HYUNDAI
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India's April Total Domestic Passenger Vehicle Sales Up 25.4% Y/Y
May 14 -
INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES UP 25.4% Y/Y -INDUSTRY BODY
INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES AT 437,312 UNITS - INDUSTRY BODY
INDIA'S APRIL TOTAL TWO-WHEELER SALES UP 28.4% Y/Y AT 18,72,691 UNITS - INDUSTRY BODY
INDIA AUTO INDUSTRY BODY SIAM SAYS THOUGH THERE ARE CONCERNS OF HIGH COMMODITY PRICES DISRUPTIONS IN WEST ASIA, INDUSTRY WITNESSING GOOD DEMAND
Source text: [ID:]
May 14 -
INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES UP 25.4% Y/Y -INDUSTRY BODY
INDIA'S APRIL TOTAL DOMESTIC PASSENGER VEHICLE SALES AT 437,312 UNITS - INDUSTRY BODY
INDIA'S APRIL TOTAL TWO-WHEELER SALES UP 28.4% Y/Y AT 18,72,691 UNITS - INDUSTRY BODY
INDIA AUTO INDUSTRY BODY SIAM SAYS THOUGH THERE ARE CONCERNS OF HIGH COMMODITY PRICES DISRUPTIONS IN WEST ASIA, INDUSTRY WITNESSING GOOD DEMAND
Source text: [ID:]
FACTBOX-Ambani's Reliance Jio: businesses and investors of the IPO-bound firm
Updates with fund-raising plan in paragraphs 17-18
MUMBAI, May 11 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms is gearing up to seek regulatory approvals for a Mumbai listing, in what is likely to be the biggest-ever stock offering in the country.
Here are facts and numbers on Jio Platforms, which houses the world's second-largest telecom company by users after China Mobile 600941.SS.
TELECOM BUSINESS
Reliance Jio Platforms is a unit of Ambani's oil-to-retail conglomerate Reliance Industries RELI.NS. It is most known for the telecom business - Reliance Jio Infocomm, which is the country's biggest player with more than 500 million subscribers.
Launched in 2016, the telecom business, popularly just called Jio, hit rivals such as Bharti Airtel BRTI.NS and Vodafone-Idea VODA.NS hard by offering free voice and data plans initially.
The move, in line with Ambani's typical strategy of offering ultra-low prices to lure consumers, drove up its customer base and allowed many Indians to access platforms such as YouTube and Facebook for the first time.
Jio says it currently has a roughly 60% share of India's data traffic.
In recent years, Reliance Jio Platforms has diversified beyond telecom into AI, cloud and enterprise network services, as well as app development. In 2023, Nvidia NVDA.O announced AI partnership with Reliance to develop cloud infrastructure and language models.
THE LEADERSHIP
Mukesh Ambani, Asia's richest man, is the chairman of Jio Platforms. His three children - Akash, Anant and Isha - serve on its board. Akash Ambani, his elder son, is the chairman of the company's flagship telecom unit, Reliance Jio Infocomm.
Reliance Industries holds 66.43% stake in Jio Platforms.
Kiran Thomas is the CEO of Jio Platforms.
KEY FINANCIALS, VALUATION
Reliance Jio Platforms' operating revenue in the last financial year ending March 2025 stood at $13.65 billion. But 90% of that came just from the telecom business, which the company says has grown annually by 13% since 2020-21.
Reliance Jio Platforms posted a profit after tax of $2.8 billion in the year.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Sources told Reuters in January the IPO could be worth as much as $4 billion, though final numbers will only be decided later.
MARQUEE INVESTORS
In 2020, Jio Platforms raised more than $20.5 billion from 13 global investors in exchange for a roughly 33% equity stake, at a valuation range of $57 billion to $65 billion.
Global names such as Meta Platforms META.O, Alphabet GOOGL.O and KKR invested in the firm, as Ambani sought to turn Jio Platforms into the centerpiece of his technology ambitions.
Other investors include General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Meta owns a 9.9% stake in the company, followed by Google's 7.7% stake.
THE IPO JOURNEY
The filing, which had been targeted for as early as March, has been pushed back as IPO activity slowed following the outbreak of the conflict in West Asia, with investors losing their appetite for new listings.
The IPO, previously expected to be a pure offer-for-sale where foreign investors would have sold some of their holdings, is now being planned as a fundraising, aiming to issue shares worth 2.5% of the company's size.
The company's IPO has been long delayed. In 2019, Ambani said Jio would "move towards" a listing within five years, but later the plans were delayed in 2025.
The company has hired 17 banks to manage its offering.
Operating Revenues - Jio Platforms and Jio's Telecom Business ($ billion) https://reut.rs/4lO0OXt
Reliance Jio Platforms Shareholding https://reut.rs/47c0c7W
Ambani's Reliance Jio hires 17 banks for IPO, will raise no new funds, sources say https://www.reuters.com/world/india/ambanis-reliance-jio-hires-banks-ipo-will-raise-no-new-funds-sources-say-2026-03-18/
(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur and Sonali Paul)
Updates with fund-raising plan in paragraphs 17-18
MUMBAI, May 11 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms is gearing up to seek regulatory approvals for a Mumbai listing, in what is likely to be the biggest-ever stock offering in the country.
Here are facts and numbers on Jio Platforms, which houses the world's second-largest telecom company by users after China Mobile 600941.SS.
TELECOM BUSINESS
Reliance Jio Platforms is a unit of Ambani's oil-to-retail conglomerate Reliance Industries RELI.NS. It is most known for the telecom business - Reliance Jio Infocomm, which is the country's biggest player with more than 500 million subscribers.
Launched in 2016, the telecom business, popularly just called Jio, hit rivals such as Bharti Airtel BRTI.NS and Vodafone-Idea VODA.NS hard by offering free voice and data plans initially.
The move, in line with Ambani's typical strategy of offering ultra-low prices to lure consumers, drove up its customer base and allowed many Indians to access platforms such as YouTube and Facebook for the first time.
Jio says it currently has a roughly 60% share of India's data traffic.
In recent years, Reliance Jio Platforms has diversified beyond telecom into AI, cloud and enterprise network services, as well as app development. In 2023, Nvidia NVDA.O announced AI partnership with Reliance to develop cloud infrastructure and language models.
THE LEADERSHIP
Mukesh Ambani, Asia's richest man, is the chairman of Jio Platforms. His three children - Akash, Anant and Isha - serve on its board. Akash Ambani, his elder son, is the chairman of the company's flagship telecom unit, Reliance Jio Infocomm.
Reliance Industries holds 66.43% stake in Jio Platforms.
Kiran Thomas is the CEO of Jio Platforms.
KEY FINANCIALS, VALUATION
Reliance Jio Platforms' operating revenue in the last financial year ending March 2025 stood at $13.65 billion. But 90% of that came just from the telecom business, which the company says has grown annually by 13% since 2020-21.
Reliance Jio Platforms posted a profit after tax of $2.8 billion in the year.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Sources told Reuters in January the IPO could be worth as much as $4 billion, though final numbers will only be decided later.
MARQUEE INVESTORS
In 2020, Jio Platforms raised more than $20.5 billion from 13 global investors in exchange for a roughly 33% equity stake, at a valuation range of $57 billion to $65 billion.
Global names such as Meta Platforms META.O, Alphabet GOOGL.O and KKR invested in the firm, as Ambani sought to turn Jio Platforms into the centerpiece of his technology ambitions.
Other investors include General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Meta owns a 9.9% stake in the company, followed by Google's 7.7% stake.
THE IPO JOURNEY
The filing, which had been targeted for as early as March, has been pushed back as IPO activity slowed following the outbreak of the conflict in West Asia, with investors losing their appetite for new listings.
The IPO, previously expected to be a pure offer-for-sale where foreign investors would have sold some of their holdings, is now being planned as a fundraising, aiming to issue shares worth 2.5% of the company's size.
The company's IPO has been long delayed. In 2019, Ambani said Jio would "move towards" a listing within five years, but later the plans were delayed in 2025.
The company has hired 17 banks to manage its offering.
Operating Revenues - Jio Platforms and Jio's Telecom Business ($ billion) https://reut.rs/4lO0OXt
Reliance Jio Platforms Shareholding https://reut.rs/47c0c7W
Ambani's Reliance Jio hires 17 banks for IPO, will raise no new funds, sources say https://www.reuters.com/world/india/ambanis-reliance-jio-hires-banks-ipo-will-raise-no-new-funds-sources-say-2026-03-18/
(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur and Sonali Paul)
Hyundai Motor India Expects 8-10% Volume Growth In Domestic Market In FY27
May 8 (Reuters) - Hyundai Motor India Ltd HYUN.NS:
EXPORT VOLUME GROWTH OF 8-10% FOR FY26-27
SEES CAPEX PLAN OF ABOUT 75 BILLION RUPEES FOR FY26-27
FOR EXPORTS, REMAIN WATCHFUL OF GEOPOLITICAL UNCERTAINTIES
WE EXPECT 8-10% VOLUME GROWTH IN DOMESTIC MARKET IN FY27
TO DELIVER EBITDA MARGINS WITHIN GUIDED RANGE OF 11-14% IN FY26-27
EXPANSION OF PUNE FACILITY BY ANOTHER 70,000 UNITS POST PHASE-II EXPANSION
Source text: ID:nBSE9NLKVr
Further company coverage: HYUN.NS
May 8 (Reuters) - Hyundai Motor India Ltd HYUN.NS:
EXPORT VOLUME GROWTH OF 8-10% FOR FY26-27
SEES CAPEX PLAN OF ABOUT 75 BILLION RUPEES FOR FY26-27
FOR EXPORTS, REMAIN WATCHFUL OF GEOPOLITICAL UNCERTAINTIES
WE EXPECT 8-10% VOLUME GROWTH IN DOMESTIC MARKET IN FY27
TO DELIVER EBITDA MARGINS WITHIN GUIDED RANGE OF 11-14% IN FY26-27
EXPANSION OF PUNE FACILITY BY ANOTHER 70,000 UNITS POST PHASE-II EXPANSION
Source text: ID:nBSE9NLKVr
Further company coverage: HYUN.NS
India’s retail car sales hit April high, but Mideast crisis clouds outlook
May 5 (Reuters) - India's retail car sales rose in April, an auto dealers' body said on Tuesday, although the Middle East crisis and its impact on fuel prices could hurt demand going into the summer months.
Passenger vehicle sales rose 12.2% year-on-year to 407,355 units, a record for April, helped by a boost from last September's rate cuts, easier financing conditions and strong demand from smaller towns and rural areas, the Federation of Automobile Dealers Associations said
Overall vehicle retail sales climbed 12.9% to 2.6 million units, also an all-time high for April, with five out of six segments posting record volumes
Dealers warned that uncertainty stemming from the Middle East could weigh on sentiment if higher crude prices spill over into fuel costs, and also flagged risk from heatwaves and supply constraints
Indian state fuel retailers have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but there has been no increase in retail prices of gasoline, gasoil, LPG or jet fuel for Indian carriers
For April, rural car sales jumped 20.4%, nearly three times faster than urban growth of 7.1%, supported by a revival in small cars
Inventory levels edged up to around 28 to 30 days, within what the association considers a "healthy range", though dealers urged manufacturers to go slow on dispatches as demand typically softens in May and June
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
May 5 (Reuters) - India's retail car sales rose in April, an auto dealers' body said on Tuesday, although the Middle East crisis and its impact on fuel prices could hurt demand going into the summer months.
Passenger vehicle sales rose 12.2% year-on-year to 407,355 units, a record for April, helped by a boost from last September's rate cuts, easier financing conditions and strong demand from smaller towns and rural areas, the Federation of Automobile Dealers Associations said
Overall vehicle retail sales climbed 12.9% to 2.6 million units, also an all-time high for April, with five out of six segments posting record volumes
Dealers warned that uncertainty stemming from the Middle East could weigh on sentiment if higher crude prices spill over into fuel costs, and also flagged risk from heatwaves and supply constraints
Indian state fuel retailers have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but there has been no increase in retail prices of gasoline, gasoil, LPG or jet fuel for Indian carriers
For April, rural car sales jumped 20.4%, nearly three times faster than urban growth of 7.1%, supported by a revival in small cars
Inventory levels edged up to around 28 to 30 days, within what the association considers a "healthy range", though dealers urged manufacturers to go slow on dispatches as demand typically softens in May and June
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
Middle East conflict disrupts scrap supplies to India's aluminium producers, raises costs
By Neha Arora
NEW DELHI, April 28 (Reuters) - India's secondary aluminium producers, which rely on imported scrap, are facing shortages as the Middle East conflict disrupts supplies and drives up costs that are likely to be passed on to automakers, industry executives said.
India, one of the world's largest aluminium scrap importers, produces nearly half of its 4.2 million metric tons of aluminium through its secondary sector. The country depends heavily on scrap from the European Union, the U.S. and the Middle East, which accounts for about 30% of shipments.
"Various units are running at lower capacities and there are production cuts of 20-40%," said Jayant Jain, managing director at G. R. Metalloys, a leading producer based in the western city of Ahmedabad.
Scrap prices have jumped by nearly 30% since the Iran conflict began earlier this year, executives said, squeezing margins and depleting inventories.
"There is a hand-to-mouth situation in scrap plants because of shortages and price increase," said Sandeep Jain, managing director at Sunalco Alloys, adding that most companies have exhausted stocks.
The strain is expected to ripple through to the auto sector, dominated by companies such as Maruti Suzuki MRTI.NS, Tata Motors TATM.NS, Mahindra & Mahindra and Hyundai Motor India HYUN.NS, which together consume about 60% of domestically produced secondary aluminium.
"Due to the squeeze in scrap supplies, prices have been impacted, which will eventually be passed on to carmakers and ultimately, the buyers," said Dhawal Shah, managing partner at Metco Ventures.
India's auto industry body warned earlier this month of potential production disruptions, as well as higher input, fuel and freight costs due to the Middle East conflict.
Secondary producers are also grappling with a 2.5% import levy on scrap, which executives say is exacerbating cost pressures. A recyclers' body has sought intervention from the Prime Minister's Office to remove the tax, Reuters reported last week.
The government is studying the industry's request, Mines Secretary Piyush Goyal said.
A European industry lobby group has also asked India to exempt a 10% import duty on glass bottles and aluminium cans amid shortage fears linked to the Iran war. The conflict has already caused a shortage of Diet Coke, which is sold only in aluminium cans in India.
(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)
((neha.dasgupta@tr.com; X: neha_5;))
By Neha Arora
NEW DELHI, April 28 (Reuters) - India's secondary aluminium producers, which rely on imported scrap, are facing shortages as the Middle East conflict disrupts supplies and drives up costs that are likely to be passed on to automakers, industry executives said.
India, one of the world's largest aluminium scrap importers, produces nearly half of its 4.2 million metric tons of aluminium through its secondary sector. The country depends heavily on scrap from the European Union, the U.S. and the Middle East, which accounts for about 30% of shipments.
"Various units are running at lower capacities and there are production cuts of 20-40%," said Jayant Jain, managing director at G. R. Metalloys, a leading producer based in the western city of Ahmedabad.
Scrap prices have jumped by nearly 30% since the Iran conflict began earlier this year, executives said, squeezing margins and depleting inventories.
"There is a hand-to-mouth situation in scrap plants because of shortages and price increase," said Sandeep Jain, managing director at Sunalco Alloys, adding that most companies have exhausted stocks.
The strain is expected to ripple through to the auto sector, dominated by companies such as Maruti Suzuki MRTI.NS, Tata Motors TATM.NS, Mahindra & Mahindra and Hyundai Motor India HYUN.NS, which together consume about 60% of domestically produced secondary aluminium.
"Due to the squeeze in scrap supplies, prices have been impacted, which will eventually be passed on to carmakers and ultimately, the buyers," said Dhawal Shah, managing partner at Metco Ventures.
India's auto industry body warned earlier this month of potential production disruptions, as well as higher input, fuel and freight costs due to the Middle East conflict.
Secondary producers are also grappling with a 2.5% import levy on scrap, which executives say is exacerbating cost pressures. A recyclers' body has sought intervention from the Prime Minister's Office to remove the tax, Reuters reported last week.
The government is studying the industry's request, Mines Secretary Piyush Goyal said.
A European industry lobby group has also asked India to exempt a 10% import duty on glass bottles and aluminium cans amid shortage fears linked to the Iran war. The conflict has already caused a shortage of Diet Coke, which is sold only in aluminium cans in India.
(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)
((neha.dasgupta@tr.com; X: neha_5;))
PREVIEW-Indian automakers set for upbeat quarter, but Mideast hit looms
Indian automakers face margin pressure due to Middle East war
Iran war threatens supply chains, drives up raw material, fuel prices
CLSA analysts say carmakers may need 6% price hikes to counter rising costs
April 27 (Reuters) - Automakers in the world's third-largest car market are set to report robust quarterly earnings, while bracing for the fallout from the Iran war, which threatens to upend supply chains and spike raw material and fuel prices, analysts said.
Top Indian carmakers are expected to post revenue growth of about 11% to 26% in the fourth quarter, according to LSEG-compiled data, with steep tax cuts helping boost total sales to a record high in the fiscal year.
Industry leader Maruti Suzuki MRTI.NS will kickstart sectoral earnings on April 28.
IN THE FAST LANE
Maruti, which makes the popular compact SUV, Brezza, is expected to deliver one of its strongest quarters, supported by a richer export mix, analysts at Morgan Stanley said.
The carmaker is expected to post 25.5% revenue growth, per LSEG-compiled data.
For Thar-maker Mahindra & Mahindra MAHM.NS, a higher mix of electric SUVs and the price hikes taken in January are expected to support margins on a sequential basis, HDFC Securities said.
However, brokerages, including HDFC Securities, expect electric-vehicle-related spending and new model launch expenses to offset recent price increases.
Margins at Tata Motors Passenger Vehicles' TAMO.NS luxury unit Jaguar Land Rover are expected to recover sequentially as production restarted after the cyberattack at its UK plant last year.
The third-biggest carmaker was not included in the LSEG-compiled estimates after its October demerger from its commercial vehicles unit.
The overall industry's wholesale volumes grew 13.2% during the quarter, faster than the 2.4% growth recorded in the same period last year.
Hyundai Motor India HYUN.NS could be the outlier with profitability constrained by an adverse product mix, higher marketing spends and elevated input costs, analysts said.
The company is estimated to post revenue growth of around 11%, according to LSEG-compiled data.
RISK TO MARGINS
The months since India's tax cuts in September saw a revival in showroom footfalls and a volume-led recovery across price-sensitive small cars and sport utility vehicles, while lower discounts helped lift margins.
That cushion could be thinning.
Rising prices of steel and aluminium, as well as freight costs, are beginning to weigh on profitability, analysts said, as automakers remain wary of steep price hikes given competition and regulatory constraints.
Maruti had said it will likely raise prices, following in the footsteps of its global peers Mercedes-Benz MBGn.DE and BMW BMWG.DE.
HDFC Securities expects margins to soften sequentially across the sector.
Analysts at CLSA estimate that carmakers would have to increase prices by about 6% to soften the impact of soaring input costs.
"For upcoming quarters, the key risk is not demand collapse, but whether rising costs begin to outpace the industry's ability to protect margins," analysts at Motilal Oswal said in an earnings preview note.
India's top carmakers post higher Q4 domestic sales to dealers https://reut.rs/4uhtaMN
(Reporting by Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
Indian automakers face margin pressure due to Middle East war
Iran war threatens supply chains, drives up raw material, fuel prices
CLSA analysts say carmakers may need 6% price hikes to counter rising costs
April 27 (Reuters) - Automakers in the world's third-largest car market are set to report robust quarterly earnings, while bracing for the fallout from the Iran war, which threatens to upend supply chains and spike raw material and fuel prices, analysts said.
Top Indian carmakers are expected to post revenue growth of about 11% to 26% in the fourth quarter, according to LSEG-compiled data, with steep tax cuts helping boost total sales to a record high in the fiscal year.
Industry leader Maruti Suzuki MRTI.NS will kickstart sectoral earnings on April 28.
IN THE FAST LANE
Maruti, which makes the popular compact SUV, Brezza, is expected to deliver one of its strongest quarters, supported by a richer export mix, analysts at Morgan Stanley said.
The carmaker is expected to post 25.5% revenue growth, per LSEG-compiled data.
For Thar-maker Mahindra & Mahindra MAHM.NS, a higher mix of electric SUVs and the price hikes taken in January are expected to support margins on a sequential basis, HDFC Securities said.
However, brokerages, including HDFC Securities, expect electric-vehicle-related spending and new model launch expenses to offset recent price increases.
Margins at Tata Motors Passenger Vehicles' TAMO.NS luxury unit Jaguar Land Rover are expected to recover sequentially as production restarted after the cyberattack at its UK plant last year.
The third-biggest carmaker was not included in the LSEG-compiled estimates after its October demerger from its commercial vehicles unit.
The overall industry's wholesale volumes grew 13.2% during the quarter, faster than the 2.4% growth recorded in the same period last year.
Hyundai Motor India HYUN.NS could be the outlier with profitability constrained by an adverse product mix, higher marketing spends and elevated input costs, analysts said.
The company is estimated to post revenue growth of around 11%, according to LSEG-compiled data.
RISK TO MARGINS
The months since India's tax cuts in September saw a revival in showroom footfalls and a volume-led recovery across price-sensitive small cars and sport utility vehicles, while lower discounts helped lift margins.
That cushion could be thinning.
Rising prices of steel and aluminium, as well as freight costs, are beginning to weigh on profitability, analysts said, as automakers remain wary of steep price hikes given competition and regulatory constraints.
Maruti had said it will likely raise prices, following in the footsteps of its global peers Mercedes-Benz MBGn.DE and BMW BMWG.DE.
HDFC Securities expects margins to soften sequentially across the sector.
Analysts at CLSA estimate that carmakers would have to increase prices by about 6% to soften the impact of soaring input costs.
"For upcoming quarters, the key risk is not demand collapse, but whether rising costs begin to outpace the industry's ability to protect margins," analysts at Motilal Oswal said in an earnings preview note.
India's top carmakers post higher Q4 domestic sales to dealers https://reut.rs/4uhtaMN
(Reporting by Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
Hyundai Motor India Receives Customs Order For Duty, Penalty, Fine
April 22 (Reuters) - Hyundai Motor Co 005380.KS:
HYUNDAI MOTOR INDIA LTD - RECEIVES CUSTOMS ORDER FOR DUTY, PENALTY, FINE
HYUNDAI MOTOR INDIA - CUSTOMS ORDER IMPOSES 220.2 MILLION RUPEES
Source text: ID:nBSE289n9q
Further company coverage: 005380.KS
April 22 (Reuters) - Hyundai Motor Co 005380.KS:
HYUNDAI MOTOR INDIA LTD - RECEIVES CUSTOMS ORDER FOR DUTY, PENALTY, FINE
HYUNDAI MOTOR INDIA - CUSTOMS ORDER IMPOSES 220.2 MILLION RUPEES
Source text: ID:nBSE289n9q
Further company coverage: 005380.KS
Renault bets on EVs, hybrids to win over aspirational Indian buyers
Renault to have seven car models in India by 2030
Plan to export 2 bln euros of cars, parts and tech from India
Company aiming for 5% share of Indian car market by 2030
Adds CEO comments, more details throughout
By Aditi Shah
CHENNAI, April 16 (Reuters) - Renault RENA.PA is betting on electric vehicles and hybrids to win over buyers in the world's third-largest car market, global CEO Francois Provost said on Thursday, as the French carmaker steps up its product push to regain market share.
The company wants India to rank among the Renault brand's top three global markets by 2030, and aims to capture about 5% of market share in the country by the end of the decade, Provost told reporters at an event in India's southern auto hub of Chennai.
Renault, which does not have a presence in the U.S. and China, expects the Indian market will play a key role in developing new models and boosting sales for the French carmaker globally.
"Our ambition goes beyond 'India for India' in growth and product," Provost said, adding he sees the country as an export and tech hub, "and a strategic asset on a global scale" where it will develop products and technologies for the world.
Sales of cars in India are set to touch 6 million by 2030, up 36% from 2025, S&P Global Mobility data showed, with a rapid increase in demand for SUVs and premium vehicles - a shift Provost is betting on.
Renault entered India in 2005 and in 2012 it launched its popular Duster SUV helping the carmaker achieve a market share of 4%. But over time, Renault's share dwindled and is less than 1% currently, industry data showed.
The automaker, which is making a comeback in the South Asian country, is betting on its electrified vehicles to win over consumers, with Provost expecting EVs and hybrids to account for about half of its sales in India by 2030.
Renault currently builds most cars in India on its compact vehicle platform and it recently introduced a modular platform on which it has built the Duster SUV.
The new modular platform will allow Renault to introduce vehicles of different sizes with a high level of local content, allowing it to price them competitively for the domestic market and exports, the company's India chief Stephane Deblaise said at the same event.
It plans to have seven models in India by the end of the decade, including its existing portfolio of four vehicles plus the launch of three new cars.
INDIA AS AN EXPORT HUB
India is emerging as a major source of global engineering and innovation for Renault, and Provost said the company aims to generate about 2 billion euros ($2.36 billion) worth of car, parts and technology exports a year from the country by 2030.
South America is one region it will export to, Provost said.
Global automakers, including Japan's Toyota 7203.T, Suzuki 7269.T and South Korea's Hyundai Motor 005380.KS are stepping up investments in India, betting on rising domestic demand and its growing role as an automotive production and engineering hub.
Provost, a Renault insider who previously ran operations in Russia, South Korea and China, did not disclose how much the company will commit exclusively to the Indian market.
Under its broader international game plan, Renault has said it will spend 3 billion euros by 2027 launching Renault-brand models in India, Latin America, South Korea, Turkey and North Africa.
($1 = 0.8487 euros)
(Reporting by Aditi Shah in Chennai, Writing by Surbhi Misra in Bengaluru; Editing by Sonia Cheema and Jane Merriman)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
Renault to have seven car models in India by 2030
Plan to export 2 bln euros of cars, parts and tech from India
Company aiming for 5% share of Indian car market by 2030
Adds CEO comments, more details throughout
By Aditi Shah
CHENNAI, April 16 (Reuters) - Renault RENA.PA is betting on electric vehicles and hybrids to win over buyers in the world's third-largest car market, global CEO Francois Provost said on Thursday, as the French carmaker steps up its product push to regain market share.
The company wants India to rank among the Renault brand's top three global markets by 2030, and aims to capture about 5% of market share in the country by the end of the decade, Provost told reporters at an event in India's southern auto hub of Chennai.
Renault, which does not have a presence in the U.S. and China, expects the Indian market will play a key role in developing new models and boosting sales for the French carmaker globally.
"Our ambition goes beyond 'India for India' in growth and product," Provost said, adding he sees the country as an export and tech hub, "and a strategic asset on a global scale" where it will develop products and technologies for the world.
Sales of cars in India are set to touch 6 million by 2030, up 36% from 2025, S&P Global Mobility data showed, with a rapid increase in demand for SUVs and premium vehicles - a shift Provost is betting on.
Renault entered India in 2005 and in 2012 it launched its popular Duster SUV helping the carmaker achieve a market share of 4%. But over time, Renault's share dwindled and is less than 1% currently, industry data showed.
The automaker, which is making a comeback in the South Asian country, is betting on its electrified vehicles to win over consumers, with Provost expecting EVs and hybrids to account for about half of its sales in India by 2030.
Renault currently builds most cars in India on its compact vehicle platform and it recently introduced a modular platform on which it has built the Duster SUV.
The new modular platform will allow Renault to introduce vehicles of different sizes with a high level of local content, allowing it to price them competitively for the domestic market and exports, the company's India chief Stephane Deblaise said at the same event.
It plans to have seven models in India by the end of the decade, including its existing portfolio of four vehicles plus the launch of three new cars.
INDIA AS AN EXPORT HUB
India is emerging as a major source of global engineering and innovation for Renault, and Provost said the company aims to generate about 2 billion euros ($2.36 billion) worth of car, parts and technology exports a year from the country by 2030.
South America is one region it will export to, Provost said.
Global automakers, including Japan's Toyota 7203.T, Suzuki 7269.T and South Korea's Hyundai Motor 005380.KS are stepping up investments in India, betting on rising domestic demand and its growing role as an automotive production and engineering hub.
Provost, a Renault insider who previously ran operations in Russia, South Korea and China, did not disclose how much the company will commit exclusively to the Indian market.
Under its broader international game plan, Renault has said it will spend 3 billion euros by 2027 launching Renault-brand models in India, Latin America, South Korea, Turkey and North Africa.
($1 = 0.8487 euros)
(Reporting by Aditi Shah in Chennai, Writing by Surbhi Misra in Bengaluru; Editing by Sonia Cheema and Jane Merriman)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
Hyundai Motor India To Increase Car Prices Up To 1% Effective May 2026
April 8 (Reuters) - Hyundai Motor Co 005380.KS:
TO INCREASE CAR PRICES UP TO 1% EFFECTIVE MAY 2026
PRICE INCREASE WILL VARY BY VARIANT AND MODEL DUE TO COST ESCALATIONS
Source text: ID:nBSEbKmLL3
Further company coverage: 005380.KS
April 8 (Reuters) - Hyundai Motor Co 005380.KS:
TO INCREASE CAR PRICES UP TO 1% EFFECTIVE MAY 2026
PRICE INCREASE WILL VARY BY VARIANT AND MODEL DUE TO COST ESCALATIONS
Source text: ID:nBSEbKmLL3
Further company coverage: 005380.KS
Hyundai Motor India near 11-month low after March sales numbers disappoint
** Hyundai Motor India HYUN.NS down 3.3% to nearly 11-month low of 1,719.2 rupees
** Second biggest pct loser on Nifty 500 .NIFTY500 index, which is up 2.8%
** Nifty Auto index .NIFTYAUTO, on which HYUN is not a constituent, rises 2.9%
** HYUN set for third straight session of losses
** Automaker reports sales of 69,004 units in March, up 2.5% year-on-year
** Jefferies expected March sales at 70,000 units
** More than 2.3 million shares traded so far, about 4.3x 30-day average daily volume
** Stock rated "buy" on average by 26 brokerages, median PT at 2,506 rupees - data compiled by LSEG
** YTD, HYUN down 25.2% vs Nifty 500's 11.5% fall; Nifty Auto down 13.3%
(Reporting by Vivek Kumar M)
** Hyundai Motor India HYUN.NS down 3.3% to nearly 11-month low of 1,719.2 rupees
** Second biggest pct loser on Nifty 500 .NIFTY500 index, which is up 2.8%
** Nifty Auto index .NIFTYAUTO, on which HYUN is not a constituent, rises 2.9%
** HYUN set for third straight session of losses
** Automaker reports sales of 69,004 units in March, up 2.5% year-on-year
** Jefferies expected March sales at 70,000 units
** More than 2.3 million shares traded so far, about 4.3x 30-day average daily volume
** Stock rated "buy" on average by 26 brokerages, median PT at 2,506 rupees - data compiled by LSEG
** YTD, HYUN down 25.2% vs Nifty 500's 11.5% fall; Nifty Auto down 13.3%
(Reporting by Vivek Kumar M)
India asks auto industry to optimise production as Iran war hurts energy supplies
Repeats to additional subscribers, with no change to text
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Repeats to additional subscribers, with no change to text
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
India asks auto industry to optimise production as Iran war hurts energy supplies
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
By Aditi Shah
NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.
The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.
For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.
India's ministry of heavy industries did not immediately respond to a request for comment.
The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.
Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.
The ministry wants the sector to do more.
"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.
The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.
"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.
(Reporting by Aditi Shah, Editing by William Maclean)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
BOB Capital starts Hyundai Motors India with 'buy'
** BOB Capital initiates coverage on Hyundai Motor India HYUN.NS with "Buy", PT of 2,287 rupees
** Says Pune plant's capacity expansion positions co for volume growth, supporting its premiumisation strategy, with SUVs accounting for ~70% of domestic sales
** Adds co emerging as key export hub for parent Hyundai Motor 005380.KS; 30% export-share target offers hedge during domestic slowdowns, supports margins
** Notes co's planned ~450 bln-rupee ($4.79 bln) capex over FY26-FY30 for R&D, capacity expansion expected to lift production capacity to 1.1 million units by FY28
** Believes GM India manufacturing plant acquisition adds flexibility for 26 launches, helping diversification, supporting volume growth without margin erosion
** HYUN up 1.3%; Nifty Auto .NIFTYAUTO index up 2.2%
($1 = 93.9210 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)
** BOB Capital initiates coverage on Hyundai Motor India HYUN.NS with "Buy", PT of 2,287 rupees
** Says Pune plant's capacity expansion positions co for volume growth, supporting its premiumisation strategy, with SUVs accounting for ~70% of domestic sales
** Adds co emerging as key export hub for parent Hyundai Motor 005380.KS; 30% export-share target offers hedge during domestic slowdowns, supports margins
** Notes co's planned ~450 bln-rupee ($4.79 bln) capex over FY26-FY30 for R&D, capacity expansion expected to lift production capacity to 1.1 million units by FY28
** Believes GM India manufacturing plant acquisition adds flexibility for 26 launches, helping diversification, supporting volume growth without margin erosion
** HYUN up 1.3%; Nifty Auto .NIFTYAUTO index up 2.2%
($1 = 93.9210 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)
FACTBOX-Ambani's Reliance Jio: businesses and investors of the IPO-bound firm
MUMBAI, March 23 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms is gearing up to file papers seeking regulatory approvals for a Mumbai listing, in what is likely to be the biggest-ever stock offering in the country.
Here are facts and numbers on Jio Platforms, which houses the world's second-largest telecom company by users after China Mobile 600941.SS.
TELECOM BUSINESS
Reliance Jio Platforms is a unit of Ambani's oil-to-retail conglomerate Reliance Industries RELI.NS. It is most known for the telecom business - Reliance Jio Infocomm, which is the country's biggest player with more than 500 million subscribers.
Launched in 2016, the telecom business, popularly just called Jio, hit rivals such as Bharti Airtel BRTI.NS and Vodafone-Idea VODA.NS hard by offering free voice and data plans initially.
The move, in line with Ambani's typical strategy of offering cut-throat prices to lure consumers, drove up its customer base and allowed many Indians to access platforms such as YouTube and Facebook for the first time.
Jio says it currently has a roughly 60% share of India's data traffic.
In recent years, Reliance Jio Platforms has diversified beyond telecom into AI, cloud and enterprise network services, as well as app development. In 2023, Nvidia NVDA.O announced AI partnership with Reliance to develop cloud infrastructure and language models.
THE LEADERSHIP
Mukesh Ambani, Asia's richest man, is the chairman of Jio Platforms. His three children - Akash, Anant and Isha - serve on its board. Akash Ambani, his elder son, is the chairman of the company's flagship telecom unit, Reliance Jio Infocomm.
Reliance Industries holds 66.43% stake in Jio Platforms.
Kiran Thomas is the CEO of Jio Platforms.
KEY FINANCIALS, VALUATION
Reliance Jio Platforms' operating revenue in the last financial year ending March 2025 stood at $13.65 billion. But 90% of that came just from the telecom business, which the company says has grown annually by 13% since 2020-21.
Reliance Jio Platforms posted a profit after tax of $2.8 billion in the year.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Sources told Reuters in January the IPO could be worth as much as $4 billion, though final numbers will only be decided later.
MARQUEE INVESTORS
In 2020, Jio Platforms raised more than $20.5 billion from 13 global investors in exchange for a roughly 33% equity stake, at a valuation range of $57 billion to $65 billion.
Global names such as Meta Platforms META.O, Alphabet GOOGL.O and KKR invested in the firm, as Ambani sought to turn Jio Platforms into the centerpiece of his technology ambitions.
Other investors include General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Meta owns a 9.9% stake in the company, followed by Google's 7.7% stake.
THE IPO JOURNEY
The company's IPO has been long delayed. In 2019, Ambani said Jio would "move towards" a listing within five years, but later the plans were delayed in 2025.
The company has hired 17 banks to manage its offering, which will see the company raise no new funds from the public and only allow exits for some shareholders.
Operating Revenues - Jio Platforms and Jio's Telecom Business ($ billion) https://reut.rs/4lO0OXt
Reliance Jio Platforms Shareholding https://reut.rs/47c0c7W
Ambani's Reliance Jio hires 17 banks for IPO, will raise no new funds, sources say https://www.reuters.com/world/india/ambanis-reliance-jio-hires-banks-ipo-will-raise-no-new-funds-sources-say-2026-03-18/
(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur)
MUMBAI, March 23 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms is gearing up to file papers seeking regulatory approvals for a Mumbai listing, in what is likely to be the biggest-ever stock offering in the country.
Here are facts and numbers on Jio Platforms, which houses the world's second-largest telecom company by users after China Mobile 600941.SS.
TELECOM BUSINESS
Reliance Jio Platforms is a unit of Ambani's oil-to-retail conglomerate Reliance Industries RELI.NS. It is most known for the telecom business - Reliance Jio Infocomm, which is the country's biggest player with more than 500 million subscribers.
Launched in 2016, the telecom business, popularly just called Jio, hit rivals such as Bharti Airtel BRTI.NS and Vodafone-Idea VODA.NS hard by offering free voice and data plans initially.
The move, in line with Ambani's typical strategy of offering cut-throat prices to lure consumers, drove up its customer base and allowed many Indians to access platforms such as YouTube and Facebook for the first time.
Jio says it currently has a roughly 60% share of India's data traffic.
In recent years, Reliance Jio Platforms has diversified beyond telecom into AI, cloud and enterprise network services, as well as app development. In 2023, Nvidia NVDA.O announced AI partnership with Reliance to develop cloud infrastructure and language models.
THE LEADERSHIP
Mukesh Ambani, Asia's richest man, is the chairman of Jio Platforms. His three children - Akash, Anant and Isha - serve on its board. Akash Ambani, his elder son, is the chairman of the company's flagship telecom unit, Reliance Jio Infocomm.
Reliance Industries holds 66.43% stake in Jio Platforms.
Kiran Thomas is the CEO of Jio Platforms.
KEY FINANCIALS, VALUATION
Reliance Jio Platforms' operating revenue in the last financial year ending March 2025 stood at $13.65 billion. But 90% of that came just from the telecom business, which the company says has grown annually by 13% since 2020-21.
Reliance Jio Platforms posted a profit after tax of $2.8 billion in the year.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Sources told Reuters in January the IPO could be worth as much as $4 billion, though final numbers will only be decided later.
MARQUEE INVESTORS
In 2020, Jio Platforms raised more than $20.5 billion from 13 global investors in exchange for a roughly 33% equity stake, at a valuation range of $57 billion to $65 billion.
Global names such as Meta Platforms META.O, Alphabet GOOGL.O and KKR invested in the firm, as Ambani sought to turn Jio Platforms into the centerpiece of his technology ambitions.
Other investors include General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Meta owns a 9.9% stake in the company, followed by Google's 7.7% stake.
THE IPO JOURNEY
The company's IPO has been long delayed. In 2019, Ambani said Jio would "move towards" a listing within five years, but later the plans were delayed in 2025.
The company has hired 17 banks to manage its offering, which will see the company raise no new funds from the public and only allow exits for some shareholders.
Operating Revenues - Jio Platforms and Jio's Telecom Business ($ billion) https://reut.rs/4lO0OXt
Reliance Jio Platforms Shareholding https://reut.rs/47c0c7W
Ambani's Reliance Jio hires 17 banks for IPO, will raise no new funds, sources say https://www.reuters.com/world/india/ambanis-reliance-jio-hires-banks-ipo-will-raise-no-new-funds-sources-say-2026-03-18/
(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur)
Ambani's Reliance Jio hires 17 banks for IPO, will raise no new funds, sources say
Reliance Jio IPO could be India's biggest ever
The stock offering will raise no new funds, sources say
As many as 17 marquee banks working on offering
Reliance plans to file for approval this month, sources say
Adds details on structure, background in paragraphs 6-7, 13-16
By Vibhuti Sharma, Jayshree P Upadhyay and Aditya Kalra
MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.
The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shares to the public.
Reliance did not respond to Reuters queries.
"We don't need new money," said one of the sources, explaining the decision not to raise funds from the IPO.
Over the past six years, Jio has diversified into AI and raised funds from investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.
The offer-for-sale route is increasingly becoming a lucrative exit route for global investors and how large IPOs are executed in India. Other recent IPOs via this route included the 2024 listing of Hyundai Motor HYUN.NS and LG Electronics India LGEL.NS in 2025.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.
LONG LIST OF INVESTMENT BANKS
The hiring of banks brings the parent of India's largest telecom operator Reliance Jio, with over 500 million users, closer to being possibly the country's largest IPO worth more than $4 billion.
Jio's roster of 17 advisors includes Wall Street giants Citigroup C.N and JPMorgan JPM.N, and Indian investment banks Axis Capital, ICICI Securities, IIFL IIFL.NS, and Kotak Mahindra Capital, said two of the sources, who added that the plan is to file for regulatory approval this month.
Other banks on the list include the securities arms of Goldman Sachs GS.N, Morgan Stanley MS.N and Bank of America BAC.N, they added.
Goldman Sachs and Bank of America declined to comment. The other investment banks did not respond to requests for comment.
The news on hiring of banks and prospectus filing timeline for Jio's listing come as the Mideast conflict has cast a cloud over global capital market deals, with a handful getting pulled.
Strong IPO momentum in India, however, seems intact with the largest exchange operator, the National Stock Exchange of India, saying last week it had hired 20 banks to manage its IPO.
It's not unusual for a large number of banks to vie for a mandate and get hired for large equity public offerings of private enterprises, as they compete for league table credit in a market where deals exceeding a billion dollars are rare.
In the country's largest-ever IPO mandate, 18 investment banks were involved in the public offering of shares by asset manager ICICI Prudential AMC in 2025, which saw a share sale of $1.2 billion.
(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee, Joe Bavier and Bernadette Baum)
Reliance Jio IPO could be India's biggest ever
The stock offering will raise no new funds, sources say
As many as 17 marquee banks working on offering
Reliance plans to file for approval this month, sources say
Adds details on structure, background in paragraphs 6-7, 13-16
By Vibhuti Sharma, Jayshree P Upadhyay and Aditya Kalra
MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.
The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shares to the public.
Reliance did not respond to Reuters queries.
"We don't need new money," said one of the sources, explaining the decision not to raise funds from the IPO.
Over the past six years, Jio has diversified into AI and raised funds from investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.
The offer-for-sale route is increasingly becoming a lucrative exit route for global investors and how large IPOs are executed in India. Other recent IPOs via this route included the 2024 listing of Hyundai Motor HYUN.NS and LG Electronics India LGEL.NS in 2025.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.
LONG LIST OF INVESTMENT BANKS
The hiring of banks brings the parent of India's largest telecom operator Reliance Jio, with over 500 million users, closer to being possibly the country's largest IPO worth more than $4 billion.
Jio's roster of 17 advisors includes Wall Street giants Citigroup C.N and JPMorgan JPM.N, and Indian investment banks Axis Capital, ICICI Securities, IIFL IIFL.NS, and Kotak Mahindra Capital, said two of the sources, who added that the plan is to file for regulatory approval this month.
Other banks on the list include the securities arms of Goldman Sachs GS.N, Morgan Stanley MS.N and Bank of America BAC.N, they added.
Goldman Sachs and Bank of America declined to comment. The other investment banks did not respond to requests for comment.
The news on hiring of banks and prospectus filing timeline for Jio's listing come as the Mideast conflict has cast a cloud over global capital market deals, with a handful getting pulled.
Strong IPO momentum in India, however, seems intact with the largest exchange operator, the National Stock Exchange of India, saying last week it had hired 20 banks to manage its IPO.
It's not unusual for a large number of banks to vie for a mandate and get hired for large equity public offerings of private enterprises, as they compete for league table credit in a market where deals exceeding a billion dollars are rare.
In the country's largest-ever IPO mandate, 18 investment banks were involved in the public offering of shares by asset manager ICICI Prudential AMC in 2025, which saw a share sale of $1.2 billion.
(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee, Joe Bavier and Bernadette Baum)
India car sales to dealers rise for fifth month in February, industry body says; Mideast risks loom
March 13 (Reuters) - India's domestic car dispatches to dealers rose for the fifth straight month in February, data from an industry body showed on Friday, helped by tax cuts that have lowered prices across most models.
"While the month of March has festive drivers... the recent conflict in West Asia remains a concern... could impact the manufacturing processes and exports," Rajesh Menon, Director General of Society of Indian Automobile Manufacturers (SIAM), said.
Here are some key details:
Passenger vehicle dispatches jumped 10.6% to 417,705 units in February, compared with 377,689 units a year earlier.
Tax reductions continue to fuel growth, extending momentum for fifth consecutive month.
In September 2025, India slashed taxes on larger SUVs to 40% as an additional levy was dropped and on small cars and two-wheelers to 18% from 28%, helping support demand across segments.
Vehicle sales picked up during the ongoing wedding season, supported by strong bookings, inventory build-up and new model launches.
Domestic demand is expected to remain strong, though exports could soften on reduced shipments to Africa and the Middle East, analysts added.
SIAM warns the ongoing Middle East crisis could hit production and exports if supply chains are disrupted.
A shortage of gas - crucial for paint shops and component manufacturing - may affect production, analysts said, though they expect only near-term impact on Indian manufacturers due to inventory buffers.
Domestic demand to stay robust but exports could weaken due to reduced shipments to Africa and the Middle East- Axis Capital
India, the world's third-biggest car market, has an auto industry that accounts for 7.1% of its GDP.
Tax cut-driven growth is likely to sustain for several quarters, a dealer's body said last week.
(Reporting by Meenakshi Maidas and Urvi Dugar in Bengaluru)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
March 13 (Reuters) - India's domestic car dispatches to dealers rose for the fifth straight month in February, data from an industry body showed on Friday, helped by tax cuts that have lowered prices across most models.
"While the month of March has festive drivers... the recent conflict in West Asia remains a concern... could impact the manufacturing processes and exports," Rajesh Menon, Director General of Society of Indian Automobile Manufacturers (SIAM), said.
Here are some key details:
Passenger vehicle dispatches jumped 10.6% to 417,705 units in February, compared with 377,689 units a year earlier.
Tax reductions continue to fuel growth, extending momentum for fifth consecutive month.
In September 2025, India slashed taxes on larger SUVs to 40% as an additional levy was dropped and on small cars and two-wheelers to 18% from 28%, helping support demand across segments.
Vehicle sales picked up during the ongoing wedding season, supported by strong bookings, inventory build-up and new model launches.
Domestic demand is expected to remain strong, though exports could soften on reduced shipments to Africa and the Middle East, analysts added.
SIAM warns the ongoing Middle East crisis could hit production and exports if supply chains are disrupted.
A shortage of gas - crucial for paint shops and component manufacturing - may affect production, analysts said, though they expect only near-term impact on Indian manufacturers due to inventory buffers.
Domestic demand to stay robust but exports could weaken due to reduced shipments to Africa and the Middle East- Axis Capital
India, the world's third-biggest car market, has an auto industry that accounts for 7.1% of its GDP.
Tax cut-driven growth is likely to sustain for several quarters, a dealer's body said last week.
(Reporting by Meenakshi Maidas and Urvi Dugar in Bengaluru)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
Hyundai Motor India Launches The New Hyundai Verna At A Starting Price Of 1.1 Million Rupees
March 9 (Reuters) - Hyundai Motor Co 005380.KS:
LAUNCHES THE NEW HYUNDAI VERNA AT A STARTING PRICE OF 1.1 MILLION RUPEES
Further company coverage: 005380.KS
March 9 (Reuters) - Hyundai Motor Co 005380.KS:
LAUNCHES THE NEW HYUNDAI VERNA AT A STARTING PRICE OF 1.1 MILLION RUPEES
Further company coverage: 005380.KS
FACTBOX-China, India lead car exports worth billions of dollars to the Middle East
March 6 (Reuters) - The U.S.-Israel war with Iran, which entered its seventh day on Friday, threatens to disrupt the shipment of vehicles from Asia to the Middle East, a major export market for Asian automakers.
Chinese, Indian, South Korean and Japanese automakers export cars worth billions of dollars to the Middle East through the Strait of Hormuz and shipping along the route has ground to a halt over fears of attacks by Tehran.
CHINA
The Middle East is the second-largest overseas market for China-made vehicles and an increasingly important region for the Asian giant as it looks to offset weak demand at home.
Of the 8.32 million cars shipped overseas by Chinese automakers in 2025, 1.39 million, or one-sixth, were to Gulf countries like Saudi Arabia and the United Arab Emirates, according to the China Passenger Car Association.
Major car exporters include Chery Automobile 9973.HK, BYD 002594.SZ, SAIC Motor 600104.SS, Changan Automobile 000625.SZ and Geely 0175.HK.
China joint ventures of Kia 000270.KS, Hyundai Motor 005380.KS and Toyota Motor 7203.T are also among the top 10 car exporters to the Middle East, according to data from Gasgoo Automotive Research Institute, China's largest supply chain platform.
INDIA
India exported $8.8 billion worth of cars in 2025, of which 25% went to the Middle East, mainly Saudi Arabia, according to commercially available customs data.
Hyundai Motor is most exposed with half its 2025 global shipments of $1.8 billion from India going to countries in the Gulf region.
Toyota, too, has a large exposure with about two-thirds, or more than $300 million, of its total India exports of $470 million last year going to the Middle East, according to the data.
Maruti Suzuki MRTI.NS sends less than 15% of its exports by value to the Gulf region, the data showed. Of its total exports of $3.2 billion in 2025, cars worth $457 million were shipped to the region.
Nissan Motor's 7201.T exposure from India is about $318 million, or 38% of its total exports in 2025, the data showed.
SOUTH KOREA
South Korea's total car exports by value in 2025 hit a record $72 billion, of which $5.3 billion of vehicles were sent to the Middle East, up 2.8% from 2024, according to the Korea International Trade Association.
Hyundai Motor's exports to the Middle East and Africa accounted for 8% of its total wholesale sales in 2025 of 4.14 million units. This adds up to about 317,000 cars that were shipped to the combined region.
Kia shipped 8% of its 2025 wholesale sales of 3.1 million units to the Middle East and Africa.
JAPAN
Toyota exported 320,699 vehicles from Japan to the Middle East in 2025, which was a 5.4% increase over the previous year, according to data published by the company. This made up just over 15% of the company's total exports of over 2 million units last year.
The automaker will produce nearly 40,000 fewer vehicles bound for Middle East markets due to logistical concerns stemming from the U.S.-Israeli campaign against Iran, the Nikkei reported.
(Reporting by Aditi Shah in New Delhi, Zoey Zhang in Shanghai, Heekyong Yang in Seoul and Maki Shiraki in Tokyo; Editing by Miyoung Kim and Jamie Freed)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
March 6 (Reuters) - The U.S.-Israel war with Iran, which entered its seventh day on Friday, threatens to disrupt the shipment of vehicles from Asia to the Middle East, a major export market for Asian automakers.
Chinese, Indian, South Korean and Japanese automakers export cars worth billions of dollars to the Middle East through the Strait of Hormuz and shipping along the route has ground to a halt over fears of attacks by Tehran.
CHINA
The Middle East is the second-largest overseas market for China-made vehicles and an increasingly important region for the Asian giant as it looks to offset weak demand at home.
Of the 8.32 million cars shipped overseas by Chinese automakers in 2025, 1.39 million, or one-sixth, were to Gulf countries like Saudi Arabia and the United Arab Emirates, according to the China Passenger Car Association.
Major car exporters include Chery Automobile 9973.HK, BYD 002594.SZ, SAIC Motor 600104.SS, Changan Automobile 000625.SZ and Geely 0175.HK.
China joint ventures of Kia 000270.KS, Hyundai Motor 005380.KS and Toyota Motor 7203.T are also among the top 10 car exporters to the Middle East, according to data from Gasgoo Automotive Research Institute, China's largest supply chain platform.
INDIA
India exported $8.8 billion worth of cars in 2025, of which 25% went to the Middle East, mainly Saudi Arabia, according to commercially available customs data.
Hyundai Motor is most exposed with half its 2025 global shipments of $1.8 billion from India going to countries in the Gulf region.
Toyota, too, has a large exposure with about two-thirds, or more than $300 million, of its total India exports of $470 million last year going to the Middle East, according to the data.
Maruti Suzuki MRTI.NS sends less than 15% of its exports by value to the Gulf region, the data showed. Of its total exports of $3.2 billion in 2025, cars worth $457 million were shipped to the region.
Nissan Motor's 7201.T exposure from India is about $318 million, or 38% of its total exports in 2025, the data showed.
SOUTH KOREA
South Korea's total car exports by value in 2025 hit a record $72 billion, of which $5.3 billion of vehicles were sent to the Middle East, up 2.8% from 2024, according to the Korea International Trade Association.
Hyundai Motor's exports to the Middle East and Africa accounted for 8% of its total wholesale sales in 2025 of 4.14 million units. This adds up to about 317,000 cars that were shipped to the combined region.
Kia shipped 8% of its 2025 wholesale sales of 3.1 million units to the Middle East and Africa.
JAPAN
Toyota exported 320,699 vehicles from Japan to the Middle East in 2025, which was a 5.4% increase over the previous year, according to data published by the company. This made up just over 15% of the company's total exports of over 2 million units last year.
The automaker will produce nearly 40,000 fewer vehicles bound for Middle East markets due to logistical concerns stemming from the U.S.-Israeli campaign against Iran, the Nikkei reported.
(Reporting by Aditi Shah in New Delhi, Zoey Zhang in Shanghai, Heekyong Yang in Seoul and Maki Shiraki in Tokyo; Editing by Miyoung Kim and Jamie Freed)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Indian retail auto sales rise 25.6% in February
March 5 (Reuters) - India’s retail vehicle sales rose 25.6% in February on strong demand for two-wheelers and passenger vehicles, as the momentum from tax-cut measures persisted, the Federation of Automobile Dealers Associations (FADA) said on Thursday.
(Reporting by Meenakshi Maidas in Bengaluru)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
March 5 (Reuters) - India’s retail vehicle sales rose 25.6% in February on strong demand for two-wheelers and passenger vehicles, as the momentum from tax-cut measures persisted, the Federation of Automobile Dealers Associations (FADA) said on Thursday.
(Reporting by Meenakshi Maidas in Bengaluru)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
India Auto Industry Body SIAM Says India's Jan Total Domestic Passenger Vehicle Sales 449,616 Units
Feb 13 (Reuters) -
INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JAN TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,49,616 UNITS
SIAM - INDIA'S JAN 2-WHEELER SALES 19,25,603 UNITS
SIAM - INDIA'S JAN 3-WHEELER SALES 75,725 UNITS
SIAM: NEW BUDGET INITIATIVES, POLICY TAILWINDS EXPECTED TO DELIVER LONG-TERM BENEFITS, SUPPORT GROWTH IN MEDIUM TERM
Feb 13 (Reuters) -
INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JAN TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,49,616 UNITS
SIAM - INDIA'S JAN 2-WHEELER SALES 19,25,603 UNITS
SIAM - INDIA'S JAN 3-WHEELER SALES 75,725 UNITS
SIAM: NEW BUDGET INITIATIVES, POLICY TAILWINDS EXPECTED TO DELIVER LONG-TERM BENEFITS, SUPPORT GROWTH IN MEDIUM TERM
BREAKINGVIEWS-Low fees take shine off India's IPO bonanza
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 10 (Reuters Breakingviews) - A record run of listings is doing little to shore up investment banking fortunes in India. Citi and JPMorgan passed up working on a $1.4 billion float last month by SBI Funds Management, India's largest asset manager, after the issuer set fees at 0.01% of the issue size, Bloomberg reported citing sources. Such state-backed issuers are usually stingy but the hottest private issuers in 2026 are likely to offer slim pickings too.
Fees are growing but remain well short of desirable levels. Net revenue from India's $23 billion of initial public offerings amounted to 1.7% of proceeds in 2025, up from 1.4% a year earlier, Dealogic data show. Underwriters in the U.S. typically command between 4% and 7%.
And while India is now delivering a consistent pipeline of sizeable deals, extracting the measly fees on offer is painful. ICICI Prudential Asset Management's IICL.NS $1.4 billion offering in December was shepherded by 18 banks.
Fees also are increasingly split into equal fixed and variable components tied to the quality of investors a bank brings to a transaction. Roughly one-fifth of the total payout is reserved as a discretionary bonus issuers can choose to hold back. In practice, robust demand for Indian stock means these incentives and bonuses are mostly paid but they suck up time to negotiate.
Firms working on prospective blockbuster deals - such as Reliance Industries' RELI.NS planned offering of Jio Platforms, handled by Morgan Stanley and Kotak Mahindra Bank, per a Reuters report, and National Stock Exchange - won't be spoilt for riches either.
Choosing deals well can be rewarding. Foreigners remain among the few willing to pay for advice. IT exporter Hexaware Technologies HEXW.NS, acquired by global private equity firm Carlyle CG.O in 2021, paid 2.5% to Kotak and Citi for its $1 billion listing, for example. Mandates on the Indian listings of multinationals' local subsidiaries, such as Hyundai Motor India HYUN.NS and LG Electronics India LGEL.NS, have been lucrative too.
Those fees, though, are unlikely to push much higher if the rest of the market is stingy.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Citi and JPMorgan pulled out of a planned $1.4 billion initial public offering by SBI Funds Management over low fees, Bloomberg reported on January 7, citing unnamed people familiar with the matter. SBI Funds later replaced Citi with Jefferies, the report added. Sellers State Bank of India and France’s Amundi offered fees of about 0.01% of the issue size after some domestic advisers quoted only a token fee for the mandate, the report said.
India IPO fee growth is uneven https://www.reuters.com/graphics/BRV-BRV/movabedbjpa/chart.png
(Additional reporting by Aditya Srivastav; Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 10 (Reuters Breakingviews) - A record run of listings is doing little to shore up investment banking fortunes in India. Citi and JPMorgan passed up working on a $1.4 billion float last month by SBI Funds Management, India's largest asset manager, after the issuer set fees at 0.01% of the issue size, Bloomberg reported citing sources. Such state-backed issuers are usually stingy but the hottest private issuers in 2026 are likely to offer slim pickings too.
Fees are growing but remain well short of desirable levels. Net revenue from India's $23 billion of initial public offerings amounted to 1.7% of proceeds in 2025, up from 1.4% a year earlier, Dealogic data show. Underwriters in the U.S. typically command between 4% and 7%.
And while India is now delivering a consistent pipeline of sizeable deals, extracting the measly fees on offer is painful. ICICI Prudential Asset Management's IICL.NS $1.4 billion offering in December was shepherded by 18 banks.
Fees also are increasingly split into equal fixed and variable components tied to the quality of investors a bank brings to a transaction. Roughly one-fifth of the total payout is reserved as a discretionary bonus issuers can choose to hold back. In practice, robust demand for Indian stock means these incentives and bonuses are mostly paid but they suck up time to negotiate.
Firms working on prospective blockbuster deals - such as Reliance Industries' RELI.NS planned offering of Jio Platforms, handled by Morgan Stanley and Kotak Mahindra Bank, per a Reuters report, and National Stock Exchange - won't be spoilt for riches either.
Choosing deals well can be rewarding. Foreigners remain among the few willing to pay for advice. IT exporter Hexaware Technologies HEXW.NS, acquired by global private equity firm Carlyle CG.O in 2021, paid 2.5% to Kotak and Citi for its $1 billion listing, for example. Mandates on the Indian listings of multinationals' local subsidiaries, such as Hyundai Motor India HYUN.NS and LG Electronics India LGEL.NS, have been lucrative too.
Those fees, though, are unlikely to push much higher if the rest of the market is stingy.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Citi and JPMorgan pulled out of a planned $1.4 billion initial public offering by SBI Funds Management over low fees, Bloomberg reported on January 7, citing unnamed people familiar with the matter. SBI Funds later replaced Citi with Jefferies, the report added. Sellers State Bank of India and France’s Amundi offered fees of about 0.01% of the issue size after some domestic advisers quoted only a token fee for the mandate, the report said.
India IPO fee growth is uneven https://www.reuters.com/graphics/BRV-BRV/movabedbjpa/chart.png
(Additional reporting by Aditya Srivastav; Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))
EXCLUSIVE-India drops small car concession in new fuel emission rules
Repeats February 6 story. No change to text.
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 9 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Repeats February 6 story. No change to text.
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 9 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
EXCLUSIVE-India drops small car concession in new fuel emission rules
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 6 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Carve-out for small cars was seen benefiting only Maruti Suzuki
New proposal comes after pushback from rivals Tata, Mahindra
No weight-based concessions to be offered under new rules
India aims to cut average fleet emission to as low as 76 gms/km by 2032
Failure to comply will attract penalty of up to $550 per car
By Aditi Shah
NEW DELHI, Feb 6 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.
A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.
India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.
The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.
They introduce "a substantially steeper reduction pathway" for emissions, it added.
The power ministry did not respond to a request for comment.
PROMOTING ELECTRIC, HYBRID MODELS
Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.
Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.
The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.
The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.
The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.
"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.
A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.
The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.
(Reporting by Aditi Shah. Editing by Mark Potter)
((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Street View: New launches key to Hyundai India's push past rivals
** Hyundai Motor India HYUN.NS misses quarterly profit estimates, hurt by higher raw material costs nL4N3YY0RX
** Shares flat at 2,198.6 rupees
NEAR-TERM WEAKNESS FROM COMPETITION
** Jefferies ("underperform", PT cut to 1,900 rupees) says weak results and increased competition from Maruti Suzuki India MRTI.NS and Tata Motors Passenger Vehicles TAMO.NS to HYUN's top-selling Creta SUV cloud margin outlook; adds valuation expensive with market share at 25-year low
** Nomura ("buy," PT cut to 2,698 rupees) says under first Indian CEO, Tarun Garg, HYUN will focus on being more agile to meet 2030 domestic market share target of 15%
** Slate of new model launches from October 2026 to help improve growth trajectory "sharply" - Nomura
** Motilal Oswal ("buy", PT cut to 2,567 rupees) says while ramp-up of new Pune facility to hurt margins in near term, SUV-heavy lineup makes co well-positioned to benefit from premiumisation trend
** UBS ("buy", cuts PT to 2,690 rupees) says despite elevated costs, HYUN's broader outlook remains constructive on a strong launch pipeline and healthy exports momentum
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
** Hyundai Motor India HYUN.NS misses quarterly profit estimates, hurt by higher raw material costs nL4N3YY0RX
** Shares flat at 2,198.6 rupees
NEAR-TERM WEAKNESS FROM COMPETITION
** Jefferies ("underperform", PT cut to 1,900 rupees) says weak results and increased competition from Maruti Suzuki India MRTI.NS and Tata Motors Passenger Vehicles TAMO.NS to HYUN's top-selling Creta SUV cloud margin outlook; adds valuation expensive with market share at 25-year low
** Nomura ("buy," PT cut to 2,698 rupees) says under first Indian CEO, Tarun Garg, HYUN will focus on being more agile to meet 2030 domestic market share target of 15%
** Slate of new model launches from October 2026 to help improve growth trajectory "sharply" - Nomura
** Motilal Oswal ("buy", PT cut to 2,567 rupees) says while ramp-up of new Pune facility to hurt margins in near term, SUV-heavy lineup makes co well-positioned to benefit from premiumisation trend
** UBS ("buy", cuts PT to 2,690 rupees) says despite elevated costs, HYUN's broader outlook remains constructive on a strong launch pipeline and healthy exports momentum
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
Hyundai Motor India CEO Says Compact SUVs Have Benefitted Most From Tax Cuts
Feb 2 (Reuters) - Hyundai Motor India CEO:
MAXIMUM IMPACT OF TAX CUTS HAS BEEN FELT IN COMPACT SUVS
Further company coverage: HYUN.NS
Feb 2 (Reuters) - Hyundai Motor India CEO:
MAXIMUM IMPACT OF TAX CUTS HAS BEEN FELT IN COMPACT SUVS
Further company coverage: HYUN.NS
Ambani's Reliance Jio considers 2.5% public offering in 2026 India IPO, sources say
Ambani's Reliance Jio IPO is India's most awaited in 2026
Reliance waiting for regulation change as it is eager to list only 2.5%, sources say
Jefferies has valued the business at $180 billion
Ambani has said target for listing is first half of 2026
Adds Reliance Jio revenue details in paragraph 8, retail IPO context in paragraph 12
By Amy-Jo Crowley, Jayshree P Upadhyay, Kane Wu and Aditya Kalra
LONDON/MUMBAI/HONG KONG, Jan 9 (Reuters) - Reliance Jio Platforms is considering an initial public offering this year that would float 2.5% of the company, people familiar with the matter said, a move that could make it the country's largest-ever IPO worth more than $4 billion.
The company, led by Mukesh Ambani, is the parent of India's largest telecom operator Reliance Jio - with more than 500 million users. Its debut is the country's most highly anticipated IPO this year.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. At that valuation, a 2.5% stake sale would raise $4.5 billion, dwarfing Hyundai Motor India's HYUN.NS $3.3 billion IPO in 2024.
Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.
Reliance would like to list only 2.5% of Jio's shares given the large size of the company, the sources said, even though a proposal from India's market regulator to reduce the minimum size of share sales for large companies seeking IPOs to 2.5% from 5% is awaiting approval from the finance ministry.
"The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension," one of the sources with direct knowledge said, adding that some bankers were pitching a valuation of $200 billion to $240 billion for the business, though Reliance hasn't decided on a firm number.
Reliance RELI.NS did not respond to Reuters requests for comment. The sources declined to be named as they were not authorised to speak publicly.
Typically around 75% to 80% of Jio Platforms annual revenues come from its telecoms business.
RED-HOT INDIAN IPO MARKET
It has not been decided if the Jio IPO would be a so-called offer-for-sale, which allows existing shareholders to sell their shares to the public, or if it would also involve the issuance of new stock. Hyundai's India IPO, for example, was an offer-for-sale and did not raise new funds.
The Jio listing would add to strong momentum in India's IPO market over the last couple of years; it ranked as the world's No. 2 primary equity issuance market in 2025, raising $21.6 billion as of December 18, according to LSEG data.
Reliance also plans to list its retail unit, but that is unlikely before 2027 or 2028, sources have previously told Reuters.
In 2019, Ambani first flagged plans to list Jio within five years. Last year, Reuters reported that he delayed the offering beyond 2025 as the company wanted a higher valuation by expanding into other niche digital businesses.
TWO BANKS WORKING ON PROSPECTUS
Reliance Jio is also set to lock horns with Elon Musk, who is expected to launch the Starlink internet service in India in the coming months. Jio has also partnered Nvidia NVDA.O to develop AI infrastructure.
In August, Ambani said Jio would list in the "first half of 2026". The listing timeline depends on market conditions, one of the sources said.
Although formal appointments have yet to be made, bankers from Morgan Stanley MS.N and India's Kotak are already working with Reliance on drafting the Jio IPO papers, which can be a drawn-out process, a fifth source with direct knowledge of the situation said.
Reliance is waiting for the 2.5% public float rule to be cleared by the finance ministry and the size of the sale could change in the coming months, the person added.
Reliance expects many foreign investors who invested in the company in recent years to seek an exit via the IPO, the person said.
Morgan Stanley and Kotak did not respond to Reuters requests for comment.
(Additional reporting by Vibhuti Sharma; Editing by Sumeet Chatterjee and Thomas Derpinghaus)
((Email: aditya.kalra@tr.com; X: @adityakalra;))
Ambani's Reliance Jio IPO is India's most awaited in 2026
Reliance waiting for regulation change as it is eager to list only 2.5%, sources say
Jefferies has valued the business at $180 billion
Ambani has said target for listing is first half of 2026
Adds Reliance Jio revenue details in paragraph 8, retail IPO context in paragraph 12
By Amy-Jo Crowley, Jayshree P Upadhyay, Kane Wu and Aditya Kalra
LONDON/MUMBAI/HONG KONG, Jan 9 (Reuters) - Reliance Jio Platforms is considering an initial public offering this year that would float 2.5% of the company, people familiar with the matter said, a move that could make it the country's largest-ever IPO worth more than $4 billion.
The company, led by Mukesh Ambani, is the parent of India's largest telecom operator Reliance Jio - with more than 500 million users. Its debut is the country's most highly anticipated IPO this year.
In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. At that valuation, a 2.5% stake sale would raise $4.5 billion, dwarfing Hyundai Motor India's HYUN.NS $3.3 billion IPO in 2024.
Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.
Reliance would like to list only 2.5% of Jio's shares given the large size of the company, the sources said, even though a proposal from India's market regulator to reduce the minimum size of share sales for large companies seeking IPOs to 2.5% from 5% is awaiting approval from the finance ministry.
"The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension," one of the sources with direct knowledge said, adding that some bankers were pitching a valuation of $200 billion to $240 billion for the business, though Reliance hasn't decided on a firm number.
Reliance RELI.NS did not respond to Reuters requests for comment. The sources declined to be named as they were not authorised to speak publicly.
Typically around 75% to 80% of Jio Platforms annual revenues come from its telecoms business.
RED-HOT INDIAN IPO MARKET
It has not been decided if the Jio IPO would be a so-called offer-for-sale, which allows existing shareholders to sell their shares to the public, or if it would also involve the issuance of new stock. Hyundai's India IPO, for example, was an offer-for-sale and did not raise new funds.
The Jio listing would add to strong momentum in India's IPO market over the last couple of years; it ranked as the world's No. 2 primary equity issuance market in 2025, raising $21.6 billion as of December 18, according to LSEG data.
Reliance also plans to list its retail unit, but that is unlikely before 2027 or 2028, sources have previously told Reuters.
In 2019, Ambani first flagged plans to list Jio within five years. Last year, Reuters reported that he delayed the offering beyond 2025 as the company wanted a higher valuation by expanding into other niche digital businesses.
TWO BANKS WORKING ON PROSPECTUS
Reliance Jio is also set to lock horns with Elon Musk, who is expected to launch the Starlink internet service in India in the coming months. Jio has also partnered Nvidia NVDA.O to develop AI infrastructure.
In August, Ambani said Jio would list in the "first half of 2026". The listing timeline depends on market conditions, one of the sources said.
Although formal appointments have yet to be made, bankers from Morgan Stanley MS.N and India's Kotak are already working with Reliance on drafting the Jio IPO papers, which can be a drawn-out process, a fifth source with direct knowledge of the situation said.
Reliance is waiting for the 2.5% public float rule to be cleared by the finance ministry and the size of the sale could change in the coming months, the person added.
Reliance expects many foreign investors who invested in the company in recent years to seek an exit via the IPO, the person said.
Morgan Stanley and Kotak did not respond to Reuters requests for comment.
(Additional reporting by Vibhuti Sharma; Editing by Sumeet Chatterjee and Thomas Derpinghaus)
((Email: aditya.kalra@tr.com; X: @adityakalra;))
India Autodealers Body FADA Says Dec’25 Auto Retail At 20,28,821 Units
Jan 6 (Reuters) - INDIA AUTODEALERS BODY FADA:
DEC’25 AUTO RETAIL AT 20,28,821 UNITS
DEALER SENTIMENT REMAINS FIRMLY POSITIVE, WITH OUR SURVEY INDICATING 70.48% EXPECTING GROWTH
OVER NEXT 3 MONTHS, RETAIL OUTLOOK REMAINS DECISIVELY UPBEAT
DEC’25 AUTO RETAIL UP 14.63% YOY
Jan 6 (Reuters) - INDIA AUTODEALERS BODY FADA:
DEC’25 AUTO RETAIL AT 20,28,821 UNITS
DEALER SENTIMENT REMAINS FIRMLY POSITIVE, WITH OUR SURVEY INDICATING 70.48% EXPECTING GROWTH
OVER NEXT 3 MONTHS, RETAIL OUTLOOK REMAINS DECISIVELY UPBEAT
DEC’25 AUTO RETAIL UP 14.63% YOY
India's top carmakers log December sales jump on tax cut-fuelled demand
Tax cuts boost Maruti Suzuki's December small car sales by 50%
Maruti has over month-long backlog for most affordable models - exec
Utility vehicles power Tata Motors and Mahindra's sales
Hyundai India's dispatches little changed
Adds executive's comment in paragraphs 4,5; Hyundai India's sales figures in paragraph 11
Jan 1 (Reuters) - India's leading carmakers reported a strong rise in December sales to dealers on Thursday, with tax cuts from earlier in the year fuelling demand into the final month of 2025.
In September, India cut goods and services tax on small cars to 18% from 28% and on sports utility vehicles with large engine capacities to 40% from about 50%, in a bid to spur consumer spending and bolster growth amid steep U.S. tariffs.
This benefitted market leader Maruti Suzuki's MRTI.NS small car portfolio, its biggest segment, with sales rising 50% to 92,929 units, the highest since January 2025.
Maruti's total sales to domestic dealers jumped 37% to a record 178,646 units.
The company, India's top carmaker by sales, has an order backlog of one and a half months for its most affordable models, Partho Banerjee, senior executive officer for marketing and sales told reporters.
The company would soon "take a call" on whether it wants to revise prices of small cars, Banerjee said.
Peer Tata Motors Passenger Vehicles TAMO.NS reported a 13% rise in domestic sales, with models such as the Nexon and Punch utility vehicles and the Tiago small car driving growth.
Tata expects sales growth to pick up in coming months as deliveries of newly launched models, like the Sierra SUV, commence.
Earlier in the day, Mahindra & Mahindra MAHM.NS - which has a car portfolio comprised entirely of SUVs - said its monthly sales grew 23% in December.
Its sales growth of 18% so far in fiscal year 2026 is among the fastest in the Indian car market, and has helped the Scorpio manufacturer leapfrog Hyundai India HYUN.NS and Tata to the no. 2 spot in the current financial year.
Hyundai's monthly sales, on the other hand, grew only 0.5% in December.
(Reporting by Meenakshi Maidas and Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
Tax cuts boost Maruti Suzuki's December small car sales by 50%
Maruti has over month-long backlog for most affordable models - exec
Utility vehicles power Tata Motors and Mahindra's sales
Hyundai India's dispatches little changed
Adds executive's comment in paragraphs 4,5; Hyundai India's sales figures in paragraph 11
Jan 1 (Reuters) - India's leading carmakers reported a strong rise in December sales to dealers on Thursday, with tax cuts from earlier in the year fuelling demand into the final month of 2025.
In September, India cut goods and services tax on small cars to 18% from 28% and on sports utility vehicles with large engine capacities to 40% from about 50%, in a bid to spur consumer spending and bolster growth amid steep U.S. tariffs.
This benefitted market leader Maruti Suzuki's MRTI.NS small car portfolio, its biggest segment, with sales rising 50% to 92,929 units, the highest since January 2025.
Maruti's total sales to domestic dealers jumped 37% to a record 178,646 units.
The company, India's top carmaker by sales, has an order backlog of one and a half months for its most affordable models, Partho Banerjee, senior executive officer for marketing and sales told reporters.
The company would soon "take a call" on whether it wants to revise prices of small cars, Banerjee said.
Peer Tata Motors Passenger Vehicles TAMO.NS reported a 13% rise in domestic sales, with models such as the Nexon and Punch utility vehicles and the Tiago small car driving growth.
Tata expects sales growth to pick up in coming months as deliveries of newly launched models, like the Sierra SUV, commence.
Earlier in the day, Mahindra & Mahindra MAHM.NS - which has a car portfolio comprised entirely of SUVs - said its monthly sales grew 23% in December.
Its sales growth of 18% so far in fiscal year 2026 is among the fastest in the Indian car market, and has helped the Scorpio manufacturer leapfrog Hyundai India HYUN.NS and Tata to the no. 2 spot in the current financial year.
Hyundai's monthly sales, on the other hand, grew only 0.5% in December.
(Reporting by Meenakshi Maidas and Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))
Hyundai Motor India To Increase Prices By 0.6% From Jan 1, 2026
Dec 31 (Reuters) - Hyundai Motor India HYUN.NS:
TO INCREASE PRICES BY 0.6% FROM JAN 1, 2026
PRICE INCREASE DUE TO RISE IN COST OF PRECIOUS METALS AND COMMODITIES
ANNOUNCES A MINOR PRICE INCREASE
Source text: ID:nBSE4qzXpg
Further company coverage: HYUN.NS
Dec 31 (Reuters) - Hyundai Motor India HYUN.NS:
TO INCREASE PRICES BY 0.6% FROM JAN 1, 2026
PRICE INCREASE DUE TO RISE IN COST OF PRECIOUS METALS AND COMMODITIES
ANNOUNCES A MINOR PRICE INCREASE
Source text: ID:nBSE4qzXpg
Further company coverage: HYUN.NS
Hyundai Motor India Enters Commercial Mobility Segment With Prime Taxi Range
Dec 30 (Reuters) - Hyundai Motor India HYUN.NS:
ENTERS COMMERCIAL MOBILITY SEGMENT WITH PRIME TAXI RANGE
Source text: ID:nNSE4lgzG2
Further company coverage: 005380.KS
Dec 30 (Reuters) - Hyundai Motor India HYUN.NS:
ENTERS COMMERCIAL MOBILITY SEGMENT WITH PRIME TAXI RANGE
Source text: ID:nNSE4lgzG2
Further company coverage: 005380.KS
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What does Hyundai Motor India do?
Hyundai Motor India primarily manufactures and sells four-wheeler passenger vehicles and parts, such as transmissions and engines in India and outside India. Hyundai Motor Indiais a wholly-owned subsidiary of Hyundai Motor Company. The company also manufactures parts, such as transmissions and engines that it uses for its own manufacturing process or sales.
Who are the competitors of Hyundai Motor India?
Hyundai Motor India major competitors are Maruti Suzuki, Mahindra & Mahindra, Tata MotorsPassenger, Hindustan Motors, Mercury Metals. Market Cap of Hyundai Motor India is ₹1,71,978 Crs. While the median market cap of its peers are ₹1,34,225 Crs.
Is Hyundai Motor India financially stable compared to its competitors?
Hyundai Motor India seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Hyundai Motor India pay decent dividends?
The company seems to pay a good stable dividend. Hyundai Motor India latest dividend payout ratio is 30.25% and 3yr average dividend payout ratio is 102.33%
How has Hyundai Motor India allocated its funds?
Companies resources are allocated to majorly unproductive assets like Capital Work in Progress
How strong is Hyundai Motor India balance sheet?
Balance sheet of Hyundai Motor India is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Hyundai Motor India improving?
No, profit is decreasing. The profit of Hyundai Motor India is ₹5,432 Crs for TTM, ₹5,640 Crs for Mar 2025 and ₹6,060 Crs for Mar 2024.
Is the debt of Hyundai Motor India increasing or decreasing?
Yes, The net debt of Hyundai Motor India is increasing. Latest net debt of Hyundai Motor India is -₹9,555.47 Crs as of Mar-26. This is greater than Mar-25 when it was -₹16,355.45 Crs.
Is Hyundai Motor India stock expensive?
Hyundai Motor India is expensive when considering the PE ratio, however latest EV/EBIDTA is < 3 yr avg EV/EBIDTA. Latest PE of Hyundai Motor India is 29.7, while 3 year average PE is 28.84. Also latest EV/EBITDA of Hyundai Motor India is 18.89 while 3yr average is 19.97.
Has the share price of Hyundai Motor India grown faster than its competition?
Hyundai Motor India has given better returns compared to its competitors. Hyundai Motor India has grown at ~-1.64% over the last 1yrs while peers have grown at a median rate of -34.35%
Is the promoter bullish about Hyundai Motor India?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Hyundai Motor India is 82.5% and last quarter promoter holding is 82.5%.
Are mutual funds buying/selling Hyundai Motor India?
The mutual fund holding of Hyundai Motor India is increasing. The current mutual fund holding in Hyundai Motor India is 6.23% while previous quarter holding is 5.8%.