Recording a consolidated revenue for the first quarter of FY2024-25 at INR 41.06 million as compared to INR 38.77 million in the corresponding period last fiscal, marking an increase of 5.9 percent, Bharat Forge experienced substantial contribution from defense sector and the oil and gas sector. 

In its BSE filing, the group has mentioned that its Ebitda grew by 22.8 per cent Y-o-Y to Rs 760 crore in Q1FY25. Recording a 10 percent (year-on-year) rise in revenue from operations on a standalone basis, the group recorded a profit-after-tax (PAT) of INR 26,94 million in Q1 FY2024-25 as compared to 31,14 million in the corresponding period last fiscal, an increase of 13.5 percent. 

Securing new orders worth Rs 9.8 million across the defense, ferrous and aluminum castings and core forging business segments, Bharat Forge’s defense business posted revenue of INR 6,42 million in Q1 FY2024-25, a year-on-year increase of 147 per cent. 

The group won orders worth INR 7,75 million. Its executable order book as of June 30 was for INR  54 billion. It consisted of orders such as artillery guns, vehicles and consumables. 

One of the leading forging companies in India and a global provider of high-performance, innovative, safety and critical components to sectors like automotive, railways, defense, construction and mining, aerospace, marine and oil and gas, Bharat Forge reported that its wholly owned subsidiary Kalyani Powertrain limited (KPTL) holds 64.29 percent equity shares of Tork Motors Pvt Ltd (TMPL) which is engaged in manufacturing electric bikes. It is part of a separate cash generating unit (CGU) as defined by Ind AS 36.

In light of recent developments in two-wheeler EV market and its adverse impact on TMPL operations, a provision for impairment of INR 1,517 million has been considered in consolidated financial statements of the company. Consequently, the Company has recorded provision for impairment of INR 1,456 million for investment in KPTL in the standalone financial statements for the period ended June 30, 2024. 

The group announced in its filing a fair value adjustment (loss) for investment In Tevva Motors Limited of INR 2,794 million (Standalone financial results) and INR 2,936 million (Consolidated financial results) through other comprehensive income for quarter and year ended 31 March 2024.

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Renault India has entered a partnership with the Indian Institute of Technology (IIT) Kanpur to conduct vehicle research and development. The collaboration will see Renault India use the National Wind Tunnel Facility (NWTF) at the institute for aerodynamic and wind-noise testing of its vehicles.

The NWTF is equipped with a test section measuring 3.0 m x 2.25 m, capable of speeds between 80 kmph and 280 kmph. It is currently being upgraded to support speeds above 400 kmph.

Dr. Vikraman V, Chief of Engineering, Renault Group India, said, "This partnership marks an important step in strengthening Renault's engineering capabilities in India. By collaborating with IIT Kanpur and leveraging the National Wind Tunnel Facility, we are bringing together world-class research infrastructure and Renault's global engineering expertise to develop futuREady vehicles. This collaboration also reflects India's growing importance within Renault's global innovation and engineering ecosystem."

Prof. Dr. Alakesh Chandra Mandal, Department of Aerospace Engineering & Co-Ordinator, NWTF, said, "We are pleased to partner with Renault India in advancing automotive research and development. This collaboration highlights the versatility of the National Wind Tunnel Facility and represents an important opportunity to extend our expertise beyond aerospace applications to support innovation in the automotive sector."

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Sun Mobility has introduced a modular multi-battery swappable solution for heavy electric vehicles, showcased on the Tata Starbus 12m EV platform at the Prawaas 5.0 exhibition in Gandhinagar.

The system aims to address barriers to fleet electrification, such as charging downtime and upfront vehicle costs. It enables the simultaneous swapping of two batteries in under five minutes. The architecture supports 50 kWh and 100 kWh configurations and is compatible with vehicles ranging from 3T to 55T gross vehicle weight. Through a Battery-as-a-Service (BaaS) model, operators pay for energy consumption rather than purchasing the battery pack.

Chetan Maini, Co-Founder and Chairman, Sun Mobility, said, "When we founded Sun Mobility, our vision was to make electric mobility as convenient, scalable, and economically viable as conventional transport by reimagining energy infrastructure. The unveiling of the world's first Modular Multi-Battery Swappable Solution demonstrated with Tata Starbus EV at Prawaas 5.0 marks a defining milestone in that journey. We believe the modular multi-battery swapping solution has the potential to unlock large-scale electrification across the commercial vehicle ecosystem by delivering a cost-effective and operationally efficient energy solution for diverse applications. As India accelerates its transition to clean mobility, technologies designed and built here can not only transform commercial transportation at home but also position India as a global leader in next-generation electric mobility solutions."

Ashok Agarwal, CEO, Sun Mobility HEV, added, “The next phase of electrification will not be defined solely by vehicles, but by the energy ecosystems that power them. Our showcase of World’s first Modular Multi-Battery Swappable Solution on the Tata Starbus EV platform demonstrates how one battery swapping platform can serve staff, city transit, and intercity fleets alike, without compromising on affordability or operational reliability. We see this as a real step towards mass adoption of EVs in commercial transportation.”

The system operates on an intelligent network that tracks battery health, location and energy usage. It also utilises a digital twin platform to support predictive maintenance and fault diagnosis. The technology is developed in-house and is intended to be OEM-agnostic, supporting bus and truck segments from 7 to 13.5 metres and 3T to 55T gross vehicle weight.

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LICO Materials and Ather Energy have announced a partnership to establish a system for the collection and recycling of lithium-ion batteries.

Under this agreement, end-of-life batteries from Ather’s electric two-wheelers will be processed at LICO Materials' facility in Karnataka. The recovered materials will then be reintroduced into the battery supply chain for use by cell manufacturers and vehicle producers.

The initiative aims to address the recovery of materials including lithium, nickel, cobalt, graphite and copper. LICO Materials states that its facility can achieve recovery rates of up to 95 percent.

Gaurav Dolwani, CEO, LICO Materials, said, "India is building one of the world's largest EV fleets and it is doing without domestic reserves of the minerals that power it. That is a structural vulnerability, and battery circularity is the only answer. This partnership means those batteries can be recycled and recovered minerals can be fed into the battery supply chain. We believe this is how India can reduce its dependence on imported critical materials.”

This collaboration aligns with the Battery Waste Management Rules 2022, which require extended producer responsibility within the electric vehicle industry. By recycling battery materials, the companies intend to reduce reliance on imported minerals and support India’s commitment to reach net zero emissions by 2070.

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Bengaluru-based deeptech start-up Vimag Labs has been granted a patent in India for its Virtual Magnet Synchronous Motor (VMSM) platform titled ‘A Robust Rotating Transformer Excited Synchronous Motor and Its Control’, which protects the architecture of the motor that does not require magnets.

The VMSM platform uses power electronics and algorithms to control its magnetic field. Vimag Labs claims that the motor functions without the rare-earth magnets typically found in permanent magnet motors. This is the 5^th patent granted to the company, which also has ten patents pending and 15 trademarks filed.

The company is conducting pilot programmes with manufacturers of two-wheelers and passenger cars. Future expansion plans include light commercial vehicles, commercial vehicles and industrial systems.

Manish Seth, Co-Founder and CEO, Vimag Labs, said, “This patent is the outcome of over 87,600 engineering hours. It strengthens every dimension of our commercial roadmap- OEM partnerships, licensing, manufacturing scale-up, and future growth. Our long-term vision is to build scalable, software-driven, magnet-free motor systems for global electrification. This innovation strengthens India’s deep-tech base across electric mobility, power electronics, robotics, defence, and clean-energy systems.”

Vimag Labs recently raised USD 5 million in a Series A funding round led by Accel, with participation from Chakra Growth Fund and Thinkuvate. The company has also signed a manufacturing memorandum of understanding with Jendamark.

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