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In order to set up additional capacities to meet the future demand, automotive ancillaries major Uno Minda Ltd is building land banks in different states, said a top company official.
The exact number of job cuts was not immediately clear, but it will amount to the "mid-four-digit range", the company said. The news comes amid ongoing reports that Continental plans a restructuring and potential sell-offs, with CEO Nikolai Setzer saying in September he was considering a change in ownership of the company's ContiTech division.
"As we celebrate National Education Day, I am proud to reflect on the transformative journey of Srinivasan Services Trust in Tamil Nadu. Over the past 27 years, SST has dedicated INR 13 crore to renovating more than 400 primary schools, ensuring a conducive environment for learning. In the last two years, our focus has shifted towards holistic development, with 100 schools receiving comprehensive renovations." Srinivasan Services Trust Chairman Swaran Singh said.
The multinational auto parts manufacturer on Wednesday adjusted its expectations for sales growth in the autos market to 5-7%, from 3-5% previously. However, while it was too soon to set its own outlook, Continental said it shared S&P Global's forecast of just 1-3% growth in light vehicle sales next year.
Pricol: Revenue from operations of the company for Q2 FY24 was at INR 562.66 crore, up 12.31 % YoY, the company said.