Automotive Updates - 10th and 11th October 2015

• US-based supplier of liquid and powder coatings, Axalta Coating Systems will double its production capacity and construct an automotive OEM coatings development laboratory at its operations centre at Savli in Gujarat, the company said in a release today. The company plans to invest an undisclosed amount that will enable it to meet the need for additional coatings among light vehicle automotive original equipment manufacturers (OEMs) in India. The Savli facility will continue to manufacture coatings for Axalta’s refinish, automotive parts and commercial vehicle customers, it said. The fresh investments in India are in line with the company’s forecast to increase the contribution of the Asia-Pacific region to its revenues from 15% at present to up to 25% in the next five years. - See more at: http://www.autocarpro.in/news-national/axalta-coating-double-capacity-india-revenue-asia-pacific-2022-9467#sthash.KPmJd1Uj.dpuf

• Car maker Hyundai Motor India (HMI) is looking at gaining market share in taxi hailing segment, which is dominated by its rival Maruti Suzuki. "Operators like Uber, Ola and others are aggressively increasing its presence in the taxi hailing segment in India. We are looking at this segment to gain market share", HMI Executive Director Y J Ahn told reporters here today.(cartrade)

• Singapore-based private equity firm Everstone Capital has purchased a controlling stake of over 51 per cent in domestic auto components maker SJS Enterprises for an estimated Rs 350 crore, executives close to the development said.The money will be used to expand capacity.The PE firm, launched by former Goldman investment bankers Samir Sain and Atul Kapur, acquired 26 per cent stake owned by American specialty printing company Serigraph and another 25 per cent stake from the three owners of the Bengaluru-based auto components maker.(ETauto)

• Debt-ridden Amtek Auto has pledged an additional 4.37 per cent stake in its subsidiary Castex Technologies towards short-term borrowing needs.Taken together, more than 1.56 crore shares were pledged withAllahabad Bank and State Bank of Bikaner & Jaipur on September 21 and September 28, respectively, according to regulatory filings by Castex.(businesstoday)

• Indian Motorcycle has inaugurated a dealership in Mumbai. It is located in Jogeshwari (E) at Unit No. 4 & 5, Hubtown Viva on the Western Express Highway and run by Auto Hangar (India) Pvt. Ltd. The dealership will cater to the region of Western Maharashtra, including Pune.The showroom will showcase the entire range of Indian Motorcycle products, currently available in the Indian market.(team-bhp)

• As it faces stiff competition from erstwhile partner Honda, Munjals-run Hero MotoCorp is set to give an image makeover to its best-selling bike Splendor Pro (100cc ).The Splendor has been the mainstay of Hero's firm grip on the large-volume Indian motorcycle market and the model, with all its variants, accounts for sale of 25 lakh units annually.It was launched in 1994, and the flagship variant was re-named as 'Splendor Pro' in 2010.(ETauto)