The $16.2 billion company is looking at investing about $100 million (Rs665 crore) in India in the next two to three years and hire more than 1,000 engineers.
“This joint venture will help us leverage the opportunity in sensor technology, automotive locks, etc,” JK Jain, chairman & MD of Fiem Industries, told ETAuto.
New launches, rains, higher government salaries spell bonanza for Maruti Suzuki, Hyundai and other auto companies
Top 12 automakers posted 16 per cent growth in August sales at over 2.5 lakh units, hope for festive season boost.
Mahindra, Nissan, Toyota and other carmakers scramble to build electric cars to make the most of tax sops
MNCs such as Volkswagen, Toyota, Honda and Nissan are planning to focus on more expensive pure hybrids and electric vehicles.
Automakers sold 2.78 million passenger vehicles in the local market in the fiscal year ended on March 31, 2016.
A key supplier to Maruti Suzuki, JBM Group plans to invest Rs 1,000 crore over four years for capacity expansion and new businesses.
The country’s largest automaker by value will undergo a cleaning process for the commercial vehicles and passenger vehicle segments.
"With a good monsoon, the sentiment has improved and in the next 3-4 months, the rural market will look up," said RS Kalsi.
Nissan's recently launched Redi-Go in the same segment has received a major month-on-month spike of 35 per cent, selling 3,940 units in July compared to 2,925.
The rain on Thursday provided relief from the prolonged summer heat and augured well for expectations of a normal monsoon this year.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon