Business briefs

Tyre maker Ceat Ltd on Thursday announced its plan to foray into auto components sector with the incorporation of a wholly-owned arm.Ceat Auto Components Ltd, a wholly-owned subsidiary, was incorporated on April 20, 2022, the company said in a regulatory filing.The arm will carry out the business of manufacturing, selling, marketing, exporting, importing of auto components for all categories of vehicles and any other mode of transportation, it added.Ceat said it has subscribed to Ceat Auto Components Ltds initial capital of Rs 1 lakh at a face value of Rs 10 each in cash consideration.

Tyre maker Ceat Ltd on Thursday announced its plan to foray into auto components sector with the incorporation of a wholly-owned arm.

Ceat Auto Components Ltd, a wholly-owned subsidiary, was incorporated on April 20, 2022, the company said in a regulatory filing.

The arm will ''carry out the business of manufacturing, selling, marketing, exporting, importing of auto components for all categories of vehicles and any other mode of transportation'', it added.

Ceat said it has subscribed to Ceat Auto Components Ltd's initial capital of Rs 1 lakh at a face value of Rs 10 each in cash consideration. The authorised capital of the subsidiary is Rs 1 crore. *** One Moto India aims to expand its workforce with 100 new people * Two-wheeler maker One Moto India on Thursday said it aims to have a workforce of 100 people by the end of this fiscal. Currently the company has 35 employees.

The hiring will take place across fresher, mid-level and senior-levels. The purpose is to strengthen departments, including technical, sales, and administration. It is also eyeing certain additions in the leadership level, according to a statement.

''Since we forayed in India, we have been focusing on introducing the product and USP. Now, it is time for the brand to take a step ahead and look at the expansion in terms of presence, product, technology,'' Muzammil Riyaz, Promoter and Founder at One Moto India said.

*** CoverStack partners with used car retailer Spinny * CoverStack, a digital B2B platform for insurance buying and servicing, has announced a strategic partnership with used car retailing platform Spinny.

The partnership will equip Spinny's portal with cutting-edge insurance buying technology of CoverStack, allowing them to access insurance services for the used cars at the time of sale, CoverStack said.

Coverstack, through its API integrations, will enable Spinny to provide seamless and effective insurance services, speeding up their used car selling process.

This will act as a one-stop solution providing them with a single platform where they can initiate an inspection, compare quotes between insurers as well as book a policy, it added. *** DPIIT organises mega buyer-seller meet in J&K * To promote sustainable trade and create market linkages, a mega buyer-seller meet was organised on Thursday at Jammu and Kashmir under One District One Product initiative of the Department for Promotion of Industry and Internal Trade (DPIIT). Sellers, traders, farmers, and aggregators from various districts of Jammu and Kashmir showcased their products that are unique to the Valley, including saffron, Himalayan white acacia honey, red shiny kidney beans, freshly grown organic vegetables and more, DPIIT said in a statement.

The meet provided a platform where different government departments and institutions came together to boost the trade of selected products.

''Focused trade discussions were facilitated between the buyers and sellers which resulted in signing of Letters of Intent (LoI) for 4 products amounting to Rs 1.2 crore,'' it said.

*** DPIIT conducts investors' roundtable in national capital * The Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday said it has conducted an investors' roundtable in the national capital on Wednesday.

The meeting focussed on showcasing the opportunities in India and engaging with them to handhold their India entry/expansion plans, it said in a release.

Anurag Jain, Secretary, DPIIT emphasised the need for continuous dialogues between industry and government for a long-lasting business relationship.

It was emphasised that reforms are a continuous process and assured that the government remains committed to strengthening the investor experience.