In order to achieve that, the automotive sector would need to grow at an average nominal rate of 11 percent in topline revenue in dollar terms, according to Goenka.
The former MD of Mahindra & Mahindra feels the Centre's new EV policy will accelerate the adoption of electric PVs in India, where the country lags behind the global average
The Indian National Space Promotion and Authorisation Centre, mandated to facilitate the process of Transfer of Technology (TOT), has issued a call for expression of interest (EoI) for the transfer of SSLV or Small Satellite Launch Vehicle (SSLV).
Goenka's appointment at the helm of the space agency was reportedly cleared by the Appointments Committee of the Cabinet earlier this week.
Goenka’s appointment at the Bengaluru-based company is part of the five changes seen at Bosch’s board on May 20
I believe that a leader must work for a superordinate goal, that becomes the reason to come to work every day and aligns and inspires the team, says Dr. Pawan Goenka
Pawan Goenka, the current MD and CEO of Mahindra Group, would retire on April 2, after a 27-year stint with the company.
The vast majority of actions needed to remove the drawbacks of the Indian system, which take away from the ease of doing business, require Centre-state cooperation
Goenka said M&M is keen on becoming a significant player in the EV space with Mahindra Electric on one side and its Italy-based arm Automobili Pininfarina (APF) with its high-end models on the other end.
The auto industry leader, while speaking at a covocation ceremony of a post graduate institute here, said that businesses that will redefine themselves will be the ones to survive the current scenario.
While participating in the BNEF summit here, Goenka said the government is now for the first time making serious efforts to see that the manufacturing sector grows in the country.
Several family-controlled businesses have heavy promoter holding.
The board has approved the transition of Anand Mahindra's role from chairman to non-executive chairman
Current funding will take care of SsangYong’s capital expenditure needs for the next three-to-four years
Some of the models that will likely face the axe are Verito, Vibe, Xylo and Nuvosport
Mahindra & Mahindra managing director Pawan Goenka expects electric vehicles to drum up about 3,000 units in monthly volumes by FY19. M&M will also participate in tenders for electric buses; electric 3-wheelers will be key to the segment's growth, says Goenka.
CNBC-TV18’s Anshu Sharma caught up with Mahindra and Mahindra’s (M&M) Pawan Goenka and asked him about what he makes of Tata Sons Chairman N Chandrasekaran's comments in an exclusive chat with CNBC-TV18 that Tata Motors will make profit of 10 lakhs per unit for the e-vehicle tender that they recently won from ESSL and if the company was looking to reduce cost.
Goenka declined to reveal the financial impact the company was willing to take. However, he mentioned that the M&M car was more powerful and bigger than the Tata Motors car.
In terms of ratio of his remuneration to that of the median remuneration of employees, it was 108.27, the report added.
Mahindra & Mahindra Managing Director Pawan Goenka during his meeting with the chief minister said that his group was keenly interested in promoting electric vehicles in Punjab. He suggested a scheme to bring in electric taxis to propagate green energy and generate employment in the state.
Tech Mahindra will also double its local hiring in the country. IT major Tech Mahindra plans to hire around 2,200 people in the US this year, same as last year.
However, with the GST Council firm on high tax rate for hybrid vehicles, auto companies which had big plans for this category will have to rethink their strategy, he added.
Total inventory for M&M was worth around Rs 3,000 crore before the verdict and the company has been able to remove half of it at around a 15 percent discount, Pawan Goenka said.
The home-grown auto major, however, has not ruled out an electric SUV and may bring out a model in the next 3-4 years based on group firm Pininfarina's design inputs.
In an interaction with PTI, he said if all of the drop in automobile and tractor sales in November and December were to be attributed to junking of 500 and 1,000 rupee notes and not any other seasonal factor, the loss to the industry may be of the order of Rs 8,000 crore or 10 per cent of total revenue.