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Sebi finds no manufacturing at Gensol's Pune EV plant, only 2-3 labourers
Economic Times
·
3m ago
Medial
The Securities and Exchange Board of India (Sebi) uncovered irregularities at Gensol Engineering's EV plant in Pune, finding no manufacturing activity and only 2-3 workers present. Investigations revealed misleading disclosures and potential fund misappropriation by promoters Anmol and Puneet Singh Jaggi. Sebi identified discrepancies in EV order claims and financial dealings, highlighting misuse of loans and funds. Consequently, Sebi barred Gensol and its promoters from market participation, prompting leadership changes at the company.
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IREDA Drags Gensol to Debt Recovery Tribunal Over INR 729 Cr Recovery
StartupTalky
·
2m ago
Medial
Indian Renewable Energy Development Agency (IREDA) has taken Gensol Engineering to the Delhi Debt Recovery Tribunal (DRT) to recover INR 729 crore, citing debt defaults totaling INR 510 crore by Gensol and INR 218.95 crore by Gensol EV Lease. The case follows accusations by SEBI that Gensol's promoters misused company funds. This situation has also impacted BluSmart, an affiliated EV firm, leading to operational shutdowns and legal actions against Gensol's promoters.
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SKF India lines up investment of up to Rs 1,460 cr by 2030
Economic Times
·
1m ago
Medial
SKF India plans to invest up to Rs 1,460 crore by 2030 to expand its manufacturing capabilities in industrial and automotive segments. The investment will focus on facilities in Haridwar, Pune, and Bangalore, targeting a capacity increase for bearings, particularly for EV powertrains. This includes a new plant in Pune and a significant boost in Haridwar and Bangalore facility capacities. The company also considers a business demerger, expected to proceed by 2025.
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Tata Motors signs pact with TN government to invest ₹9,000 crore in a manufacturing project
Thehindubusinessline
·
1y ago
Medial
India's Tata Motors has announced plans to invest INR90bn ($1.2bn) in a new vehicle manufacturing plant in Tamil Nadu. The development will be the company's second facility in the southern state. The factory will initially employ around 5,000 people and could produce more than 200,000 vehicles annually. There are reports the plant will focus on electric vehicle (EV) production. The new factory will not impact Tata's existing operations in Pune (Maharashtra) Lucknow (Uttar Pradesh), Jamshedpur (Jharkhand), Pantnagar (Uttaranchal) or Dharwad (Karnataka).
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NIKOL EV raises funding from EvolveX, others to fill the gap in India's EV charging infrastructure
IndianStartupNews
·
1y ago
Medial
Pune-based EV charging infrastructure startup NIKOL EV has raised an undisclosed amount in a pre-seed funding round led by EvolveX. The funding will be used to strengthen the team and develop a hybrid charger capable of charging 2-wheelers, 3-wheelers, and 4-wheelers simultaneously. NIKOL EV aims to bridge the gap in India's EV charging infrastructure and plans to install 1 lakh EV charging stations by 2030. EvolveX's investment comes as insufficient charging infrastructure continues to hinder the widespread adoption of electric vehicles in India.
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JLR to begin car assembly in Tamil Nadu by 2026; Tata Motors delays Avinya EV launch
Economic Times
·
1m ago
Medial
Jaguar Land Rover (JLR) will start assembling luxury vehicles in Tamil Nadu from 2026, marking a significant investment by parent company Tata Motors. Initially focusing on Range Rover Evoque and Velar SUVs, the plant represents a strategic manufacturing shift from Pune. JLR's move aligns with expectations of the India-UK Free Trade Agreement influencing car import economics. Concurrently, Tata Motors delayed its Avinya electric vehicle launch to address engineering challenges, with plans for a standalone premium EV brand.
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Indian EV maker Wardwizard to form joint venture in Saudi Arabia
VCCircle
·
11m ago
Medial
Indian EV manufacturer Wardwizard Innovations and Mobility has received a letter of intent to establish a joint venture in Saudi Arabia. The plan includes setting up an assembly plant and an EV cell plant in the country. Initially, the assembly plant will produce electric two-wheelers, three-wheelers, and four-wheelers, with the potential to expand to electric bus production later on. The EV cell plant will be dedicated to manufacturing electric vehicle cells. The cost of entering into the joint venture has not been disclosed.
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Gensol Saga: bright beginnings, dark turns; Jaggi brothers face Sebi action
Economic Times
·
3m ago
Medial
Brothers Anmol and Puneet Singh Jaggi, founders of Gensol Engineering and BluSmart Mobility, face Sebi's action for alleged financial misconduct, including fund siphoning from Gensol Engineering. While initially lauded for contributions to renewable energy and electric mobility, their reputation suffered due to accusations of financial mismanagement. Sebi's investigation uncovered fund diversions intended for Gensol's EV purchases being used for personal expenses. Consequently, Sebi barred them from accessing securities markets, citing investor harm concerns.
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JSW Group not withdrawing ₹40,000 crore EV manufacturing project from Odisha | Mint
Livemint
·
10m ago
Medial
JSW group has denied reports of withdrawing its ₹40,000 crore electric vehicle (EV) manufacturing project from Odisha to Maharashtra. The conglomerate had signed a memorandum of understanding (MoU) with the Odisha government in February to establish an EV and battery manufacturing project in Cuttack and Paradip. However, recent reports suggested the company was considering shifting the project to Maharashtra. JSW group has clarified that it is not withdrawing from Odisha. The project includes a 50 GWH EV battery plant, EV manufacturing, lithium refinery, copper smelter, and related component manufacturing units.
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Odisha clears JSW's Rs 40,000 Crore proposal to set up EV manufacturing units
OutlookIndia
·
1y ago
Medial
The Odisha government has approved a proposal by the JSW Group to establish electric vehicle (EV) manufacturing units in Cuttack and Jagatsinghpur districts with an investment of Rs 40,000 crore. The project aims to create over 11,000 jobs. JSW plans to set up an EV and EV battery manufacturing project in Cuttack, along with an original equipment manufacturing (OEM) plant for EVs and components. In addition, a complex for EV components manufacturing, including a copper smelter and a lithium smelter, will be set up in Jagatsinghpur. The state government also approved various other policies and projects.
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Foxconn sells former GM factory to mystery buyer after failing to make EVs | TechCrunch
TechCrunch
·
4d ago
Medial
Foxconn sold its former GM factory after failing to establish large-scale EV production, marking another setback in its U.S. manufacturing ambitions. The buyer, an entity named Crescent Dune LLC, remains largely undisclosed. Foxconn, initially aiming to turn the plant into a significant EV hub, faced multiple bankruptcies from partners like Lordstown Motors and others. The factory may now focus on AI server production, highlighting a shift in Foxconn's manufacturing focus.
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