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New Delhi, Jan 15 () National Engineering Industries (NEI), a part of the USD 2.4 billion diversified CK Birla Group, on Wednesday said it has acquired Slovakia-based Kinex Bearings.
The company, a leading bearing manufacturer in the country, has acquired Kinex through its Europe-based subsidiary. Size of the deal was however not disclosed by NEI.
 The transaction is in line with the company's strategy to augment its product portfolio, expand geographic footprint as well as serve the existing customers better and acquire new ones, NEI said in a statement.
"The Kinex acquisition equips NEI to enhance its scale and further diversify its portfolio with a much stronger position to provide best in class products to both new and existing customers," CK Birla Group Chairman CK Birla said.
NEI President and CEO Rohit Saboo said the acquisition is a significant step forward in the company's vision and global ambitions. 
 "We are excited to have the complementary product portfolio, skills and capabilities of Kinex and we firmly believe that we can leverage the synergies between both companies to chart an exciting path ahead for growth and engineering excellence," he added.
This deal positions NEI on the global map with an international manufacturing footprint and the advantages of a more efficient supply chain to serve its global customers, Saboo said.
 Kinex, with an annual turnover of around 60 million euros, has a rich history of more than 100 years in engineering and bearing production. It supplies products to over 80 countries and employs around 1,000 workers. 
As part of the deal, Kinex brings in two production plants in Slovakia (Bytca and Kysucke Nove Mesto) with the capability to produce bearings for railways, industrial segments and textile industry. 
 The company manufactures bearings for aerospace and water pump bearings for automotive sector. MSS ANU
ANU

CK Birla group firm NEI acquires Slovakia-based Kinex Bearings

New Delhi, Feb 18 () Orient Electric, which has a leadership position in the premium fans segment, would continue to expand the category, said a top company official. The company, which is part of the USD 2.4-billion CK Birla Group, on Monday introduced internet of things (IoT)-enabled inverter i-Series fans in the premium segment, which is claimed to save 50 per cent energy. This is part of its plan to emerge as a frontrunner in energy-efficient fans segment while also gaining more ground in the premium fans segment, said Orient Electric in a statement. These IoT-enabled fans could be operated through Orient Smart mobile app or with voice commands via Alexa and Google Assistant. "Based on the external data, our understanding is that we should be in around 20 per cent market share in the fans and in the premium segment, we are close to 45 per cent market share," said Orient Electric MD &amp; CEO Rakesh Khanna. He further said, "In the premium segment, we are growing better than the industry every time. We are expanding this category also. This category hardly existed earlier. We are the one who is growing it." Premium fans are priced Rs 4,000 and above. Pricing for the Orient i-Series fans starts at Rs 2,850. The Indian fan market is estimated to be around 6-6.5 crore units. Besides, Orient Electric, which has formed a retail partnership with Italy-based small appliances maker De'Longhi Group, is also expanding premium brands De'Longhi, Kenwood and Braun to tier-II cities besides metro markets. KRH HRS

Orient Electric to expand premium fans segment

market share in next 2 years Hyderabad, Mar 4 (): CK Birla Group firm OrientElectric is aiming for 25 per cent market share in the air-cooler segment in the next two years, a top official said onWednesday.The company, which is part of the USD 2.4-billion CKBirla Group, announced the launch of its new range of energyefficient inverter air-coolers powered by ECM (electronicallycommutated motor) technology, which is claimed to save upto 50per cent energy. Our new range of energy-saving ECMT-powered inverterair-coolers has been developed based on the strong consumerneed for energy efficiency with 50 per cent power savings,high-thrust air delivery, silent operation and convenience ofcontrol through IoT and voice controls, Orient Electric MD &amp;CEO Rakesh Khanna told reporters here.The company which has a market share of 12 per centcurrently is eyeing 25 per cent marketshare in the air-coolersegment in the next two years, he said.Khanna said they were intending to set up a newmanufacturing planta greenfield project in southern Indiawhich would start with manufacturing of fans and they were inthe process of identifying the places and in the process ofcompleting the business plan.Orients coolers range also includes smart air- coolerswhich are IoT-enabled, work on Wi-Fi and can also becontrolled by voice, said business head (Home Appliances) ofOrient Electric Salil Kapoor.Unlike conventional induction motors, the electronicallycommutated motors have voltage rectifiers and electroniccontrol circuit which eliminates friction and motor noise,thus enhancing service life while consuming less than 50 percent electricity as compared to induction motors,he said. VVKNVG NVG

Orient Electric launches new inverter air-coolers, eyes 25%

<ul><li>This is the first time the institute has secured 100 per cent placement for a batch this big in its 38-year history.</li><li>The highest package offered during the drive was ₹ 3.5 lakh per month.</li><li>The average and median stipends offered to students were ₹ 1.41 lakh per month and ₹ 1.5 lakh per month. </li></ul> The Indian Institute of Management, <keyword id="6355192" type="General" weightage="50" keywordseo="lucknow" source="Orion">Lucknow</keyword> (IIM-L) has scored 100 per cent placement in its summer placement drive. The drive -- held for the 38th batch of <keyword id="473399" type="General" weightage="50" keywordseo="post-graduate-programme-in-management" source="Orion">Post Graduate Programme in Management</keyword> and 19th batch of PG Programme in Food and Agri-Business Management -- saw 566 students getting a total of 570 offers. This is the first time the institute has secured 100 per cent placement for a batch this big in its 38-year history. According to a press release issued by IIM-L, the highest package offered during the drive was ₹ 3.5 lakh per month. The average and median stipends offered to students were ₹1.41 lakh per month and ₹ 1.5 lakh per month, respectively. This is also the highest-ever in IIM-L's history, added the communique. Students secured offers in varied fields -- including consulting, finance, general management, IT &amp; analytics, sales and marketing, operations and retail e-commerce -- from top recruiters across the globe. During the drive, several major companies came to hire IIM-L students for the first time. These included -- Alkem Laboratories, Berger Paints, Bharat Serums &amp; Vaccines, Big Basket, Castrol, CK Birla, DSP Investment Managers, GEF Capital Partners, <keyword id="720079" type="General" weightage="50" keywordseo="ivycap-ventures" source="Orion">IvyCap Ventures</keyword>, <keyword id="1196648" type="General" weightage="50" keywordseo="lincoln-international" source="Orion">Lincoln International</keyword>, L'oreal, Ninjacart, Redseer Consulting, SBI Capital, Sony Pictures, The <keyword id="1855697" type="General" weightage="50" keywordseo="rohatyn-group" source="Orion">Rohatyn Group</keyword>, <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">Transunion Cibil</keyword>, and <keyword id="5921903" type="General" weightage="80" keywordseo="whiteboard-capital" source="Orion">Whiteboard Capital</keyword>. Meanwhile, several other companies that have recruited from the institute earlier as well also participated in the drive. These included -- Accenture, Aditya Birla Group, Adobe, Alvarez &amp; Marsal, Amazon, Arthur D. Little, Atlassian, <keyword id="6429146" type="General" weightage="80" keywordseo="avendus-capital" source="Orion">Avendus Capital</keyword>, Bain &amp; Company, Boston Consulting Group, Citi Group, Colgate-Palmolive and Deloitte. "Despite the current state of economy, the placement drive was made a huge success by the relentless support of recruiters and placement teams, making it the best placements with more than 185+ recruiters participating in the process," said the IIM-L release SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-dominate-the-india-rich-list-with-the-gap-between-them-the-rest-of-india-inc-being-a-very-large-one/articleshow/94751112.cms">Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-to-declare-iphone-5c-obsolete-by-next-month/articleshow/94750969.cms">Apple to declare iPhone 5c 'obsolete' by next month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/1000-ev-charging-stations-to-be-set-up-in-delhi-in-a-year-govt/articleshow/94742229.cms">1,000 EV charging stations to be set up in Delhi in a year: govt</a>

IIM-L scores 100% placement

New Delhi, Jan 29 () Tech firm KPIT Technologies on Wednesday posted a consolidated net profit of Rs 42.8 crore for the quarter ended December 2019.
 The company had reported a net profit (attributable to owners of the company) of Rs 35.9 crore in the preceding July-September period, KPIT Technologies said in a regulatory filing.
 Its revenue from operations stood at Rs 550.09 crore for the quarter under review as compared to Rs 544 crore in the preceding three-month period, it added.
 The numbers are not comparable on year-on-year basis. In 2018, CK Birla Group-owned Birlasoft and KPIT Technologies had announced that they will merge and then split into two publicly-traded companies to create two specialised IT players.
 After the demerger, the engineering business was incorporated on January 8, 2018, and listed on BSE and NSE as KPIT Technologies in April last year.
 "The automotive and mobility sector is investing in upcoming technologies, despite falling vehicle sales. Riding on this, we have demonstrated a strong year-to-date Q3FY20 constant currency growth of 15.5 per cent and a consistent improvement in net cash position," KPIT co-founder, CEO and MD Kishor Patil said.
 The company has declared an interim dividend of 55 paise per share, Patil said.
 "We are assertive of growth and consistent profitability improvement, going forward," he added.
 At the end of the third quarter, KPIT's net cash level stood at Rs 258.4 crore. 
 Its headcount was at 7,303 people at the end of December 2019 quarter. SR RVK

KPIT Technologies posts Q3 net profit of Rs 42.8 cr

New Delhi, Apr 7 () European auto major Groupe PSA on Tuesday said it has decided to postpone the launch of its first model in India to first quarter of next year due to the challenging business environment right now owing to coronavirus pandemic.The company, which was all set to introduce C5 Aircross later this year, now plans to launch the SUV in the first quarter of next year. Groupe PSA in India along with its dealers, agencies and vendors understands the challenges to business this pandemic poses, as the global business isolation impacts all multinational projects, it said in a statement."While reiterating its commitment to India, given the current scenario where people at large are concerned about their personal well-being and health and automotive purchase is not a priority, Groupe PSA in India in close co-ordination with its new dealer partners has decided to re-time the launch of its debut vehicle Citroen C5 Aircross SUV to Q1 2021, while ensuring industrial readiness," it added.The re-timing is aimed to move the commercial launch to a potentially more positive economic activity period where consumer sentiments are upbeat, Groupe PSA said."At the same time, Groupe PSA has decided to maintain the project timeline and investment for the C-Cubed program, under which the first vehicle designed, developed and made in India would be launched in 2021 as announced in 2019 by Carlos Tavares, chairman of the managing board, Groupe PSA," it added.The automaker had formally announced in early 2019 its plan to enter the Indian market with Citroen brand.The brand has already stated to roll out five models in India. It has already established leasing and finance arms in the country to make the C5 Aircross SUV and other upcoming models accessible for the consumer financially.The automaker said in order to tackle and contain the spread of the COVID-19, all its offices and plants across the country are closed until further notice and in line with government's lockdown directive.Groupe PSA is Europe's second-largest carmaker after Volkswagen. It sells three brands - Peugeot, Citroen and DS.The company is no stranger to India, having entered into a partnership with the erstwhile Premier family resulting in JV Peugeot PAL India. However, it pulled out from the JV in 2001.In 2017, PSA Groupe announced a partnership with CK Birla Group to re-enter the Indian market. MSS RUJRUJ

Groupe PSA postpones 1st product launch in India to 2021 due to COVID-19

New Delhi, Dec 8 () Set to kick off India journey next year, European auto major Groupe PSA is initially targeting ten cities for Citroen brand through smaller, yet highly digitised showrooms, with an aim to help its dealers to invest judiciously on premises, as per a senior company official.
The company, which formally announced to enter the Indian market with Citroen brand early this year, is looking to create a seamless digital experience for prospective customers of its first model -- C5 Aircross SUV.
"Through our network, we aim to bring in a digital disruption for a seamless customer experience," Citroen India Senior Vice President, Sales &amp; Marketing Roland Bouchara told .
Prospective buyers will be able to research and chose model variants, transact for finance and insurance digitally, he added.
With high digital intervention, the brand aims to have comparatively smaller sales outlets in the country.
"Since we are setting up a new network, we are proposing a different business model to our dealers, wherein we will have relatively smaller showrooms but digitalised," Bouchara said.
It will ensure a competitive premises investment, but a stronger all encompassing digital environment, he added.
Elaborating on the physical retail set up, Bouchara said the brand aims to establish presence across ten cities in the country before the roll out of C5 Aircross SUV next year.
"To support the launch of the C5 Aircross SUV, a premium C-SUV which will help us establish and deliver the Citron brand experience, we will initially cover ten cities through Citron network," he said.
This will include all the key metro and tier-1 cities where the brand sees potential buyers for the C5 Aircross SUV, he added.
He, however, did not share the exact number and locations of dealers the brand aims to have for the first phase.
"We are building the complete retail eco-system in the country, which is essential before we launch the first product. This will be supported by service contracts and trade-in plans which will be announced during the launch phase of the vehicle," Bouchara said.
Through the premium SUV, Citroen aims to create market acceptance for Citroen products in India, he noted.
Citroen has lined up ATAWADAC - Any Time, Any Where, Any Device, Any Content - a seamless digital consumer experience created for Indian market, which it plans to roll out in international markets as well.
"It (ATAWADAC) will allow the customer to seamlessly research products, select variants, and configure options and transact for service contracts, finance and insurance," Bouchara said.
The digital first approach is inspired by new-age Indians leading digital lives, he added.
The brand has already stated to roll out four models in India over the next four years beginning 2021, after its launch here in 2020. It has already established leasing and finance arms in the country to make the C5 Aircross SUV and other upcoming models accessible for the consumer financially.
Groupe PSA is Europe's second-largest carmaker after Volkswagen. It sells three brands - Peugeot, Citroen and DS.
The company is no stranger to India, having entered into a partnership with the erstwhile Premier family resulting in JV Peugeot PAL India. However, it pulled out from the JV in 2001.
In 2017, PSA Groupe announced a partnership with CK Birla Group to re-enter the Indian market. MSS BAL
BAL

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CK Birla group firm NEI acquires Slovakia-based Kinex Bearings

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Orient Electric to expand premium fans segment

PTI

Orient Electric launches new inverter air-coolers, eyes 25%

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IIM-L scores 100% placement

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KPIT Technologies posts Q3 net profit of Rs 42.8 cr

PTI

Groupe PSA postpones 1st product launch in India to 2021 due to COVID-19

PTI

Citroen gears up for India entry next year with highly digitised sales process

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