanakia Group have entered into an alliance to develop a commercial office project on a 3-acre land parcel near Bandra-Kurla Complex (BKC) with a total investment of around ₹3,000 crore. The alliance has further partnered with Japanese conglomerate Sumitomo Corporation and real estate firm Mitsubishi Estate for the development spanning 1.5 million sq ft premium office spaces. Of the total investment, the equity investment will be about ₹1,025 crore. "This project marks a significant milestone in our journey in India," said Amit Diwan, senior managing director and head of India at Hines. "It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo." As per the terms of the joint development agreement, landowner Kanakia Group will be responsible for the approvals, while the investment will be made by Hines and the Japanese entities. In addition to their investment, Hines, Sumitomo and Mitsubishi Estate will execute the development. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo "This formation of this alliance with Hines, Mitsubishi and Sumitomo has allowed us to deleverage our balance sheet in a significant manner. The approvals for the project have already been secured and we expect the development to be completed by the end of 2028," said Rasesh B Kanakia, chairman, Kanakia Group. The project, comprising 12 upper floors and seven basements in Mumbai's business district, will see Mitsubishi holding a 50% stake in the development, marking its maiden project in the city and fifth in India. Diwan, Kanakia and property consultant JLL India, which acted as the advisor for the transaction, declined to comment on the project's investment specifics. Live Events The project is located on a corner site facing the Santacruz-Chembur Link Road and a connecting road to the BKC district. "Given India's strong demographic tailwinds, along with the right fundamentals and market conditions, we've been seeing more investor interest in the country and continued demand for our office and residential projects," said Diwan.
Irish Post
5 days ago
- Business
- Irish Post
Facilities solutions provider ABM wins €10m cleaning contract for Galway hospitals
A LEADING facilities solutions provider has won a lucrative contract to provide cleaning services across a number of hospitals in Galway. US-headquartered ABM has been awarded a new healthcare contract worth €10m with Ireland's Heath Service Executive (HSE). Under the contract, up to 350 staff who worked for the previous contract holder are transitioning to ABM to provide cleaning services across eight Galway hospitals - which include critical environments such as operating theatres and intensive care units. University Hospital Galway is one of eight hospitals under the contract The contract will see ABM work across all facilities at University Hospital Galway, Merlin Park University Hospital (MPUH), the Adult Acute Mental Health Unit (AAMHU) and five HSE administration buildings in Galway City. It also includes work on the newly opened outpatients department and cystic fibrosis unit at MPUH. 'With the delivery of this contract, ABM is supporting the Department of Health's Waiting List Initiative to deliver reductions in waiting lists by having cleaning operatives available for out of hours clinics,' a HSE spokesperson explained. 'We have found ABM to have an extremely professional approach to providing cleaning services at the two public acute hospitals in Galway city,' Geoff Ginnetty, Services Manager at Galway University Hospitals, said of their latest contract win. 'ABM has so far demonstrated a responsiveness to the requirements of our hospitals, in a busy and challenging healthcare environment. 'We look forward to building on this promising start, to develop a strong working relationship between Galway University Hospitals and ABM.' David Ferguson, Operations Director, All Ireland at ABM, said 'building on the success we have in the Irish healthcare sector by providing more facilities management services is part of our growth strategy'. He added that this was a 'key differentiator in our successful bid' for the lucrative contract. 'We are looking forward to working together with our new team of over 350 people to deliver exceptional services and ensure the highest standards of cleanliness and safety throughout this critical setting,' he added. Under the contract, ABM will invest €1m in new equipment, uniforms, training, and administration systems for their increased workforce. See More: ABM, Cleaning, Facilities, Galway, Hospitals
