Industrial News Bulletin: PM to lay foundation stone of New Parliament Building Tomorrow on 10th December 2020

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PM to lay foundation stone of New Parliament Building tomorrow

Prime Minister Narendra Modi will lay the foundation stone of the New Parliament Building at Sansad Marg, New Delhi tomorrow.

The new building to come up on 64,500 square metre area and is expected to be ready by 2022 which will be the 75th anniversary of India’s independence.

The New Parliament Building, to be developed with an estimated cost of 971 crore, will be state-of-the-art and energy efficient. Lok Sabha will be 3 times of the existing size and Rajya Sabha will be substantially bigger. The construction of the New Parliament Building will utilize resource efficient green technology.

PV retail sales up 4% in Nov on festive demand: FADA

According to the Federation of Automobile Dealers Associations (FADA), passenger vehicle retail sales has witnessed a growth of 4.17% (YoY) to 2,91,001 units in the month of November as the Diwali-Dhanteras period led to a rise in vehicle registrations. Passenger vehicle sales stood at 2,79,365 units in November 2019.

Commenting on the performance of Indian automobile industry, FADA President, Vinkesh Gulati said, “Automobile industry has seen one of the best recovery rates since unlocking began as November continues to see positive momentum by growing 29.32% on MoM basis.”

TVS Srichakra announces Rs 1,000 Cr expansion plan

TVS Srichakra Ltd., an Indian manufacturer of 2 & 3 wheeler tyres and off-highway tyres, announced its planned capital expenditure of 1,000 crore to ramp up manufacturing in its Madurai and Pantnagar plants. This investment is planned to be made over a three-year period. The investment, when fully made, will result in an increase in 2 & 3 wheeler tyre capacity by 25-30% and doubling of off-highway tyre capacity from current levels.

The company had earlier announced the setting up of its product design centre in Milan, Italy.

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