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Dolby Eyes Broader OEM Partnerships as Indian Auto Audio Market Takes Off

Shahkar Abidi — Sat, 13 Dec 2025 11:22:33

The numbers tell a story that hardware specs cannot: India’s automotive audio market will more than double to $712 million within a decade, as per estimates, and Dolby Laboratories intends to capture the lion’s share before global rivals grasp the opportunity. With major players including Tata Motors, Mahindra & Mahindra, and Maruti Suzuki already signed, it is now seeking to extend its tie-ups with other OEMs, both local and global, that produce cars in India.

What has been helping Dolby hasten these efforts, as per Javier Foncillas, VP, Commercial Partnerships, Dolby Laboratories, is the company’s brand recognition in India, initially cultivated over decades through its presence in cinemas and more recently bolstered by partnerships involving live sports such as cricket, which holds a near-religious status in the country. For context, India is a massive hub for Dolby Atmos content, generating almost 48% of the world’s theatrical Dolby Atmos content.

Javier Foncillas, VP, Commercial Partnerships, Dolby Laboratories, said, “What really made a difference, I would say starting a year ago, was when we started entering into cars. Now, of course, the India car industry is dominated by three big players.”

Tata Motors Passenger Vehicles Ltd (TMPVL) recently partnered with Dolby Laboratories to equip its upcoming All-New Tata Sierra with Dolby Atmos immersive audio technology. The vehicle features a 12-speaker audio system designed to deliver multidimensional sound throughout the cabin. Dolby earlier made its India debut with the integration of its technology with Mumbai-based Mahindra & Mahindra for its electric-origin SUVs, BE 6 and XEV 9e. Likewise, Maruti Suzuki India Limited has launched the Victoris SUV with Dolby Atmos technology.

“Working with these local production car manufacturers is crucial because their vehicles are generally more affordable than some imports. This affordability helps ensure that the Dolby Atmos experience is available to mainstream consumers and not just exclusive to high-end cars, fulfilling Dolby’s goal of having its technology at every price point,” Foncillas added.

The development should be seen in the context of estimates by IMARC Group, suggesting the market size of the broader car audio market in India, which reached $336.01 million in 2024 and is projected to grow to $711.90 million by 2033, at a CAGR of 8.70% during 2025–2033.

A Software-Driven Solution

Dolby offers its Dolby Atmos experience to automotive companies as a software-based solution. Central to this offering is a special software kit that is installed directly into the car’s head unit. This software solution is essentially divided into two critical pieces: decoding and rendering. The decoding functionality is necessary for the car’s system to understand the specially mixed Dolby Atmos audio file. Once decoded, the rendering functionality takes over and is responsible for sending precise signals to each individual speaker within the car to effectively create the desired immersive sound experience. To integrate this technology, Dolby works closely with both car manufacturers (OEMs) and tier-one suppliers to develop a new software release that incorporates the necessary decoding and rendering functionality.

Further, offering a nuanced perspective on Active Noise Cancellation (ANC), Foncillas emphasized that while Dolby is deeply focused on cabin audio, it does not currently offer this technology. The reason is that many of its tier-one partners in the automotive industry already possess their own proprietary noise management offerings.

Integrating ANC with Dolby’s immersive audio experience (Dolby Atmos) presents a critical technical challenge because both systems rely heavily on algorithms. If the systems are not harmoniously tuned, the two functions can actively interfere with each other. “Now, the challenge is that when you tune the car, you have to keep both things in mind because the noise cancellation cannot work against the immersive sound experience, as they both use algorithms,” the top executive highlighted.

To manage this complexity, Dolby prioritizes close cooperation with tier-one suppliers that provide the noise cancellation systems. This ensures that when the car is tuned for Dolby Atmos, the noise cancellation technology does not degrade the immersive sound.

India as a Growth Hub

The company’s medium- and long-term vision for the Indian market is anchored by the dual goals of wide-scale product adoption and strategic R&D investment, transforming India into a significant global hub for the technology.

To realize this expansive growth, the company is committing capital to its technological infrastructure within the region, dedicating resources to research and development activities in Bengaluru. “Also, we’re investing in R&D here in India because we realize this is a long-term growth market for us,” Foncillas remarked, before continuing that this systematic expansion involves leveraging India not just for domestic consumption but also as an export market for both licensed products and content, utilizing the region’s strong software capabilities and brand recognition to accelerate market penetration.

AEIM Produces Metrology-Grade Sapphire Components for CMM Probes

Shruti Shiraguppi — Mon, 08 Dec 2025 16:50:55

Artificial Electronics Intelligent Materials Limited (AEIM) has announced the successful in-house production of metrology-grade sapphire cubes and spheres for Coordinate Measuring Machine (CMM) probe sensors. The development places AEIM among companies worldwide capable of manufacturing these ultra-high-precision sapphire components, which require sub-micron tolerances and specialized machining techniques due to sapphire's extreme hardness.

The achievement provides AEIM access to the global CMM consumables market and creates entry opportunities into the machine tools and CMM systems segment.

Sapphire cubes and spheres are used in touch-trigger probes, scanning probes, styli, and precision sensor assemblies. The material's hardness (9 on the Mohs scale), wear resistance, thermal stability, and optical uniformity make it suitable for applications requiring repeatable, long-term accuracy.

AEIM has demonstrated mastery of advanced single-crystal sapphire machining and sub-micron finishing techniques. The components are produced in the company's ISO-class cleanroom facilities.

"The in-house production of sapphire cubes and precision spheres represents a transformative leap in our metrology and advanced materials capabilities. This breakthrough gives AEIM the technological and cost advantages needed to compete at the highest levels of the global precision-measurement consumables market and accelerates our strategic roadmap into CMM systems and machine tools," said Vishaal Nandam, Executive Director of AEIM.

The capability eliminates AEIM's dependency on foreign suppliers for these components and strengthens its vertical integration. The company has established a technology foundation for future expansion into complete CMM probe systems and machine manufacturing.

AEIM's target industries include aerospace, automotive, semiconductor fabrication, precision tooling, and advanced manufacturing sectors that require high measurement accuracy.

AEIM is an Indian technology company specializing in advanced semiconductor materials, ultra-precision components, metrology solutions, and manufacturing technologies. The company is based in Chennai.

Tenneco India Reports 8.9% Q2 and 8.2% H1 VAR Growth

Shruti Shiraguppi — Fri, 05 Dec 2025 14:01:54

Tenneco Clean Air India Limited has announced its financial results for the second quarter and half-year of FY2026, reporting above-market growth, strong margins, and strategic business wins across Clean Air and Advanced Ride Technologies (ART).

Value-added revenue (VAR) grew 8.9% in Q2 and 8.2% in H1, supported by higher volumes and healthy export traction. ART delivered double-digit growth of 15.4% in Q2 and 13.8% in H1, while Clean Air and Powertrain Solutions recorded steady growth of 3.0% in Q2 and 3.2% in H1.

EBITDA margins remained industry-leading at 18.8% in Q2 and 19.2% in H1, driven by export volumes and operational efficiencies. PAT rose 9.9% year-on-year in Q2 and 10.9% in H1.

Arvind Chandrasekharan, Whole-Time Director and CEO, said: “Tenneco India has delivered a strong and strategically meaningful quarter. Our Q2 and H1 FY2026 VAR performance clearly reflects above-market growth, supported by deeper engagement across customer programs. During the quarter, we secured important new awards in both Clean Air and ART, including strategic entry into a new whitespace opportunity with a leading Japanese OEM in Clean Air and increased market share for a well-known Indian OEM in ART.”

The company’s incremental lifetime order book expanded to INR 98,400 million, including INR 17,600 million from export programs, enhancing multi-year revenue visibility. Strategic program awards were secured across domestic and export markets.

According to the company, its IPO in November 2025 was oversubscribed 61.8 times, reflecting strong investor confidence in its technology and growth roadmap.

The company operates 12 manufacturing facilities and two R&D centers in India, supplying clean air, powertrain, and suspension solutions to major OEMs across passenger and commercial vehicles, as well as industrial applications.

LICO Advances Toward Hydrometallurgy Phase with Rs 400 Crore Downstream Investment Plan

Shahkar Abidi — Thu, 04 Dec 2025 17:47:08

LICO, a rising player in India’s developing battery recycling industry, is ramping up its infrastructure and investment to meet the anticipated surge in demand for electric vehicle (EV) batteries, even as it navigates a domestic recycling landscape plagued by inadequate government support and widespread fraud.

The company is currently focused on mechanical separation (Phase 1), which involves processes like crushing, grinding, and sieving batteries into a powdered material known as "black mass." Its main facility in Vemagal, near Bengaluru, currently boasts a capacity of 17,000 to 18,000 metric tons per annum. The company has already invested over Rs 80 crores in the business, covering capital expenditure and working capital.

Looking ahead, Gaurav Dolwani, Founder and CEO of LICO Materials, outlined that the critical Phase 2 involves expansion of capacity while setting up a hydrometallurgy plant, a chemical treatment facility, by late 2026 or early 2027 to extract high-purity metal salts, such as lithium, cobalt, and nickel. This expansion phase is expected to eventually lead to a total downstream investment of around Rs 400 crores. "We plan on spending another 60 to 65 crores in our phase one of downstream and ultimately taking it up to about 400 crores to do our entire downstream end-to-end." Dolwani said.

Anticipating heavier inflows of large-format EV batteries, LICO also plans to establish a second mechanical separation unit in North India, potentially by 2027 or 2028, with a capacity of 20,000 to 25,000 metric tons per annum, minimizing high transport costs for heavy battery packs, he added.

Beyond core recycling, Dolwani emphasized LICO's push to repurpose usable cells and modules from end-of-use EV batteries to create energy storage packs. This "second-life" application can extend the battery’s productive life by three to five years before it must be crushed for recycling. These repurposed packs are being used for various applications, including industrial backup, diesel genset replacement, and power for clinics and schools.

The company also leverages a highly synergistic approach within its broader corporate group to achieve true circularity. LICO is collaborating with its sister company, Epsilon (which produces anode/cathode materials), to develop a solution for graphite recycling, a critical component that makes up 30% of a battery’s volume. Additionally, LICO is working with Everta, a new group company manufacturing chargers, to combine second-life battery packs with chargers, particularly for highway applications, to maximize uptime where grid reliability is low.

Policy Push, Supply Chain Gap

These plans, however, face challenges in a policy landscape that many formal recyclers consider inadequate for addressing the needs of the entire supply chain. The government, in September, announced a Rs 1,500 crore incentive scheme for critical mineral recycling to master the circular economy. The scheme, operating under the National Critical Mineral Mission (NCMM) framework from fiscal year 2025-26 to 2030-31, targets the establishment of at least 270 kilotons per annum of recycling capacity. This capacity is expected to yield approximately 40 tonnes of critical minerals annually, potentially addressing 30-40% of India's domestic lithium demand by 2028. However, formal recyclers argue the policy is incomplete.

The primary objective of the NCMM incentives is to encourage companies to set up facilities. However, the core challenge is capacity utilization as finding sufficient volumes to feed the plants is difficult, as the back-end supply chain remains largely underdeveloped.

Furthermore, to qualify for incentives, recyclers must produce material with 99% purity, close to battery-grade quality. Recyclers note that there is no domestic market for this high-purity output because precursor, cathode, and anode manufacturers, the next steps in the battery production chain, are currently missing in India.

Consequently, high-purity materials must be exported, often to places like China. Industry experts contend that the policy only supports capacity without fostering the entire supply chain, which includes higher capital expenditure businesses than recycling. They warn that this approach risks turning the incentive program into merely a way to claim government money rather than genuinely helping the country achieve circularity, a process estimated to take five years.

The Shadow Informal Sector at Works

A major constraint on the formal recycling sector is the overwhelming dominance of the informal market, particularly for batteries from personal devices, two-wheelers, and three-wheelers. The informal sector, largely centralized in Delhi, processes an estimated 20,000 tons per annum, a figure at least 60% higher than the current formal market output."Last year, it (the formal sector) would have been 80% lesser. The year before, it would have been negligible," the top executive continues.

The scale of the challenge becomes evident in the numbers: For instance, India's battery recycling market, valued at $152.68 million in 2025, is projected to reach $235.57 million by 2030 at a CAGR of 9.06%, as per a report by Mordor Intelligence. Yet recyclers collected only 2,570.26 metric tonnes of lithium-ion waste batteries from electric vehicles in the last three years, as per government records until April 2025. It is just a fraction of what will emerge as the current generation of EVs reaches end-of-life.

Industry insiders point out that the formal recyclers face significant risks when dealing with this market, including concerns over safety (such as fires during transit), potential fraud (receiving less valuable material than promised), and the burden of paying full Goods and Services Tax (GST) when the informal suppliers do not. Recyclers are actively pushing the government to adopt the Reverse Charge Mechanism (RCM) for GST payments, which would allow the formal recyclers to pay the tax directly, relieving them of accountability for their suppliers’ non-compliance.

Furthermore, adding to the collection woes, automotive producers sometimes act as speculators, holding onto end-of-life batteries indefinitely while waiting for commodity prices (like cobalt) to increase, leading to a call for defined deadlines (e.g., 60 or 90 days) for batteries to be handed over to a recycler.

While the supply challenge remains, the recycling industry now is also witnessing another headwind in the form of the alleged flawed implementation of the Extended Producer Responsibility (EPR) framework. The system currently allows companies to self-enter data regarding recovery and sales, leading to "paper trading", where the same material is allegedly claimed multiple times, the industry experts reveal. .

Becoming the Next CATL or POSCO

As the global battery recycling industry draws inspiration from leading models like China's CATL and its subsidiary Brunp, as well as South Korea's POSCO, which showcase advanced technical capabilities, extensive operational scale, and seamless integration throughout the battery supply chain, LICO, on its part, is looking to develop the same in India. "Every time I visit them, I feel that it's an education for us. We get to learn so much," Dolwani added.

MiniMines Charts Aggressive Expansion in Critical Mineral Recycling, Targeting Rs 1,500 Crore Revenue Goal

Shahkar Abidi — Wed, 03 Dec 2025 15:20:18

MiniMines, a Bengaluru-based battery recycling, chemical extraction and refining firm, is scaling up capacity to turn spent electric vehicle li-ion batteries into a reliable domestic source of critical minerals, amidst the headwinds India's EV industry is facing from global supply shocks.

Driving the company's aggressive revenue ambition is the construction of a new facility near Bengaluru, spanning 2.5 acres, significantly larger than the existing 1.5-acre unit. This new plant is scheduled for inauguration in the first quarter of fiscal year 2027. The expansion is projected to immediately push the company's top line, doubling the current monthly revenue run rate to one million dollars (or approximately Rs 120 crore annualized, based on the established financial run-rate).

The company's medium-term outlook is even more ambitious. Within the next two years, MiniMines is aiming to scale its business considerably, targeting annual revenues in the range of Rs 400 to Rs 600 crore. The long-term vision, projected five years out, scaled up expectations of generating approximately Rs 1,500 crore in recurring annual revenues.

Crucially, MiniMines plans to expand its total operational capacity to approximately 45,000 metric tons per annum by the end of 2028. Co-founder and CEO Anupam Kumar estimates that this capacity, sourced purely through recycling "will roughly solve 25 to 30% of India’s domestic demand for lithium and only through your recycling.”

MiniMines, which is also known as MiniMines Cleantech Solutions, on December 1 announced signing a Memorandum of Understanding with the department of Electronics, Information Technology and Biotechnology under the Government of Karnataka. Through this partnership with the Government of Karnataka, MiniMines aims to establish a Rs 350 crore Giga Critical Minerals Refining Complex in Bengaluru.

The first phase will have a refining capacity of 15,000 MTPA, generating 13.4 thousand tonnes of annual throughput. For every Rs 1 crore of MiniMines’ output, approximately Rs 3 crore worth of industrial value will be created downstream through various supply chains, the company noted in a statement.

MiniMines has received Rs 4.3 crore in grants from Oil India Corporation, UNIDO, and ACT Grants, and is also supported by Mercedes-Benz through its Climate Tech Incubator, Villgro. On the investment front, MiniMines is backed by marquee investors including Axilor Ventures, Beenext, and Shastra VC, in addition to backing from Pawan Munjal, Chairman of Hero MotoCorp, and Warmup Ventures.

MiniMines' competitive advantage in the recycling ecosystem is rooted in its end-to-end processing capability. While many smaller players only engage in pre-processing; crushing batteries to extract 'black mass' (an intermediate material containing critical minerals) for trade or export, MiniMines performs the full refining cycle.

The firm employs a proprietary hybrid hydrometallurgy process (HHM). This sophisticated chemical route involves extracting metals in a liquid medium, selectively separating them, and concluding with intensive refining, known as beneficiation. This beneficiation stage ensures the final product is highly pure.

Kumar emphasized that the HHM process results in metal salts that are re-crystallized and made 99.9% pure for end-use. This high level of purity enables the materials to be utilized in high-specification sectors, including battery manufacturing, pharmaceuticals, and high-temperature grease. Operating in the epicenter of new gigafactories near Bengaluru, MiniMines benefits from synergy, helping cell manufacturers dispose of manufacturing scrap while simultaneously supplying them with finished recovered products.

To ensure a reliable feedstock for its capacity expansion, MiniMines has prioritized establishing a robust reverse supply chain, specifically targeting spent electric mobility batteries from two-wheeler, three-wheeler, and four-wheeler Original Equipment Manufacturers (OEMs). The company currently moves five to six trucks of scrap monthly across the country to maintain control over its input materials.

Recognizing the increasing importance of securing a resilient domestic supply chain, MiniMines is broadening its research and development (R&D) footprint beyond lithium-ion battery recycling. Their R&D team is actively exploring new avenues for resource recovery. Among the latest initiatives is the extraction of Rare Earth Elements (REE) from permanent magnets. This move is designed to address the rising demand for REE in high-tech manufacturing and renewable energy sectors. In parallel, the team is also working on recovering platinum group metals (PGMs) from catalytic converters—components common in BS-4, BS-5, and BS-6 vehicles.

NRB Bearings Forms Joint Venture with Italian Manufacturer Unitec

Shristi Ohri — Tue, 02 Dec 2025 09:48:30

NRB Bearings Limited has announced a strategic joint venture with Italy-based Unitec Group, marking a significant expansion into the industrial cylindrical roller bearings market. The partnership was disclosed on December 1, 2025.

The collaboration brings together NRB's manufacturing expertise with Unitec's engineering capabilities in high-precision industrial bearings. Unitec, part of the Mondial Group, operates with over 60 years of experience and generates annual revenues exceeding €60 million. The Italian manufacturer supplies major European OEMs including Bonfiglioli, SAME, Leonardo, and ITEMA across industries ranging from agricultural machinery to defence and aerospace.

The joint venture will establish manufacturing operations in Uppal, Hyderabad, at a LEED-certified facility focused on producing cylindrical roller bearings for industrial applications. Under the agreement, Unitec Group has committed to purchasing 20% of the joint venture's annual production, providing guaranteed demand for the new operation.

NRB Bearings will hold a majority stake of at least 75% in the venture, with Unitec Group owning up to 25%, subject to regulatory approvals. The venture will be governed by up to five directors, initially three from NRB and one from Unitec Group.

The agreement includes non-compete provisions preventing both parties from independently manufacturing or distributing industrial cylindrical roller bearings in India. Additionally, exclusive selling arrangements have been established, with Unitec serving as the sole agent in Italy for the joint venture's products, while NRB will handle exclusive distribution in India for both the joint venture and Unitec Group's offerings.

NRB Bearings currently supplies automotive bearings to major OEMs in India and internationally. The company has been expanding beyond its automotive base into industrial machinery, construction equipment, off-highway applications, and gearboxes, with plans to enter aerospace, defence, and robotics segments.

Managing Director Harshbeena Zaveri stated that the partnership would enable the company to address a broader range of industrial applications while maintaining operational discipline and focus on profitability. She described the collaboration as strengthening NRB's position in high-performance bearing solutions for global markets.

Varroc Engineering Secures High Voltage Electronics Contract for E-Powertrain Components

Shruti Shiraguppi — Mon, 24 Nov 2025 13:17:47

Varroc Engineering has secured a contract with an electric vehicle OEM to supply high voltage electronics for e-powertrain components. The agreement, spanning eight years, will see Varroc deliver critical components from its Romania manufacturing facility with a peak annual capacity requirement of INR 8,000 million.

The contract covers the supply of high voltage electronics for power electronics units, inverters, onboard chargers, battery management systems, and DC-DC convergers. Production will be handled at Varroc's Romania facility to meet global quality standards and delivery timelines.

Speaking on the contract, Dhruv Jain, CEO, Business II, Varroc, said, "We are excited to support our EV OEM customer with their High Voltage electronics requirements. This contract win is a strong validation of our advanced electronics manufacturing capabilities and our understanding of the global EV ecosystem. As the automotive industry rapidly transitions towards electrification, Varroc is proud to partner with customers by providing advanced, reliable, and efficient solutions that meet the highest standards of quality and performance."

Varroc Engineering, incorporated in 1988, operates as a global tier-1 automotive component supplier. The company manufactures e-mobility solutions, body systems, lighting solutions, HMI solutions, ICE powertrain, and advanced electronics for two-wheeler, three-wheeler, passenger vehicles, commercial vehicles, and off-highway vehicles.

In FY25, the group reported income of INR 81,718 million from continued operations. It employs over 6,100 people, including more than 750 R&D engineers, across 37 manufacturing facilities and 7 R&D centers globally, with over 120 patents filed.

AUMOVIO Joins Responsible Business Alliance to Strengthen Supply Chain Standards

Angitha Suresh — Fri, 21 Nov 2025 18:39:30

AUMOVIO announced its membership in the Responsible Business Alliance (RBA), a move the company says aligns with its sustainability due diligence framework and commitment to ethical operations across its global supply chain.

The RBA is a nonprofit coalition founded in 2004, originally known as the Electronic Industry Citizenship Coalition. It has grown to become one of the largest industry groups focused on corporate social responsibility in global supply chains, with more than 380 member companies representing combined annual revenues exceeding $7.7 trillion and a workforce of over 21.5 million people.

AUMOVIO, which began operating as an independent company in September 2025 following its spin-off from Continental AG, produces automotive electronics including sensor solutions, displays, braking systems, and software platforms for vehicles. The company reported sales of €19.6 billion in fiscal year 2024 and employs more than 86,000 people across over 100 locations worldwide.

As part of its RBA membership, AUMOVIO said it will engage suppliers in capacity-building programs for responsible sourcing, implement digital traceability tools for supply chain transparency, and integrate human rights principles into employee training and grievance mechanisms.

Nino Romano, AUMOVIO's Chief Technology Officer and Head of Automotive Operations and Technology, said the membership represents a step toward ensuring the company's value chain upholds sustainability principles and protects communities and the environment.

The membership complements AUMOVIO's existing participation in industry initiatives including CLEPA, the European Association of Automotive Suppliers, and its alignment with the UN Global Compact. The company also maintains internal controls in accordance with Germany's Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz, or LkSG).

RBA members commit to a common Code of Conduct that covers labor standards, environmental practices, and ethical business conduct. The code is based on international standards including the Universal Declaration of Human Rights, International Labour Organization standards, and OECD Guidelines for Multinational Enterprises.

The announcement comes as AUMOVIO establishes its operations following its separation from Continental. The spin-off, which was completed with the company's listing on the Frankfurt Stock Exchange on September 18, 2025, was intended to give the automotive technology business greater flexibility in a changing industry environment.

Valeo Maps €700 Million India Opportunity in New 2028 Strategy

Ketan Thakkar — Thu, 20 Nov 2025 16:16:18

Global automotive supplier Valeo has placed India at the centre of its next phase of growth, outlining plans to triple its India revenues to about €700 million by 2028 as part of its newly announced ‘Elevate 2028’ roadmap.

The plan, presented at Valeo’s Capital Markets Day in Paris, marks the company’s shift from a technology-led turnaround to a more financially disciplined, growth-oriented strategy. While the global roadmap focuses on steadily improving margins, stronger cash flows, and a return to sales growth from 2027, India emerges as one of the most promising markets in Valeo’s portfolio.

“Since 2022, our Move Up plan has ensured that we are well positioned in terms of technology to succeed in the market and has laid the foundations for significant financial improvements, resulting in a steady improvement in Group profit and cash,” said Christophe Perillat, CEO of Valeo. “As we embark on the next stage with our Elevate 2028 plan, we intend to capitalize on these achievements and further improve our financial fundamentals.”

India’s “Moment of Transformation”
Valeo believes India’s automotive landscape is changing faster than ever—driven by the rise of electric mobility, demand for advanced safety features, and a rapid shift to feature-rich compact SUVs and two-wheelers.

From supplying electric powertrain components and HVAC systems to LED lighting, ADAS sensors, and domain controllers, Valeo expects its content per vehicle to rise sharply in India over the next three years.

Company insiders say this is one of the strongest medium-term growth projections Valeo has made for any significant market.

Electrification Lifts Valeo’s India Ambitions
The most significant opportunity, Valeo says, is electrification. With Indian OEMs scaling up EV programmes across scooters, motorcycles, three-wheelers and compact passenger cars, Valeo expects its powertrain technologies—48V systems, traction motors, inverters and thermal management—to deliver significant incremental business.

India is also emerging as a competitive base for EV components, both for local consumption and exports—something Valeo plans to tap more aggressively.

ADAS and SDVs Open the Next Front
The supplier is also preparing for a steep rise in demand for ADAS features as they move from the premium end into the mass market. This includes cameras, radars, 360-degree view systems, driver monitoring and high-performance computing units.
As Indian OEMs deepen their focus on software-defined vehicles, Valeo plans to expand engineering teams in Chennai and Bengaluru to support both domestic programs and global software development.

Premium-ready Lighting Business
India is already one of Valeo’s most important lighting markets. The ongoing shift towards full-LED headlamps, intelligent rear lamps and more stylised lighting signatures is expected to give the division a further push.

Notably, development cycles in India are shortening, helping Valeo convert orders into production faster—an advantage it believes will support its 2028 targets.

A broader India Footprint Takes Shape
Beyond manufacturing, Valeo’s India business is evolving into a more complete ecosystem involving R&D, software development, localisation and aftermarket services. Valeo Service is being reshaped to offer a wider range of digital and support solutions.

The company’s senior leadership refers to India as a “strategic base” that complements its strong presence in China and growing footprint in North America.

Global Plan Brings Sharper Financial Discipline
Globally, Valeo expects sales of €22–24 billion by 2028, supported by a move towards higher-margin technologies and tighter control on capex and R&D spending. The company is targeting an operating margin of 6–7% and free cash flow of more than €500 million after interest, allowing it to return to an investment-grade rating.

Despite a challenging macro backdrop, Valeo has maintained its 2025 guidance for sales, EBITDA and margins, and has revised its cash-generation outlook slightly upward.

Outlook: India Emerges as a Standout Market
While Valeo’s global plan aims for steady, measured growth, India clearly stands out as one of the markets with the sharpest growth curve. With electrification, safety technologies and premium lighting all rising in parallel, the company expects India to be not just a high-growth geography but a high-value one.

China Remains the Proving Ground
Even as India shapes Valeo’s medium-term growth, China remains the company’s most critical competitive arena. Valeo describes China as its “fitness centre,” a market where technology cycles are shorter, product expectations are sharper and cost pressures are intense.

Over the past two years, the company has significantly expanded its business with leading Chinese OEMs, securing multi-model, large-volume contracts in electric powertrains, ADAS and lighting. With an order intake in China nearly three times its current sales, Valeo expects the region to return to growth from the second half of 2026.

The company believes that the speed, innovation culture and scale advantages it develops in China will directly strengthen its global competitiveness, including its ability to serve India and North America more effectively.

Greaves Cotton Supplies Euro V+ Diesel Engines to Ligier Group for European Microcar Market

Shruti Shiraguppi — Tue, 18 Nov 2025 15:47:51

Greaves Cotton Limited has partnered with Ligier Group to supply Euro V+ certified diesel engines for the European micromobility market. The 499cc REVO D+ engines, manufactured at Greaves' Chhatrapati Sambhajinagar plant, are powering Ligier's JS50 and Myli microcar models retailed across France, Italy, Spain, Germany, Austria, Portugal, the Netherlands, Belgium, Luxembourg, Norway, Sweden, Latvia, Greece, Lithuania, Estonia, and the Czech Republic.

The single-cylinder, 4-stroke diesel engines with electronic fuel injection comply with Euro V+ emission standards and are designed for light quadricycles in the L6e vehicle category. The engines deliver 6.0 kW of power at 3000 rpm and 26 Nm torque between 1800-2200 rpm.

Greaves Cotton met the Euro V+ compliance requirements through European-grade quality assurance practices, including endurance testing, cold-weather validation, lifecycle reliability assessments, and emissions-testing protocols aligned with international regulatory standards.

"This partnership with Ligier is a proud milestone for Greaves Cotton, showcasing how a Made-in-India powertrain is driving European mobility solutions," said Parag Satpute, Managing Director and Group CEO, Greaves Cotton Limited. "It reflects our strong engineering capabilities, customer-centric approach, and commitment to delivering global quality standards from our Chhatrapati Sambhajinagar plant. As a trusted partner to OEMs worldwide, we continue to strengthen our comprehensive solutions driven approach that meet the demands of global OEMs for highest standards of performance, efficiency, and sustainability."

Christian Dujardin, CEO, Ligier Group, said: "Our partnership with Greaves has been marked by outstanding collaboration and mutual trust. Together, we have succeeded in bringing to market the new 499cc REVO D+ engine - a modern, efficient, and reliable powertrain that perfectly meets today's market expectations, regulatory standards, and customer demands. We are proud of the quality and fluidity of our exchanges throughout this project, which have allowed us to combine innovation and performance. Our teams continue to work hand in hand on future developments to stay one step ahead of the competition and uphold Ligier's promise of always being at the forefront of innovation."

Greaves' development approach extends beyond engine supply to deliver a complete vehicle control ecosystem, positioning the company as a solutions-driven engineering partner for global OEMs. This marks an evolution from powertrain supplier to provider of end-to-end mobility solutions for international markets.

The engines are designed to meet varied customer needs, from younger drivers requiring responsive acceleration to older users valuing noise, vibration, and harshness (NVH) performance. The powertrain's adoption across multiple European countries with varied climatic conditions demonstrates the engine's reliability in demanding geographies.

Greaves Cotton Limited, with over 165 years of engineering experience, operates across Energy Solutions, Mobility Solutions, and Industrial Solutions. The company is one of India's largest manufacturers of single-cylinder diesel engines and has supplied products to the Indian armed forces for defence and naval applications.

Ligier Group was formed in 2008 from the merger of Ligier Automobiles and Microcar. The company produces over 14,000 vehicles per year, including light and heavy quadricycles and electric utility vehicles, and achieved a turnover of €192 million in 2024.

Musashi India Expands Bengaluru Manufacturing Facility to Double Production Capacity

Angitha Suresh — Tue, 18 Nov 2025 12:40:16

Musashi India, a subsidiary of Japan's Musashi Seimitsu Industries, has completed the expansion of its manufacturing facility in Bengaluru, increasing its production capacity for two-wheeler and four-wheeler transmission components. The expanded facility is set to become fully operational by December 2025.

The Phase 2 expansion adds 11,000 square meters to the existing plant, bringing the total facility area to 32,000 square meters. Production capacity will increase from 4 million to 6.5 million sets of scooter and motorcycle transmissions annually. The company expects the facility's annual output value to rise from ₹5.5 billion to ₹10 billion.

The expanded facility includes new capabilities in forging, machining, and heat treatment. It will produce components for 100-750cc motorcycles, 100-125cc scooters, and two-wheeler and three-wheeler e-axles, serving both domestic and export markets. The plant will also function as a prototype and testing hub for internal combustion engine transmissions and e-axles.

Musashi has equipped the facility with automation technologies including gear grinding, automated gear checking, and camera-based inspection systems. The production lines use robotic, gantry, and pick-and-place automation solutions.

The facility incorporates a 2.16 million kWh rooftop solar installation and operates with over 96 percent green energy from hydro, wind, rooftop, and captive renewable sources. The plant also features natural ventilation systems and emission control devices for power generators, aligned with Musashi's goal of achieving carbon neutrality across its value chain by 2038.

Naoya Nishimura, CEO of Musashi Auto Parts India and Africa Region, said the facility was constructed within 18 months and represents the largest integrated manufacturing facility under one roof within the Musashi Group. He noted that the expansion positions the company to serve the electric vehicle supply chain and next-generation mobility solutions.

Musashi India is the country's largest manufacturer of two-wheeler and four-wheeler transmission components. The company serves automotive original equipment manufacturers globally, producing differential assemblies, transmission gears and assemblies, and linkage and suspension products.

Autoverse Mobility Appoints Rama Shankar Pandey as Co-founder, Launches Digital Parts Platform

Angitha Suresh — Tue, 18 Nov 2025 12:11:17

Autoverse Mobility announced the appointment of Rama Shankar Pandey as co-founder on November 18, 2025, alongside the launch of its Autoverse Parts Procurement Platform. The platform connects independent workshops with automotive component manufacturers and their distribution networks across India.

Pandey brings over two decades of experience in the automotive sector, including roles at Bosch, Tata Green Batteries, and a ten-year tenure as Managing Director at Hella India Lighting. He previously served as Chairman of the Aftermarket Committee at the Automotive Component Manufacturers Association of India (ACMA). At Autoverse, he will focus on manufacturer relationships, distribution infrastructure, and the company's aftermarket strategy.

The newly launched platform addresses parts sourcing challenges faced by independent workshops in India. It features a catalog with over 6 million car-part mappings, real-time stock availability and pricing information, and integrated ordering with live tracking. The system covers multiple product categories including lubricants, filters, suspension, brake, clutch, and electrical components.

Autoverse operates through a network of warehouses and uses a hybrid logistics model to deliver parts to workshops within 45 minutes for high-demand components. The platform includes tools for garage management, such as loyalty programs, order history, and automated recommendations.

The company targets India's fragmented independent workshop sector, which serves vehicles that have moved out of warranty periods. These workshops vary in quality and reliability, according to the company's assessment of the market.

Founded by Mihir Mohan in Bengaluru, along with Shiv Soni and Krishnakumar, Autoverse has raised $3.2 million from investors including Exfinity Ventures and Ventureast. The company plans to use these funds to expand its catalog, technology infrastructure, and logistics network.

The automotive aftermarket in India includes thousands of independent multi-brand workshops that service vehicles no longer covered by manufacturer warranties. Autoverse positions itself as a technology-driven distribution platform aimed at standardizing parts sourcing and delivery processes in this sector.

Tata AutoComp Secures Third Deming Prize in Two Years

Angitha Suresh — Mon, 17 Nov 2025 10:19:59

Tata AutoComp Systems has been awarded the Deming Prize for the third time since 2024, with its business unit Tata AutoComp Hendrickson Suspensions Limited (THSL) receiving the recognition for excellence in Total Quality Management on November 17, 2025.

THSL becomes the first commercial vehicle suspension system manufacturer worldwide to receive the Deming Prize. The company joins two other Tata AutoComp business units—the Composites Division and Tata Ficosa—which were awarded the prize in 2024.

The Deming Prize, established in 1951 by the Union of Japanese Scientists and Engineers, recognizes organizations that demonstrate outstanding business performance through the application of Total Quality Management principles. Recipients undergo assessment of their leadership, systems, and results, with emphasis on customer satisfaction, continuous improvement, and organizational learning.

"Winning back-to-back Deming Prizes in 2024 and 2025, three prizes in two years, is a proud milestone that emphasizes the paramount importance of Total Quality Management in our organisation," said Arvind Goel, Vice-Chairman of Tata AutoComp Systems Limited. He added that the company has plans for other business units to adopt TQM practices and pursue the award.

MD and CEO Manoj Kolhatkar described TQM as "a people's movement" and stated that the award reflects the company's focus on quality mindset, customer-centric transformation, and sustainable growth through quality leadership.

THSL, a 50:50 joint venture between Tata AutoComp Systems and Hendrickson International, manufactures suspension systems for medium and heavy commercial vehicles in India. The company produces parabolic and lift axle suspension systems for applications ranging from trucks and tippers to trailers and buses.

Tata AutoComp Systems operates through 21 business units, including 11 joint ventures with global technology partners, and maintains 66 manufacturing facilities across India, North America, Latin America, Europe, and China. The company supplies automotive components to original equipment manufacturers across passenger and commercial vehicles, electric vehicles, two and three-wheelers, tractors, and off-road equipment.

The company's portfolio includes plastic components, composites, sheet metal assemblies, HVAC systems, seating solutions, and exhaust technologies. In the electric vehicle segment, it provides battery packs, battery management systems, thermal management solutions, and integrated drivetrains.

Pavna Industries Expands Land Bank Near Jewar Airport

Arunima Pal — Sat, 15 Nov 2025 11:46:10

Pavna Industries Ltd has intensified its expansion strategy in the fast-developing Jewar region with the acquisition of an additional 4.33 acres of land near the upcoming Noida International Airport. The move strengthens the company’s long-term manufacturing roadmap and builds on its series of land purchases earlier this year.

The latest acquisition follows Pavna’s purchase of 1.89 acres and 4.96 acres in August 2025, and 4.64 acres in July 2025, creating a large and contiguous land parcel positioned for future industrial development. The location’s proximity to the Jewar Airport, expected to become one of India’s largest aviation hubs, is seen as a strategic advantage for logistics, exports, and supply-chain efficiencies.

Commenting on the expansion, Swapnil Jain, Managing Director of Pavna Industries, said the growing landholding reflects the company’s commitment to building a modern, scalable, and innovation-led manufacturing ecosystem.

“This latest land acquisition reinforces the strategic momentum we have built in the Jewar region,” Jain said. “With this growing land parcel, we are strengthening the platform for long-term capacity creation, technology integration, and operational advancement.”

Industry analysts note that the Jewar belt is emerging as a hotspot for industrial investment, driven by improved connectivity and rising interest from automotive and component manufacturers. Pavna’s steady land consolidation signals its intent to position itself strongly for future demand from OEMs across passenger vehicles, two-wheelers, commercial vehicles, and electric mobility.

Pavna Industries Ltd is a leading manufacturer of high-quality automotive components, supplying major OEMs across passenger vehicles, two-wheelers, three-wheelers, commercial vehicles, and off-road machinery. The company operates manufacturing plants in Aligarh, Aurangabad, and Pantnagar, producing ignition switches, fuel caps, latches, auto locks, throttle bodies, casting components etc.

Motherson Posts 15% Jump in Q2 Profit, Revenue Rises 8.5%

Arunima Pal — Thu, 13 Nov 2025 16:56:35

Samvardhana Motherson International Limited reported a profit after tax of Rs 856 crore for the second quarter of fiscal 2025-26, marking a 15% increase over the same period last year. Consolidated revenue for the quarter ended September 30, 2025, stood at Rs 30,173 crore, up 8.5% year-on-year.

The company's EBITDA for the quarter was Rs 2,719 crore. The auto component manufacturer maintained its net leverage ratio at 1.1x during the period. Net leverage ratio measures how much debt a company has relative to its earnings. It's calculated as Net Debt/EBITDA.

The company has a booked business pipeline of $87.2 billion to be executed over the next five to six years. It operationalised two new greenfield facilities during the quarter, with 10 more at various stages of completion. Most of these facilities are expected to begin contributing from fiscal 2027 onwards.

Motherson announced three acquisitions during the period. The company acquired Yutaka Giken in Japan, which strengthens its partnership with Honda Motors. Yutaka Giken operates 13 manufacturing facilities across nine countries and produces motor rotors, stator assemblies, drive and brake systems, and thermal management solutions.

The second acquisition was Rubbertec in Australia, which adds business assets and contracts to strengthen the company's elastomer product capabilities. The third was Rider Dome in Singapore, marking Motherson's entry into Advanced Rider Assistance Systems technology for the two-wheeler segment.

Vivek Chaand Sehgal, Chairman of Motherson, said the transformative measures implemented by the company are expected to gain momentum in the second half of the fiscal year. He highlighted improved performance in the modules and polymer product divisions.

The company's non-automotive businesses, including aerospace and consumer electronics, showed growth during the quarter. Motherson operates over 425 facilities across 44 countries and serves nearly all leading global automobile manufacturers.

The company said it outpaced industry growth through content gains and mergers and acquisitions during what is typically a weak quarter due to seasonal factors.

Microchip Introduces 10BASE-T1S Endpoint Devices for Automotive Zonal Architecture

Shruti Shiraguppi — Thu, 13 Nov 2025 12:38:15

Microchip Technology (Nasdaq: MCHP) has launched its LAN866x family of 10BASE-T1S endpoint devices with Remote Control Protocol (RCP) to address connectivity challenges in automotive zonal architectures. The devices extend Ethernet connectivity to edge nodes in vehicle networks without requiring node-specific software development.

The LAN866x endpoints function as bridges that translate Ethernet packets directly to local digital interfaces. The software-less design reduces programming requirements and streamlines silicon usage. The devices support standard RCP protocols for centralized control of edge nodes and utilize 10BASE-T1S multidrop topology to enable all-Ethernet zonal architecture.

The endpoints target automotive applications including interior and exterior lighting systems, audio systems, and control functions. They bridge Ethernet data to digital interfaces that control LED drivers, transmit audio data to microphones and speakers, and manage sensors and actuators over the network.

"With the addition of these RCP endpoint devices, Microchip's Single Pair Ethernet product line empowers designers to realize a true all-Ethernet architecture for Software-Defined Vehicles," said Charlie Forni, corporate vice president of Microchip's networking and communications business unit. "We are committed to delivering innovative solutions and supporting our customers with global technical expertise, comprehensive documentation and development tools to further reduce design complexity and help them bring vehicles to market faster."

Microchip's Single Pair Ethernet solutions include transceivers, bridges, switches and development tools that enable data transmission over single twisted pair cable. The portfolio supports 10BASE-T1S, 100BASE-T1, 1000BASE-T1 and higher speed standards for automotive, industrial and building automation applications.

Microchip Technology Inc., headquartered in Chandler, Arizona, supplies semiconductors and development tools across industrial, automotive, consumer, aerospace and defense, communications and computing markets.

Gabriel India Revises Joint Venture Terms with Inalfa for Sunroof Systems Business

Angitha Suresh — Wed, 12 Nov 2025 21:37:19

Gabriel India Limited announced on November 12, 2025, that its board of directors has approved the initialization of a revised joint venture agreement with Inalfa Roof Systems Group B.V. for their sunroof systems business. Under the new structure, Inalfa will hold a 35% stake in Inalfa Gabriel Sunroof Systems Private Limited (IGSSPL), while Gabriel India will retain 65% ownership and majority control.

The revision follows the rejection of an earlier proposal by the Ministry of Heavy Industries on August 14, 2024. The initial joint venture agreement, approved in May 2023, had proposed a 51:49 shareholding split in favor of Inalfa. The application for PN3 approval, which was filed by Inalfa, was denied by the government.

Gabriel India currently holds 100% equity in IGSSPL, directly and through nominee shareholders. Following the proposed transaction, subject to requisite corporate and regulatory approvals, Gabriel India's ownership will reduce to 65%. The company has stated it will not make any additional investment at this stage.

The board also approved the execution of several related agreements. These include an amended Technical Collaboration and Alliance Agreement with Inalfa for technological support and assistance, an addendum to the Corporate Service Agreement with Anand Automotive Private Limited for operational and management support services, a Brand License Agreement granting IGSSPL exclusive rights to use Inalfa's trademarks in India, and an Investment Agreement for Inalfa's proposed acquisition of the minority stake.

The revised joint venture agreement will be initialed by authorized company officials but will only be executed after receiving necessary regulatory approvals, including PN3 approval. The company has stated that further disclosures will be made in accordance with SEBI listing regulations upon execution of the agreements.

Varroc Engineering Reports 6.1% Revenue Growth in Q2 FY26

Angitha Suresh — Wed, 12 Nov 2025 20:55:47

Varroc Engineering Ltd., a global tier-I auto components group, announced its financial results for the quarter ended September 30, 2025, reporting consolidated revenue from operations of ₹22,073 million. This represents a year-on-year growth of 6.1 percent compared to the corresponding period last year.

The company's profit before tax, excluding joint venture contributions, stood at ₹912 million for Q2 FY26, marginally higher than the ₹901 million recorded in Q2 FY25.

The company's Indian operations grew by 7 percent during the quarter, though performance was affected by an industry-wide rare-earth supply issue. This constraint resulted in an estimated revenue loss of approximately ₹750 million. Without this disruption, the company's Indian operations would have registered growth of 11.8 percent, according to the announcement.

Tarang Jain, Chairman and Managing Director, noted that the company has been focused on financial discipline and operational efficiency since completing its divestment exercise three years ago. The company has reduced its net debt-to-EBITDA ratio from over 2x in FY23 to below 0.3x currently. Interest costs as a percentage of revenue have declined from nearly 3 percent in Q2 FY23 to below 1.5 percent in the latest quarter.

The automotive production environment in India remained favorable during Q2 FY26. Two-wheeler production increased by 10.6 percent, three-wheelers by 18.3 percent, passenger vehicles by 4.2 percent, and commercial vehicles by 11.8 percent on a year-on-year basis. Sequential growth was even more pronounced across most segments due to early festive season demand.

The company's EBITDA margin for the quarter was 9.1 percent compared to 9.7 percent in the previous year. This decline was attributed to higher employee costs stemming from the establishment of an overseas R&D center to support its four-wheeler lighting and electronics businesses. However, the Indian operations maintained stronger margins, with EBITDA at 11.5 percent and PBT exceeding 7 percent.

Varroc has been expanding its presence in the electric vehicle segment, which now accounts for more than 11 percent of total revenue. The company reduced its net debt by ₹3,680 million in the first half of FY26, bringing its net debt-to-equity ratio below 0.22x. The absolute net debt figure stood at ₹3,800 million.

During the first half of FY26, Varroc secured new business wins with annualized peak revenues of ₹8,928 million. These include four-wheeler lighting contracts for passenger vehicles and additional orders from existing electric vehicle customers. The company's return on capital employed improved to 23.6 percent in Q2 FY26 from 12 percent in FY23.

The company has been implementing several strategic initiatives, including the establishment of an R&D facility in China, a new manufacturing location in Thailand following a decision to exit manufacturing operations in China, and organizational restructuring to reduce fixed costs. Jain indicated that the company is exploring voluntary retirement schemes to rationalize fixed manpower costs while prioritizing long-term growth objectives.

BorgWarner Secures Two New Dual Inverter Programs with Great Wall Motor

Shristi Ohri — Mon, 10 Nov 2025 12:37:43

BorgWarner has announced two additional dual inverter programs with Great Wall Motor, strengthening an existing partnership in electrified propulsion systems. Mass production for the new projects is scheduled to begin in 2026.

The expansion builds upon two previously announced dual inverter programs between the companies. The collaboration centers on BorgWarner's advanced dual inverter technology, which enables simultaneous control and drive of two motors through a single controller.

Dr Stefan Demmerle, Vice President of BorgWarner Inc. and President and General Manager of PowerDrive Systems, said the partnership extension reflects recognition of the company's products and technologies, as well as its commitment to supporting customer electrification strategies.

The dual inverter technology features a highly integrated design that enhances packaging flexibility and installation convenience. BorgWarner's proprietary packaging technology allows different power modules to be configured within a compact structure, reducing both weight and cost.

A key technical feature is the power module's double-sided cooling design, which incorporates the latest generation of Viper power switches. This design reduces thermal resistance by up to 50 percent compared to single-sided cooling, significantly improving power density.

The platform-based design enables compatibility across various hybrid vehicle applications. Among the newly awarded projects, the hybrid electric vehicle dual inverter integrates a DC/DC converter with an optional voltage boost module, while the plug-in hybrid electric vehicle version eliminates both components. This modular approach is designed to accelerate product development and reduce design costs.

The technology also addresses China's increasingly stringent light-duty vehicle test cycle efficiency standards through adaptive battery voltage regulation, which extends the motor's constant power and high-efficiency operating ranges.

BorgWarner, which has operated for more than 130 years, focuses on sustainable mobility innovation.

Tenneco Clean Air India’s Turnaround Journey Towards IPO

Shahkar Abidi — Fri, 07 Nov 2025 20:40:32

The transformation began quietly in 2022, far from the glare of public markets. When Apollo Global Management acquired Tenneco Inc. for $7.1 billion in November that year, pulling in the struggling American automotive supplier, few anticipated the sweeping changes that would ripple through to its Indian operations. What followed was not merely a financial restructuring but a fundamental reimagining of how the company would compete in one of the world’s fastest-growing automotive markets.

Today, Tenneco Clean Air India Ltd stands poised for its market debut, having increased its initial public offering to ₹3,600 crore from an earlier ₹3,000 crore, aiming for a valuation of over ₹16,000 crore at the upper end. The offering is entirely an offer-for-sale by promoter Tenneco Mauritius Holdings, which means that the company will not receive any proceeds from the IPO.

The mandate during the turnaround was clear: transformation. Under the subsequent leadership of CEO Jim Voss, the company embarked on a complete overhaul that blended structural and cultural reorganization. This mandate extended to a comprehensive transformation of the entire Profit & Loss (P&L) statement, encompassing cost elements like raw material cost, conversion cost, fixed costs, indirect material, automation, and labor cost.

A critical structural shift took place in the Indian operation too — a move from vertically separated business units (BUs) to a unified regional structure, in addition to other measures. This organizational change immediately yielded financial opportunities by facilitating cross-selling and allowing the company to leverage relationships with one product and one customer to sell another product to the same customer. This cross-selling efficiency is expected to drive top-line growth and offset the impact of year-over-year price reductions often negotiated by customers. Internally, the new framework includes specialized mechanisms like the Office of Strategic Execution (OSE), a dedicated team responsible for driving rapid change by targeting reductions in the cost of goods sold and enabling revenue growth through volume targets and pricing strategy.

“Tenneco has always been a great technology company. But what has happened in the last two to three years is that the company has transformed not only as a technology company but also into a company of operational excellence,” said Rishi Verma, President (India), Tenneco Clean Air India Ltd, while reflecting on his 18-year journey with the company. He spoke during a pre-IPO press briefing.

The Turnaround Numbers

Arvind Chandrasekharan, Whole-time Director and CEO of Tenneco Clean Air India, provided a strong overview of the company’s financial health, emphasizing profitability, asset efficiency, and the positive impact of recent strategic changes. “This story is very important because India has also benefited from that culture change. India’s EBITDA performance improved 400 basis points in the last three years because of this culture change,” he noted. Tenneco established manufacturing operations in India in 1995.

According to company documents, its revenue from operations was ₹4,827 crore in fiscal year 2023. This figure rose to ₹5,468 crore in FY24, reflecting a period of expansion, before easing back to ₹4,890 crore in FY25. Despite the dip in revenue, the company’s profit after tax painted a very different picture — a consistent and robust upward climb across the same period. Starting with ₹381 crore in FY23, profits increased to ₹417 crore in FY24 and surged further to ₹553 crore in FY25.

More striking are the return metrics. The company’s return on capital employed (ROCE) reached 56.78% in fiscal 2025, up from 45.40% in FY24 and 33.51% in FY23, placing it among the most capital-efficient players in India’s automotive component sector, where the average ROCE stands at around 27.5%.

Based on a CRISIL report, Tenneco Clean Air India stands as the largest supplier of clean air solutions to Indian CV OEMs, with a market share of 57%, and to Indian OH OEMs (excluding tractors), with a market share of 68%. It is among the top four suppliers of clean air solutions to Indian PV OEMs, with a market share of 19%, and is the largest supplier of shock absorbers and struts to Indian PV OEMs, with a market share of 52%. While the company’s clean air and powertrain solutions contribute 52.6% of revenue, the advanced ride technologies division contributes the remaining 47.4%.

It boasts 12 manufacturing facilities strategically located near key OEM hubs in India, comprising four manufacturing facilities for clean air solutions and five manufacturing facilities for advanced ride technologies products. The company counts several leading vehicle manufacturers, including Maruti Suzuki, Ashok Leyland, Hyundai Motor, Mahindra, and Tata Motors, among its customers.

Tenneco Clean Air India operates in an intensely competitive market populated by global tier-one suppliers including Bosch, Timken India, SKF India, ZF Commercial Vehicle Control Systems India, Gabriel India, and Uno Minda, among several others. Its competitive advantages rest on long-standing customer relationships — the top 10 customers have partnered with the company for an average of over 19 years and access to Tenneco Group’s global intellectual property portfolio of over 5,000 patents and 7,500 trademarks.

The Global Parent’s Journey

Understanding the Indian unit’s transformation requires context from the US-based parent company’s recent history. Tenneco’s path through the early 2020s was marked by financial stress exacerbated by the Federal-Mogul acquisition in October 2018, which doubled the company’s size but also its debt burden. When Apollo announced the acquisition in February 2022, Tenneco’s shares were trading at $9.98; the private equity firm offered $20 per share, taking the company private in a transaction valued at approximately $7.1 billion including debt.

The parent company currently boasts revenue of $16,777 million in CY24. It has an employee strength of around 59,400 globally, along with 180 manufacturing plants and 39 R&D and technical centers.

“India continues to be a critical growth engine for Tenneco,” said Jim Voss, CEO of Tenneco, in May 2025 when appointing Chandrasekharan as CEO of India operations. Chandrasekharan, who previously served in senior positions at Delphi, Faurecia Exhaust Systems, Wabco Europe, Motherson Sumi Wiring India, and Minda Corporation, among others, was tasked with accelerating business growth, driving innovation in lightweight and cost-effective solutions, and positioning India as a global hub for manufacturing.

Export Ambitions and Global Manufacturing

Tenneco’s strategy for India extends beyond serving the domestic market, capitalizing on India’s emergence as a global manufacturing hub for automotive components. Currently, exports constitute approximately 3% of turnover in FY24.

This ambition aligns with broader trends in India’s automotive sector. The country’s auto component industry is projected to reach $200 billion by 2030, with exports of $70–100 billion, driven by government initiatives including “Make in India” and the Production Linked Incentive scheme. India’s cost advantages in the form of competitive labor costs, a skilled workforce, and improving infrastructure make it an attractive manufacturing base for global suppliers.

Tenneco’s localization strategy supports this export push. The company has achieved approximately 88–90% localization of components, with targets to inch further up. This reduces currency exposure while improving margins and delivery times.

“India was always behind technology from the West. But right now, we’re equal to the West on technology,” Chandrasekharan added. “So, we can supply the same product that we’re selling to Indian customers — you can export that to Europe as well.”