World Business News

NEW DELHI: Motherson Sumi Systems (MSSL), India's largest auto component maker by turnover, has announced the acquisition of USbased Stoneridge's wiring harness business for $65.7 million (around Rs 385 crore) becoming one of the largest players in the vehicle wiring business. MSSL, the flagship company of the $5.4-billion Samvardhana Motherson Group, has acquired Stoneridge through a wholly-owned subsidiary.

A report out this week suggests India will quadruple revenues from Africa by 2025.

PUNE: In a bid to boost sales of its electric car, Mahindra Reva Electric Vehicles is working on making the car more easily accessible to people. Chetan Maini, Chief Executive Officer, Mahindra Reva Electric Vehicles said, "As a leading electric vehicle manufacturer in the country, Mahindra Reva is committed to develop not just electric vehicles, but also an entire ecosystem of sustainable mobility service that will benefit societies at large.

NEW DELHI: Reliance Industries on Friday said Reliance Retail has become the country's largest retail chain and announced that the retail subsidiary's revenue went up 34% in the fiscal year ending March 2014 to Rs 14,496 crore. The company'sPBDIT or profit before depreciation, interest and taxes rose to Rs 363 crore. "Retail business has turned around and is now India's largest retail chain, " Reliance Industries chairman Mukesh Ambani said in a press statement.