The Anand Group, a key player in the Indian auto components space, has announced the passing away of its Founder and Chief Mentor Deep C Anand on 25 October 2024 at the age of 91. 
The final prayers were held on 27 October 2024 at the company head office in Hauz Khas, Delhi. 
Established in 1961 as a small enterprise, the Anand Group has grown to operate automotive component companies across India in strategic collaboration with some of the best global automobile suppliers. 
An alumnus of Bishop Cotton School in Shimla, Anand did his mechanical engineering from Chippenham College of Technology, UK. He began his stint in the auto sector as a plant manager in 1954 with Mahindra & Mahindra in Mumbai. 
His first enterprise Gabriel was established in collaboration with Maremount Corporation of USA at the age of 27. 
Starting with the manufacture of shock absorbers thus, Anand went to establish a model of successful partnerships with many other global tier 1 suppliers to expand his group’s involvement in the Indian auto sector. 
Present in the hospitality sector other than the auto sector, the Anand Group recorded a revenue of INR 23,320 million in FY2021-22 as a publicly listed company. 

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Tier 1 automotive supplier Tata AutoComp Systems has completed the acquisition of the assets of International Automotive Components Group Sweden (IAC Sweden), a European automotive component manufacturer specialising in interior and exterior systems. IAC Sweden has an annual turnover of approximately USD 800 million.

Under the Tata AutoComp Systems Group, the entity will operate as Artifex Systems.

This acquisition will strengthen Tata AutoComp’s presence in Europe and enhance its partnerships with key European OEMs across passenger and commercial vehicle segments. The integration combines design, engineering and system-level capabilities with manufacturing, precision painting and assembly expertise in the automotive space.

Arvind Goel, Vice-Chairman, Tata AutoComp Systems, said, “We are delighted to welcome IAC Sweden, now Artifex Systems AB, into the Tata AutoComp family. This transaction aligns with our long-term vision of strengthening our global presence and deepening our relationships with European OEMs. They have a rich legacy of delivering high-quality interior & exterior solutions, and together, we aim to build on that foundation. We have a well-defined plan to strengthen the Artifex brand by bringing together Artifex Systems AB, Artifex Slovakia, and Artifex Interior Systems under one cohesive and unified identity.”

Manoj Kolhatkar, MD & CEO, Tata AutoComp Systems, stated, “IAC Sweden, now Artifex Systems AB brings with it advanced manufacturing capabilities and a highly skilled workforce with deep expertise in automotive interior & exterior systems. Their strong commitment to quality complements Tata AutoComp’s focus on delivering value to global customers. We look forward to leveraging these strengths to enhance our competitiveness and expand our global footprint.”

Anders Ericson, Vice-President – Operations, Artifex Systems, said, "We are excited to begin this new chapter as part of the Tata AutoComp family, opening new opportunities for growth and collaboration. This marks a new phase of progress, bringing possibilities to strengthen our capabilities, expand our reach, and contribute to Tata AutoComp’s global vision."

Ambassador of India to Sweden, Anurag Bhushan, added, "I am pleased to see IAC Sweden, now Artifex Systems AB, becoming part of Tata AutoComp. I am confident that under Tata AutoComp, Artifex Systems will evolve and grow, driving economic growth in the region. This acquisition is also a reflection of the potentialities for collaboration between India and Sweden."

Jan Thesleff, Ambassador of Sweden to India, said, “The revitalisation of IAC Sweden (now Artifex Systems AB) by Tata AutoComp will ensure continuity for Swedish customers, safeguard employment, and strengthen manufacturing capability. We recognise the long-standing and strategic engagement of Tata AutoComp, a reputed company within the esteemed Tata Group, within Sweden’s industrial landscape. We welcome this development and value Tata AutoComp’s continued partnership in supporting the stability and growth of Sweden’s automotive ecosystem.”

Sven Ostberg, Consul General of Sweden in Mumbai, also added: “We are happy that IAC Sweden (now Artifex Systems AB) is now part of the Tata AutoComp Group. This development will help ensure the smooth functioning of the three plants, provide continued support for Swedish customers, and maintain continuity of employment, while further strengthening the resilience of Sweden’s automotive component ecosystem.”

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French tier 1 supplier Valeo has outlined its new financial trajectory, ‘Elevate 2028,’ focusing on financial strength and growth, with a specific emphasis on expanding market share in key geographies, including India.

The company sees India as a market undergoing a deep transformation, perfectly positioning Valeo to benefit from increasing demand for advanced features and the electrification of vehicles.

Valeo expects significant growth in its Indian market operations over the plan's duration. The company forecasts its sales in India will nearly triple from EUR 220 million in 2024 to approximately EUR 700 million in 2028.

Globally, the Elevate 2028 plan aims to steadily improve profit, generate higher cash, and return to sales growth. The plan is powered by three ‘engines’: steadily increasing profit from 2022, generating higher cash from 2025 and returning to sales growth from 2027.

Christophe Perillat, CEO, Valeo, said, “Since 2022, our Move Up plan has ensured that we are well positioned in terms of technology to succeed in the market and has laid the foundations for significant financial improvements, resulting in a steady improvement in Group profit and cash. As we embark on the next stage with our Elevate 2028 plan, we intend to capitalise on these achievements and to further improve our financial fundamentals. To do this, our plan will be powered by three engines. The first engine is a steady increase in profit. It started in 2022 and will carry on delivering. The second engine, generating higher levels of cash, has just been fired. 2025 represents a turning point in the evolution of our business model and confirms our ability to generate more cash. The third engine will be the return to growth. It will kick in in 2027, as our strong order book translates into sales."

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New Delhi-based EV powertrain startup Tsuyo Manufacturing has signed a Letter of Intent (LoI) with the Government of Karnataka to establish a new manufacturing plant and a large testing track for commercial vehicles in the state. The LoI was formalised at the Bengaluru Tech Summit 2025.

The new facility will focus on the design and production of heavy-duty EV powertrain systems for commercial and industrial applications. Key components to be developed and manufactured include: Electric Motors (across various topologies including IPMSM, ACIM, SRM, SynRM, and Axial Flux). E-Drives, E-Axles and Automatic Transmissions (AT), Integrated 2-in-1 and 3-in-1 Powertrain Solutions and Complete Powertrain Assemblies for heavy commercial EVs.

The facility will also include a dedicated Testing Track for the field testing and validation of buses, trucks, mining vehicles, and other heavy-duty EVs.

The plant's manufacturing capacity will range from 0.5 kW to 250 kW, with extended capability up to 600 kW through partnerships with CETL and LvKON.

The initiative is intended to strengthen India’s domestic manufacturing capabilities for high-performance EV powertrain systems, reducing reliance on imports. By producing motors, e-axles and integrated solutions, the facility will support the growth of India's commercial EV markets, including bus, truck and mining vehicles. The project is expected to create direct and indirect employment and boost industrial development in the state.

Vijay Kumar, Founder and CEO, Tsuyo Manufacturing, said, “This LoI marks a pivotal moment for Tsuyo and for the future of India’s EV ecosystem. Karnataka has always been at the forefront of innovation and advanced manufacturing, and we are proud to partner with the state to establish a facility that will redefine powertrain excellence for heavy commercial electric vehicles. With this investment, we aim to deliver world-class, reliable, and locally manufactured powertrain solutions that will power India’s transition to sustainable mobility.”

Priyank Kharge, Minister for Rural Development & Panchayat Raj, IT & Biotechnology, Government of Karnataka, said, “We are delighted that Tsuyo Manufacturing has decided to expand its Operations in Dharwad, Karnataka. Their decision reinforces our commitment to building a strong, local economy through LEAP (Local Economy Accelerator Program). This project will help building a sustainable ecosystem in the state and will attract more EV companies to come to our state - which is known for its Industry friendly policies and a dynamic EV ecosystem. This investment will not only create high-quality jobs in North Karnataka but also accelerate innovation and green mobility solutions for Karnataka and beyond.”

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India’s automotive industry, which contributes 7.1 percent to the country’s GDP, is set for a transformation driven by regulatory changes, including GST 2.0 reforms, customs duty adjustments and the Indo–Japan Free Trade Agreement (CEPA) said a whitepaper by Grant Thornton Bharat and the Indo–Japan Chamber of Commerce and Industry (IJCCI). It highlights how these factors are reshaping the competitiveness of the USD 74 billion auto component sector.

The rollout of GST 2.0 in September 2025 has streamlined tax structures, boosting consumer demand across vehicle segments.

• Tax Rate Changes: Small cars and motorcycles under 350cc now face an 18 percent GST (down from 28 percent plus cess), leading to price reductions. Premium vehicles, including SUVs and high-end motorcycles, now have a flat 40 percent GST.
• EV Support: Electric vehicles (EVs) continue to benefit from a 5 percent GST rate.
• Consumer Response: Following the rate adjustments, the small car segment recorded a surge in vehicle deliveries, with booking volumes rising by nearly 50 percent.
• Supply Chain Incentives: Union Budget 2025 announced customs duty exemptions on lithium-ion battery scrap and critical minerals like lead and copper to secure raw materials and support the EV sector.

Sohrab Bararia, Partner, India Investment Advisory, Grant Thornton Bharat, said, “The convergence of GST 2.0 and targeted customs incentives marks a defining moment for India’s automotive sector. Reduced tax rates, simplified compliance, and supply-chain-focused exemptions will not only elevate India’s cost competitiveness but also strengthen its positioning as a manufacturing and export hub for Japanese automakers.”

The partnership between India and Japan, supported by USD 43.3 billion in Japanese investments, is deepening through trade agreements and skill development initiatives.

• Trade Agreements: The India–Japan CEPA and the India–Japan Digital Partnership (IJDP) are fostering innovation in EVs, connected vehicles and AI-led manufacturing.
• Skill Development: Initiatives like the Japan-India Institute for Manufacturing (JIM) are training over 30,000 Indian engineers to Japanese manufacturing standards.
• Exports: Car exports from India to Japan reached USD 616.45 million in the first nine months of FY2025.

Suguna Ramamoorthy, Secretary General Indo-Japan Chamber of Commerce and Industry, said, “There is significant partnership between India and Japan in the automotive sector, particularly in the realms of hybrid and electric vehicles, and high-precision components. The Free Trade Agreement (FTA) serves as a crucial catalyst for collaboration, joint research and development, and knowledge transfer, further supported by the India-Japan Industrial Competitiveness Partnership (IJICP). Recent initiatives have greatly advanced our automotive collaboration, especially in clean mobility and advanced manufacturing. The implementation of the GST 2.0 reform stands as a boon to Prime Minister Narendra Modi’s Atmanirbhar Bharat programme, fostering an environment conducive to growth.”

The sustained policy alignment under GST 2.0, customs reforms and deeper utilisation of the Indo–Japan FTA are expected to drive competitiveness and technology transfer, accelerating India’s journey toward an innovation-led automotive future.

Image for representational purpose only: Credit Mike van Schoonderwalt/Pexels

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