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Owned by private equity firm KKR, Marelli announced last month its intention to close down the facility, which produces components for internal combustion engines, arguing the business had become unsustainable due to the transition to electric mobility. The planned closure had intensified fears that the switch to electric cars could have a significant impact on the thousands of jobs in Italy's automotive supply sector.
Indian Auto Parts Industry: The auto component industry provides a big opportunity for the country as about 50% of the manufacturing GDP of the country comes from the auto sector. In FY23, the Indian auto component industry clocked the highest-ever turnover of INR 5.6 lakh crore (USD 69.7 billion), and grew 32.8%.
Sqm: "The positive impact of significantly higher sales volumes during the second quarter of 2023 was partially offset by lower average selling prices compared to the same period last year," the company said
ACMA also claimed that traction in the domestic market also reflected on imports of component into India. Component imports grew by 10.9 percent in 2022-23 to Rs. 1.63 lakh crore (USD 20.3 billion) from Rs. 1.36 lakh crore (USD 18.3 billion) in 2021-22
Kotak Strategic Situations India Fund Ii: Under the transaction, KSSF II worked with the company to create a comprehensive bespoke funding solution that enabled Brijesh Aggarwal to acquire a majority stake in VCPL from the existing investors, clean up the capital structure and prepare the company for future expansion and fundraising opportunities.
Vietnamese automotive component industry has a dim outlook for growth as it lags behind those in many other regional countries, according to the Ministry of Industry and Trade (MoIT).