Hyundai Motor India

July 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JUNE TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,88,144 UNITS

• SIAM - INDIA'S JUNE 2-WHEELER SALES 18,51,400 UNITS

• SIAM - INDIA'S JUNE 3-WHEELER SALES 77,951 UNITS

• SIAM - OVERALL CONSUMER SENTIMENT AND DEMAND REMAIN STEADY AT PRESENT

• SIAM: INDUSTRY CONTINUES TO CLOSELY MONITOR GEOPOLITICAL DEVELOPMENTS AND PROGRESS OF MONSOON

Further company coverage: ASOK.NS

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Rewrites throughout with comments from president of auto dealers' body

By Kashish Tandon

July 6 (Reuters) - India's appetite for electric, hybrid and compressed natural gas vehicles accelerated after the Iran war triggered fuel price hikes, the president of the country's auto dealers' body said, with such models reaching a record share of passenger vehicle sales in June.

Alternative-fuel vehicles accounted for 40.35% of PV retail sales in June, up from about 38% a month earlier, as consumers increasingly sought cheaper running costs after petrol and diesel prices were raised several times in May.

"We need to watch whether this is an emotional knee-jerk reaction from customers or whether this growth is here to stay," C.S. Vigneshwar, president of the Federation of Automobile Dealers Associations (FADA), told Reuters on Monday.

Overall vehicle sales rose 21.8% to a record 2.6 million units, with PV sales rising 28.6% year-on-year to 410,853 units.

Among PVs, CNG models accounted for 24.3% of total sales, while hybrids made up 8.3% and electric vehicles 7.8%.

Industry leader Maruti Suzuki MRTI.NS said last month that bookings for its CNG cars jumped 40% since the fuel price hikes.

The share of electric vehicles among overall two-wheeler sales rose to 10.6%, hitting the double-digit mark for the first time, according to FADA.

While the worst of the crude shock and supply chain disruptions from the Iran war seemed to be over, a return to complete normalcy could still take "a few quarters" and may involve some cost implications, said Vigneshwar.

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Janane Venkatraman)

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By Dhwani Pandya

MUMBAI, July 4 (Reuters) - Indian government and auto industry officials on Saturday defended the mandatory rollout of petrol blended with 20% ethanol, saying years of testing and service data showed no evidence of widespread vehicle damage, despite public concerns over lower fuel efficiency and engine safety.

The fuel, known as E20, has faced rising criticism on social media in recent days, with motorists questioning whether older vehicles designed for lower ethanol blends could suffer corrosion, wear or reduced performance.

Automakers including Maruti Suzuki MRTI.NS, Hero MotorCorp HROM.NS and Toyota Kirloskar Motor said even older vehicles can run safely on E20. Maruti Suzuki, India's largest carmaker, said it had serviced more than 15 million older cars over the past two years that were not certified for E20 and found no fuel-related problems.

"As a manufacturer, we have tested E10 cars which were prevalent before 2023 on E20 fuel for all parameters and we have not found anything of concern," Rahul Bharti, Maruti Suzuki's senior executive officer for corporate affairs, said at a joint press conference with government officials.

Industry officials acknowledged a minor trade-off: E20 reduces fuel efficiency by about 3-3.5% because of its lower energy content. However, they said the fuel's higher octane rating can help carmakers design future engines with higher compression ratios, which could improve performance, torque, drivability and even fuel efficiency.

Officials also rejected viral claims that E20 had caused engine failures, saying at least one widely shared case was linked to contaminated fuel rather than standard E20.

They added that E20 is the highest ethanol blend currently tested for regular petrol vehicles and said any move to higher blends would need fresh trials.

(Reporting by Dhwani Pandya. Editing by Mark Potter)

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July 1 (Reuters) - Hyundai Motor Co 005380.KS:

• HYUNDAI MOTOR INDIA LTD - ACHIEVES TOTAL MONTHLY SALES OF 51,335 UNITS IN JUNE 2026

• HYUNDAI MOTOR INDIA LTD - PRODUCTION OPERATIONS HAVE RETURNED TO NORMAL ACROSS FACILITIES SINCE JUNE 22

• HYUNDAI MOTOR INDIA LTD - EXPECT TO RECOVER LOSS IN JUNE PRODUCTION VOLUME WITHIN Q2 OF FY26- 27

Source text: [ID:]

Further company coverage: 005380.KS

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By Aditi Shah

NEW DELHI, June 29 (Reuters) - India's capital New Delhi will offer a cash incentive of over$1,000 to car owners willing to scrap their old vehicle for an EV, according to a new policy finalised by the government on Monday in a move aimed at reducing high levels of air pollution.

New Delhi is one of the world's most polluted cities with air quality worsening in the winters when dense, stagnant air traps emissions from crops burning in neighbouring states, vehicle exhaust and construction dust.

Here are some details:

• The local government in New Delhi finalises new electric vehicle policy with an outlay of 150 billion rupees ($1.59 billion) over four years to incentivise buyers of electric two-wheelers, cars and small trucks, as well as setting up EV chargers.

• To offer $1,060 as scrapping incentive to those who trade in cars bought before April 1, 2020 for an EV.

• Those buying a battery EV priced at up to 3 million rupees will be exempt from paying road tax and registration fees, which typically amount to 4%-10% of the car's price.

• Buyers of electric scooters and motorbikes will get a cash incentive of 30,000 rupees in the policy's first year, reducing to 10,000 rupees by year three.

• Delhi government will only register electric two-wheelers from April 1, 2028, forcing buyers to move away from gasoline and other powertrains.

• Will also incentivise setting up 32,000 EV charging points across Delhi.

• Hybrid vehicles have not been included in the policy which is expected to come into effect from July 1.

• Policy will provide a big boost to EV players like Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS as well as electric two-wheeler makers TVS Motor TVSM.NS, Bajaj Auto BAJA.NS and Ather Energy.

(Reporting by Aditi Shah; Editing by Susan Fenton)

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Adds details throughout on Jio Platforms

MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.

Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.

Here are the five largest Indian IPOs to date:

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.

The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.

LIFE INSURANCE CORPORATION OF INDIA

The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.

The shares slid nearly 8% on their debut.

PAYTM

Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.

TATA CAPITAL

The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.

LG ELECTRONICS INDIA

South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.

The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.

LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.

($1 = 94.3800 Indian rupees)

(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)

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Adds details of price hikes paragraph 2 onwards

June 18 (Reuters) - India's Tata Motors TATM.NS said on Thursday it would increase prices across its commercial vehicle range by up to 2.5%, effective July 1, its second hike in three months as automakers grapple with rising costs from the Middle East war.

The hike is aimed at partially offsetting the impact of rising commodity prices and other input costs, the demerged commercial vehicle arm of the Tata group said.

It had raised prices of its commercial vehicles by up to 1.5% from April 1, also citing higher input costs.

Automakers in India have raised prices in recent months as they seek to cushion the impact of higher raw material costs, including steel and other commodities, amid war-linked cost pressures.

Last week, Tata Motors Passenger Vehicles TAMO.NS said it would raise prices of its cars and SUVs, including electric vehicles, by up to 1.5% from July 1, its second hike in four months.

Rival automaker Maruti Suzuki MRTI.NS raised vehicle prices by up to 30,000 rupees ($314.42) from June, while Hyundai Motor India HYUN.NS also increased prices from June 1.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

June 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S MAY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,38,854 UNITS

• SIAM - INDIA'S MAY 3-WHEELER SALES 70,720 UNITS

• SIAM - INDIA'S MAY 2-WHEELER SALES 19,02,209 UNITS

• SIAM - LOWER BASE EFFECT OF PREVIOUS MAY, DEMAND CREATED DUE TO REDUCED GST RATES GETTING REFLECTED IN HIGHER OFF-TAKE THIS MONTH

Further company coverage: ASOK.NS

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Adds sector details paragraph 2 onwards

June 12 - India's Tata Motors Passenger Vehicles TAMO.NS will raise prices of its cars and SUVs, including electric vehicles, by up to 1.5% from July 1, the carmaker said on Friday, its second price hike in four months as cost pressures from the Middle East conflict bite.

The company increased prices for its internal combustion engine portfolio from April 1.

The Sierra brand maker said the price increase was aimed at partially offsetting rising input costs and sustained inflationary pressures and that the extent of the increase will vary across models and variants.

Earlier this year, rival automaker Maruti Suzuki said it would raise vehicle prices by up to 30,000 rupees ($314.42) from June, while Hyundai Motor India HYUN.NS increased prices from June 1.

Commercial vehicle maker Tata Motors TATM.NS raised prices of its commercial vehicles by up to 1.5% from April 1, citing higher input costs.

($1 = 95.4125 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Harikrishnan Nair)

(([email protected]))

Adds details of production paragraph 2 onwards

June 10 (Reuters) - Hyundai Motor India HYUN.NS said on Wednesday that one of its plants in the southern Indian city of Chennai is expected to resume normal production by June 22 after a fire at supplier Mobis India's facility last week led to disruptions.

The Creta SUV maker said it would regain "production pace" by June 15 at the plant, and that operations at a plant in Pune in western India and another one in Chennai remained largely unaffected.

The Mobis facility supplies audio components and few other automotive parts to Hyundai India.

Hyundai India expects that most production losses due to the incident would be recovered within the next quarter and does not expect any significant impact on its retail sales in June, given adequate inventory across its network.

(Reporting by Urvi Dugar and Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala)

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June 8 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA AUTODEALERS BODY FADA: MAY OVERALL AUTO RETAIL SALES ROSE 9.55% Y/Y

• INDIA’S FADA:MAY PASSENGER VEHICLE RETAIL SALES ROSE 23.25% Y/Y

• INDIA’S FADA:MAY COMMERICAL VEHICLE RETAIL SALES ROSE 5.29% Y/Y

• INDIA’S FADA: MAY TWO-WHEELERS RETAIL SALES ROSE 7.54% Y/Y

Source text: [ID:]

Further company coverage: ASOK.NS

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By Vibhuti Sharma

MUMBAI, June 4 (Reuters) - India's red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it's about sending billions of dollars back to headquarters.

Just one of six foreign-based companies that listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings - or offer for sale (OFS), where existing shareholders sell their holdings to the public without raising any new funds, according to data from Prime Database, an Indian market research firm.

Foreign-based parents of companies that have long invested in India pocketed nearly $5 billion through such secondary-offering IPOs, with Hyundai Motor 005380.KS and LG Electronics 066570.KS accounting for more than 80% of those payouts, the data showed. Simply put, for each dollar raised in these IPOs taken together, more than $59 went out.

And the trend is continuing: the planned $1 billion IPO of Walmart's WMT.O Indian payments arm and Modern Times Group's MTGb.ST $335 million IPO of its local gaming unit will both take the OFS route.

This week, Coca-Cola KO.N said the planned listing of its Indian bottler will have the American firm sell a portion of its stake. Banking sources said Carlsberg's CARLb.CO planned Indian IPO will also have no new funds raised - it will also be an OFS.

The trend, which bankers and economists say is a result of sky-high stock valuations in India in recent years, shows that the prospect of a lucrative partial exit from Indian investments has become more attractive to many foreign companies than raising new funds to expand.

Global companies are pursuing "India listings as this provides them liquidity as well as a positive impact on the market cap for their parent," said Prashant Gupta, a partner at law firm Shardul Amarchand, which advised both Hyundai and LG on their OFS-structured IPOs.

Modern Times declined to comment, while Carlsberg said it is "exploring different options for increasing shareholder value which may potentially include an" Indian IPO.

Walmart's Indian unit, PhonePe, Hyundai, LG and other companies did not respond to Reuters requests for comment.

RUPEE WOES

The OFS trend comes at a troubling time for the Indian rupee, which has fallen 13% against the U.S. dollar since 2024 and 6% so far this year. That has raised concerns that the IPO-linked repatriations are compounding already heavy foreign capital outflows.

In January, MUFG Bank wrote that its analysis "shows one important contributor to Indian rupee weakness has been the strong IPO market in India."

So far this year, foreign portfolio investors have sold more than $23 billion of their holdings, surpassing 2025's record outflows of $18.9 billion.

IPO-linked capital outflows are "exerting a steady, though not abrupt, depreciation bias on the rupee," said Tanay Dalal, a senior vice president of business and economics research at Axis Bank.

Government officials and regulators have not indicated that they would try to curb the OFS trend, though India's Chief Economic Advisor V Anantha Nageswaran warned in November that IPOs had "increasingly become exit vehicles for early investors rather than mechanisms for raising long-term capital."

"This undermines the spirit of public markets," he said. He did not respond to Reuters queries.

THE VALUATIONS GAME

India was the world's second-largest IPO market in 2025 after the U.S., with 367 listings raising $21.8 billion, according to LSEG data. Its markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran.

Still, a record $26 billion worth of IPOs are awaiting approvals, according to regulatory data.

The appeal for using the OFS route is rooted in valuations.

Indian-listed units of foreign firms have consistently traded at multiples that dwarf their parents. Add to that a growing group of domestic investors that has resulted in high valuations in India over the past two years, making local listings attractive, lawyers and bankers said.

At least six foreign companies that listed their Indian units in recent years trade at a significant premium to their overseas parents, according to LSEG data.

Nestle India, which listed in 1969, has a price-to-earnings ratio - a measure of stock valuations relative to profit - of nearly 77 times, versus 22 times for Swiss parent Nestle NESN.S. LG Electronics India LGEL.NS, which listed last year, trades at nearly 59 times versus 44 times for its South Korean parent, LG Electronics 066570.KS.

On the day Hyundai 005380.KS listed its Indian unit in 2024, it was valued at about $18 billion, roughly 40% of its parent's market capitalisation.

"What's driving this is smart capital allocation - asset owners capitalizing on cross-market valuation arbitrage," said Abhishek Gang, a director at U.S.-based investment bank Houlihan Lokey.

Since 2024, the IPOs of the Indian units of Italian transmission systems maker Carraro CARD.NS, Norwegian consumer goods group Orkla ORKL.NS, and American auto parts maker Tenneco Clean Air TENN.NS all had OFS structures.

Only one - Britain-based Bupa's India unit, Niva Bupa Health Insurance NIVA.NS - structured its local IPO as a mix of fresh fundraising of $84 million and a larger $146 million OFS component.

"The final structure balanced the company's capital requirements with shareholder objectives, with the fresh capital supporting growth plans and the OFS providing partial liquidity to existing investors," Niva Bupa said in a statement to Reuters.

(Reporting by Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Thomas Derpinghaus)

(([email protected];))

Rewrites with detail from carmakers, adds comment from Maruti Suzuki executive

By Surbhi Misra

BENGALURU, June 1 (Reuters) - India's top carmakers reported higher sales in May, with market leader Maruti Suzuki MRTI.NS saying bookings for its compressed natural gas vehicles jumped 40% after fuel prices rose due to the energy shock from the Iran war.

India raised petrol and diesel prices at least four times during May to offset losses from soaring crude oil costs linked to the Iran conflict, adding to automakers' woes as they also grapple with higher raw material costs, supply-chain disruptions and labour issues.

Automakers across the board reported higher domestic sales on Monday, with SUV maker Mahindra & Mahindra MAHM.NS reporting an 11% year-over-year rise, Hyundai Motor India HYUN.NS a 9.1% increase and Tata Motors Passenger Vehicles TAMO.NS a 42% jump.

To cope with rising costs, Maruti, Mahindra, Tata and Hyundai have already raised prices from June.

Partho Banerjee, Maruti Suzuki India's senior executive officer for marketing and sales, said that Maruti had "no choice" but to pass on higher costs to customers, adding that the firm would monitor the war before deciding further price hikes.

LURE OF ALTERNATIVE FUELS

As result, CNG vehicle bookings jumped since the price hikes, as they offer "significantly lower running costs than petrol-powered vehicles," Banerjee told reporters.

For May, Maruti reported a record high monthly sale of about 78,000 CNG vehicles while its overall vehicle exports rose 34% in May, despite a slowdown in shipments to the Middle East.

Hyundai Motor India's exports fell 10.4% from a year earlier.

(Reporting by Surbhi Misra and Nishit Navin, writing by Chandini Monnappa; Editing by Mrigank Dhaniwala)

(([email protected] | X: https://twitter.com/SurbhiMisra_))

May 27 (Reuters) - Hyundai Motor Co 005380.KS:

• HYUNDAI MOTOR INDIA LTD - INTIMATION REGARDING PRICE INCREASE

• HYUNDAI MOTOR INDIA LTD - EXTENT OF PRICE INCREASE IS UP TO A MAXIMUM OF 12,800 RUPEES AND IT WILL VARY DEPENDING ON THE MODEL AND VARIANT

• HYUNDAI MOTOR INDIA LTD - PRICE INCREASE HAS BEEN NECESSITATED DUE TO RISING INPUT COSTS, INCREASED COMMODITY PRICES

Further company coverage: 005380.KS

(([email protected];))

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:]

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.

(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur and Sonali Paul)

(([email protected];))

Rewrites throughout with company's comments from earnings call

By Kashish Tandon

May 8 (Reuters) - Hyundai Motor India HYUN.NS said on Friday that it expects domestic sales to grow 8-10% in the current fiscal and plans to invest $794 million to double capacity at its Maharashtra plant, as the carmaker rides a demand boost following tax cuts.

Vehicle sales in India have picked up since New Delhi lowered consumption taxes last September, lifting showroom footfalls.

Last month, however, the company said it would increase prices of its vehicles by up to 1% from May to combat rising commodity costs linked to the Iran war, joining domestic leader Maruti Suzuki MRTI.NS and global peers such as Mercedes-Benz MBGn.DE and BMW BMWG.DE.

The Creta SUV maker said it plans to double capacity at its Talegaon plant, near Pune city, to 320,000 units by the end of fiscal year 2027 and will also launch two new models, including a new electric SUV.

The market environment shifted meaningfully in the second half of fiscal 2026 following the government's tax overhaul, CEO Tarun Garg said in a post-earnings call.

For fiscal 2026, domestic sales were down 2.3%, underscoring the subdued demand that carmakers were seeing before the tax cuts took effect.

India cut levies on small cars and vehicles measuring less than four meters to 18% from 28%, lowering prices and lifting demand for price-sensitive models.

Exports have remained a bright spot for Hyundai, with fiscal 2026 exports rising 16.4%.

The Indian unit of South Korea's Hyundai Motor 005380.KS reported consolidated profit of 12.56 billion rupees for the fourth quarter, down from 16.14 billion a year earlier, but above analysts' estimate of 12.37 billion rupees, according to data compiled by LSEG.

Revenue rose 5.4% to 189.16 billion rupees.

($1 = 94.4800 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Sonia Cheema)

(([email protected]; 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)

(([email protected]; 8800437922;))

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)

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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.

(Reporting by Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)

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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

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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)

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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

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April 1 (Reuters) - Hyundai Motor Co 005380.KS:

• HYUNDAI MOTOR INDIA LTD- ACHIEVED TOTAL Q4 SALES OF 2,08,275 UNITS IN JANUARY TO MARCH 2026 PERIOD, REPORTING YOY GROWTH OF 8.7%

• HYUNDAI MOTOR INDIA LTD - MARCH EXPORTS 13,940 UNITS; DOMESTIC SALES 55,064 UNITS

Source text: ID:nnAZN4SOGQJ

Further company coverage: 005380.KS

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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)

(([email protected]; +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)

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** 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)

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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.

(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur)

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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)

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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)

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