MG Motor India Explores Option of Setting Up Second Plant
Chinese car maker MG Motor India is exploring the possibility of setting up a second plant in the country, a company official said.
The company currently has a manufacturing plant at Halol in Gujarat with a production capacity of 1.2 lakh units per annum.
Gaurav Gupta, deputy managing director of MG Motor India, said on Wednesday evening that it generally takes two to three years for a new plant to come into stream. The company has not yet identified the location of the possible second plant.
MG Motor India started operations in India four years ago in 2019. It currently has five models and is selling around 5,000 units per month. Out of the five models, two are electric vehicles (EVs).
Gupta said the company plans to introduce a new model every year in India, either on the EV or internal combustion engine (ICE) platforms.
He said that at present, 25-30% of the company’s sales are coming from EVs. “Our target is to increase this percentage to 35% by 2025,” Gupta added.
He also said that the company is evaluating the option of setting up a battery assembly plant near its existing facility in Gujarat.
Gupta said that the passenger car industry is growing at a pace of 9-10% per year. “During January to August in 2023, the company’s sales grew at more than 20%. We hope to maintain this pace during the current calendar year,” he said.
Presently, MG Motor India is sourcing batteries for its EVs from China.
For improving the EV ecosystem, the company has partnered with Jio-BP to set up charging stations in the country.
The company has invested Rs 4,000 crore so far in India. MG Motor India is also exporting cars to Nepal and other SAARC countries. The company is also evaluating other export destinations as well.
With 350 dealerships at present, the company plans to raise it to 400 by the end of this year.
- 22 Sep
OYO Records Strong Growth in Business Travel Segment
OYO, a hospitality tech platform, has recorded strong growth in the business travel segment in the first seven months of 2023. The company has added nearly 2,800 corporate clients and its revenue from business travel has grown by 20%. The growth is being driven by strong demand from startups, film production houses, travel management companies, small and medium scale enterprises, and traditional business houses & conglomerates. OYO's commitment to providing affordable and reliable accommodation options to businesses of all sizes has made it a preferred choice for businesses across India.
- 22 Sep
Pharma Major Lupin Acquires 5 Legacy Brands from Menarini for Indian Market
Pharma major Lupin Limited has acquired five legacy brands in strategic therapy areas from Menarini for the Indian market. The brands are Piclin, Menoctyl, Sucramal O, Pyridium, and Distaclor. This strategic acquisition is in line with Lupin's goal to broaden its presence in the Indian market and offer a comprehensive range of products. The five brands acquired by Lupin have a range of medicinal properties and are used to treat a variety of conditions, including constipation, irritable bowel syndrome, acidity, stomach ulcer, heartburn, pain, burning, increased urination, and increased urge to urinate.
- 22 Sep
JPMorgan to Add Indian Government Bonds to Benchmark Emerging-Market Index
JPMorgan is adding Indian government bonds to its list of emerging market bonds that it invests in. This is a good thing for India because it means that more foreign investors will be able to buy Indian government bonds. This could bring in billions of dollars of investment into India, which would help the Indian economy grow.
- 21 Sep
Liberty General Insurance Appoints Parag Ved as CEO
Liberty General Insurance, a leading general insurance company in India, has announced the appointment of Parag Ved as its new Chief Executive Officer (CEO). Ved has over two decades of experience in the insurance industry, having held senior leadership roles at prestigious organizations such as ICICI Lombard General Insurance and Tata AIG General Insurance. He takes on the role following the retirement of Roopam Asthana.
- 21 Sep
Schneider Electric India to invest Rs 3,200 crore by 2026
Schneider Electric India plans to invest Rs 3,200 crore by 2026 to expand its industrial footprint in the country and focus on sustainable solutions. The company aims to be net-zero in its operations by 2030, carbon neutral by 2040, and net-zero CO2 emissions across its entire value chain by 2050.