Latest news with #UnoMinda
Economic Times
2 hours ago
- Automotive
- Economic Times
Magnets in limbo: No rare earth nod yet from China for Indian auto suppliers
No Indian auto component or vehicle manufacturer has received approval from the Chinese government to procure rare earth magnets so far, Times of India reported citing sources. Despite efforts by Indian officials to intervene, the sources said there is "no clarity as yet" on when a meeting with Chinese representatives might happen. The applications for sourcing magnets were submitted primarily by auto component makers who manufacture complete, high-tech assemblies. These include speedometers, electric motors, e-axles, electric water pumps, automatic transmission kits, speakers, sensors, and ignition coils used in engines. Among the companies that have applied are Uno Minda, Bosch, Mareli, TVS Group, Motherson Sumi, and Sona Comstar. Economic Times reported this week that the number of India-based firms awaiting approval from China's ministry of commerce to import rare earth magnets has nearly doubled—from 11 two weeks ago to 21 now. This list includes Bosch India, Marelli Powertrain India, Mahle Electric Drives India, TVS Motor, and Uno Minda. Sona Comstar, whose earlier application was rejected due to procedural issues, has reapplied and is now among the 21 companies awaiting clearance, a senior industry executive told ET.'There were no approvals so far, according to the latest assessment we carried through interactions with industry representatives,' one source told TOI. 'The situation is grave, and there is now massive uncertainty regarding manufacturing schedules and factory output.' The request for a meeting with Chinese representatives is being followed up not only by leading industry bodies such as the Auto Component Manufacturers Association (Acma) and Society of Indian Automobile Manufacturers (Siam), but also by government ministries including heavy industries, external affairs, and commerce. Senior officials from major automobile companies such as Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Bajaj Auto, and TVS are also involved in pursuing the matter with the government and diplomatic this week, the auto industry held a meeting with top officials at the Ministry of Heavy Industries as the government examined possible solutions to the crisis. 'However, not much headway was made so far,' an official source told the executives said that Ernst & Young has been brought on board by the ministry to assist with the issue. During the meeting, officials also reviewed the current preparedness of some Indian companies that are working in the field of magnet urged local magnet producers to provide a firm supply timeline, if at all possible, stating that uninterrupted production lines depend on timely procurement of components. According to the report, both Acma and Siam have drawn up a list of delegates they hope to send to China if the Indian government is able to facilitate such a restrictions were formally issued through a notification on April 4 this year. The new rules apply to medium and heavy rare earth metals, their alloys, magnets, and related products under the country's export permit prevent diversion of these materials to defence and weapons production, China now requires exporters to secure a licence. This licence depends on an End User Certificate (EUC), which must be approved first by India's Directorate General of Foreign Trade (DGFT) and the Ministry of External Affairs, and then also endorsed by the Chinese Embassy in after these steps are completed can the EUC be sent to China for the final stages of approval—first by the provincial government where the exporting company is located, and then by China's Ministry of Commerce. Rare earth magnets are critical components used in permanent magnet synchronous motors (PMSMs), which are widely applied in electric vehicles because of their compact size, high torque, and energy efficiency. Hybrid vehicles also rely on these magnets for efficient propulsion systems. While parts manufacturers based in Europe have recently received approval from Chinese authorities to source rare earth magnets, their Indian counterparts—despite being part of the same multinational corporations—are still waiting for the go-ahead from Beijing. According to experts, this delay is worsened by the strained political and commercial relationship between India and companies have been attempting to build local capabilities to reduce reliance on imported rare earth materials, but experts say this effort remains extremely challenging and is unlikely to provide immediate relief. (with ToI inputs)
Business Standard
9 hours ago
- Automotive
- Business Standard
Uno Minda gains as board approves Rs 210-cr aluminium die casting plant in Maharashtra
Uno Minda added 2.23% after the company's board has approved the setting up of a greenfield manufacturing facility for aluminium die casting in Sambhaji Nagar, Maharashtra for Rs 210 crore. This strategic expansion is aimed at meeting the rapidly growing demand for casting components, particularly in electric two- and fourwheelers (e-2Ws and e-4Ws). With the accelerating shift towards electric mobility, aluminium die casting has become a critical enabler for developing lightweight and high-performance vehicle platforms. Electric vehicles (EVs) require significantly more aluminium-based structural and thermal components compared to internal combustion engine (ICE) vehicles, making advanced die casting capabilities essential for EV powertrain and body applications. Uno Minda's upcoming facility will play a strategic role in supporting its backward integration efforts by supplying key casting components to its planned four-wheeler EV powertrain plant. The new facility will be located in Sambhaji Nagar (Aurangabad), Maharashtra, ensuring logistical efficiency and proximity to both the EV powertrain plant and other major OEM customers in the region. The project entails a total planned capital investment of approximately Rs 210 crore, to be executed in a phased manner over the next five years. The investment will be funded through a balanced mix of internal accruals and debt. Phase 1 of the plant is expected to commence commercial operations by Q2 FY27. The investment underscores Uno Mindas long-term commitment to strengthening domestic manufacturing, enhancing localisation, and maintaining a competitive edge in the rapidly evolving electric mobility landscape. The companys consolidated net profit declined 7.5% year-on-year to Rs 266.21 crore in Q4 FY25, even as revenue from operations rose 19.4% to Rs 4,528.32 crore. Uno Minda is a leading global manufacturer and supplier of advanced automotive technology and systems to OEMs. They design and manufacture over 25 categories of components and systems for vehicles across all segments (passenger cars, commercial vehicles, two- and three-wheelers) catering to both internal combustion engines (ICE) and electric/hybrid vehicles.
Time of India
9 hours ago
- Automotive
- Time of India
Magnets in limbo: No rare earth nod yet from China for Indian auto suppliers
No Indian auto component or vehicle manufacturer has received approval from the Chinese government to procure rare earth magnets so far, Times of India reported citing sources. Despite efforts by Indian officials to intervene, the sources said there is "no clarity as yet" on when a meeting with Chinese representatives might happen. The applications for sourcing magnets were submitted primarily by auto component makers who manufacture complete, high-tech assemblies. These include speedometers, electric motors, e-axles, electric water pumps, automatic transmission kits, speakers, sensors, and ignition coils used in engines. Among the companies that have applied are Uno Minda , Bosch , Mareli, TVS Group, Motherson Sumi , and Sona Comstar. Economic Times reported this week that the number of India-based firms awaiting approval from China's ministry of commerce to import rare earth magnets has nearly doubled—from 11 two weeks ago to 21 now. This list includes Bosch India, Marelli Powertrain India, Mahle Electric Drives India, TVS Motor, and Uno Minda. Sona Comstar, whose earlier application was rejected due to procedural issues, has reapplied and is now among the 21 companies awaiting clearance, a senior industry executive told ET. 'There were no approvals so far, according to the latest assessment we carried through interactions with industry representatives,' one source told TOI. 'The situation is grave, and there is now massive uncertainty regarding manufacturing schedules and factory output.' The request for a meeting with Chinese representatives is being followed up not only by leading industry bodies such as the Auto Component Manufacturers Association (Acma) and Society of Indian Automobile Manufacturers (Siam), but also by government ministries including heavy industries, external affairs, and commerce. Live Events Senior officials from major automobile companies such as Maruti Suzuki , Mahindra & Mahindra, Tata Motors , Bajaj Auto , and TVS are also involved in pursuing the matter with the government and diplomatic channels. Earlier this week, the auto industry held a meeting with top officials at the Ministry of Heavy Industries as the government examined possible solutions to the crisis. 'However, not much headway was made so far,' an official source told the newspaper. Industry executives said that Ernst & Young has been brought on board by the ministry to assist with the issue. During the meeting, officials also reviewed the current preparedness of some Indian companies that are working in the field of magnet production. Automakers urged local magnet producers to provide a firm supply timeline, if at all possible, stating that uninterrupted production lines depend on timely procurement of components. According to the report, both Acma and Siam have drawn up a list of delegates they hope to send to China if the Indian government is able to facilitate such a visit. China's restrictions were formally issued through a notification on April 4 this year. The new rules apply to medium and heavy rare earth metals, their alloys, magnets, and related products under the country's export permit system. To prevent diversion of these materials to defence and weapons production, China now requires exporters to secure a licence. This licence depends on an End User Certificate (EUC), which must be approved first by India's Directorate General of Foreign Trade (DGFT) and the Ministry of External Affairs, and then also endorsed by the Chinese Embassy in India. Only after these steps are completed can the EUC be sent to China for the final stages of approval—first by the provincial government where the exporting company is located, and then by China's Ministry of Commerce. Rare earth magnets are critical components used in permanent magnet synchronous motors (PMSMs), which are widely applied in electric vehicles because of their compact size, high torque, and energy efficiency. Hybrid vehicles also rely on these magnets for efficient propulsion systems. While parts manufacturers based in Europe have recently received approval from Chinese authorities to source rare earth magnets, their Indian counterparts—despite being part of the same multinational corporations—are still waiting for the go-ahead from Beijing. According to experts, this delay is worsened by the strained political and commercial relationship between India and China. Indian companies have been attempting to build local capabilities to reduce reliance on imported rare earth materials, but experts say this effort remains extremely challenging and is unlikely to provide immediate relief. (with ToI inputs)
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Business Standard
10 hours ago
- Automotive
- Business Standard
Why did Uno Minda share price rise 3% in trade today? Check details here
Uno Minda shares gained 2.9 per cent in trade on Friday, June 20, 2025, logging an intraday high at ₹1,067.1 per share on BSE. At 12:22 PM, Uno Minda share price was trading 2.23 per cent higher at ₹1,060 per share on the BSE. In comparison, the BSE Sensex was up 0.95 per cent at 82,138.11. The company's market capitalisation stood at ₹60,861.3 crore. Its 52-week high was at ₹1,252.85 per share and 52-week low was at ₹768.1 per share. Why were Uno Minda shares buzzing in trade? The buying on the counter came after its board approved the setting up of a greenfield manufacturing facility for aluminium die casting in Sambhaji Nagar (Aurangabad) Maharashtra. This strategic expansion is aimed at meeting the rapidly growing demand for casting components, particularly in electric two- and four wheelers (e-2Ws and e-4Ws). Aluminium die casting is believed to be essential for creating lightweight, high-performance vehicle platforms. Electric vehicles (EV) need more aluminium-based parts for structure and thermal management than traditional internal combustion vehicles, making advanced die casting crucial for EV powertrains and body components. According to the reports, the upcoming facility will play a vital role in supporting Uno Minda's backward integration strategy by supplying essential casting components to its forthcoming 4W-EV powertrain plant. About Uno Minda Uno Minda is an auto component and systems manufacturing and original equipment manufacturer (OEM). They design and manufacture over 25 categories of components and systems for vehicles across all segments (passenger cars, commercial vehicles, two- and three-wheelers) catering to both internal combustion engines (ICE) and electric/hybrid vehicles. It is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems, and alloy wheels. It has a leadership position in almost all the products it manufactures. Technology and innovation are the two strong pillars of the organisation, on the basis of which it has continued to lead the emerging trends in the automotive sector, over the past six decades.
Time of India
a day ago
- Automotive
- Time of India
Uno Minda to establish aluminium die casting plant in Maharashtra to support EV segment
Uno Minda Limited has announced board approval for a greenfield aluminium die casting facility in Sambhaji Nagar (Aurangabad), Maharashtra. The expansion is aimed at meeting the increasing demand for casting components used in electric two- and four-wheelers. With electric vehicles requiring a greater volume of aluminium-based structural and thermal parts compared to internal combustion engine vehicles, die casting has become a critical process in EV manufacturing. The new facility will cater to this requirement and contribute to Uno Minda's backward integration strategy by supplying casting components to its upcoming four-wheeler EV powertrain plant. Capital investment and production timeline The project will involve a capital expenditure of approximately ₹210 crore, to be deployed in phases over the next five years. The investment will be funded through a combination of internal accruals and debt. Phase 1 of the facility is scheduled to begin commercial operations by the second quarter of FY27. Uno Minda stated that the site selection in Sambhaji Nagar ensures proximity to the new EV powertrain plant and other major OEM customers, enabling efficient logistics and supply chain integration. The development aligns with the company's broader goals of enhancing domestic manufacturing capabilities and supporting localisation within the electric mobility sector.
