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Sunday,24-October-2021

Business

Hinduja group open to outside funding for E-vehicle company

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E-vehicle

The Hinduja group’s electric vehicle company Switch Mobility Ltd will roll out its electric (E) buses and light commercial vehicles (LCV) from the group’s UK and Indian plants, said top group official.

He also said group company Ashok Leyland will continue to look at developing vehicles powered by alternate fuels like bio-diesel, LNG including hydrogen cells.

Speaking to reporters Dheeraj Hinduja, Chairman, Ashok Leyland Ltd and Switch Mobility said financial investors are showing keen interest in the company for a tie-up and the group wants Switch Mobility to be independent even though it is a subsidiary of Ashok Leyland.

Hinduja said the group wants Switch Mobility to be financially independent and is open to raise funds from other sources while the parent Ashok Leyland Ltd has already met the funding needs adequately.

Hinduja said already about 280 electric vehicles of the group are on the roads in India and overseas logging over 26 million miles.

Early this month Switch Mobility said it has secured orders for a 2,000-strong E-LCV fleet with customer trials starting this month.

The company will be converting Ashok Leyland’s LCVs Dost and Bada Dost into E-powered ones.

According to Hinduja, Switch Mobility will be following the revenue model of pay-per-use or subscription models.

Officials said the E-buses and LCVs will be rolled out at Switch’s UK and Ashok Leyland’s plants in India.

However, India will be playing a big part in terms of component sourcing and manufacturing in the Hinduja group’s global E-vehicle plans.

The group will also enter into joint ventures in other markets for assembling the completely knocked down (CKD) kits shipped out of India.

As a proof of concept, Switch can also own and operate some E-vehicles so that the market gains confidence and go for them, said Andy Palmer, Executive Vice Chairman and CEO, Switch Mobility.

He said the focus is on rolling out light in weight vehicles on a modular platform.

Palmer said the company will make E-buses and LCVs now and not medium or heavy commercial vehicles.

He said Switch Mobility has already started bidding for orders tendered out.

Queried about the customer crossover point from diesel to E-vehicles Vipin Sondhi, Managing Director, Ashok Leyland said it would emerge over a period of time based on government subsidies and market demand.

Sondhi also said there will be demand for vehicles powered by internal combustion engines as the needs of different markets are different.

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Business

No increase in fuel prices for 2nd consecutive day on Tuesday

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Petrol

 Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.

With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.

The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.

Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.

Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.

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Business

Markets open on a positive note

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Bombay-Stock-Exchange

 The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.

The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.

On Monday, the Sensex closed at 61,765.59 points.

The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.

The Nifty is trading at 18,549.55 points in the morning.

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Business

Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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Petrol

 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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