iStockRepresentative image.Indian auto industry is set to invest up to $7 billion, or about Rs 58,000 crore, by FY28 to deepen localisation of advanced components from electric motors to automatic transmissions to reduce imports and capitalise on multinationals’ ‘China Plus One’ sourcing strategy. Automakers and their suppliers are likely to make this investment between FY24 and FY28, industry body Automotive Component Manufacturers Association (ACMA) said.These firms have already undertaken more than 500 localisation projects across 11 key component categories including drive transmissions and steering, engines, electricals and body chassis at an investment of over Rs 3,000 crore to reduce net imports by 5.8% (double the target of about 3%), or by Rs 7,018 crore, in the two years to FY22, as per the latest assessment on localisation programmes jointly conducted by ACMA and Society of Indian Automobile Manufacturers (SIAM).Work is on to increase net localisation by another 16-20%, or ...

Different Mumbai: Maharashtra Scooters Ltd MSL (MSL) The maker of the once-popular Priyaya scooter brand is turning into a subsidiary of Bajaj Holdings and Investment Ltd (BHIL) after acquiring Western Maharashtra Development Corporation (WMDC). Percentage of company MSL stock. In June 1975, the then Bajajajaj Auto Ltd (BAL) state-owned WMDC Ltd formed a joint venture gear scooter co-production compared to the previous BAL, the company production started from 4 Three years later, the first scooter was produced. Consumer preferences gradually shifted from gear scooters to motorcycles. “WMDC transferred its 27% stake in MSL to Bajajaj Holdings and Investment Ltd (BHIL) on June 17. As of today, the company now holds 51% of MSL making it a subsidiary of Bajajaj Holdings. MSL is currently engaged in die casting molds, jigs and fixtures for the two and three wheeler industry. In 2003, WMDC proposed to sell its 27% stake in MSL and Bajaj Holdings Investment Ltd (BHIL and its pre...