Hyundai Motor India

Sept 15 (Reuters) -

• SIAM - INDIA'S AUG 3-WHEELER SALES 93,764 UNITS

• SIAM - INDIA FESTIVE DEMAND SEASON EXPECTED TO PROVIDE ADDITIONAL BOOST, RESULTING IN HEALTHY Q2 NUMBERS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S AUG TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,39,309 UNITS

• INDIA'S AUG 2-WHEELER SALES 2.03 MLN UNITS

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Updates to add details from NSE IPO

MUMBAI, Sept 11 (Reuters) - National Stock Exchange (NSE), India's largest stock exchange, will open its initial public offering next week.

The offer-for-sale, which does not include any fresh capital being raised, will value NSE at close to $46 billion, which would make it the country's third-largest IPO.

Billionaire Mukesh Ambani's Reliance Jio Platforms IPO, likely later this year, is expected to raise about $3.8 billion, making it the country's biggest-ever stock offering.

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 Aditya Kalra, Kate Mayberry and Kevin Buckland)

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By Jayshree P Upadhyay and Vibhuti Sharma

Sept 10 (Reuters) - Some top investors in India's National Stock Exchange (NSE) are reducing the number of shares they will be selling in the bourse's upcoming IPO as they expect the shares to rise after listing compared to the low offer price, three sources said.

NSE's IPO will be an offer-for-sale by existing shareholders with no fresh capital being raised. Shares will likely be priced in a band of 1,700-1,785 rupees per share, Reuters reported on Wednesday.

At the upper end of the price band, NSE's IPO will be worth 226 billion Indian rupees ($2.37 billion). It will likely trail a public offering by Mukesh Ambani's Reliance Jio expected to raise $3.8 billion and Hyundai Motor India's HYUN.NS $3.3 billion issue of 2024.

The shareholders who have reduced the number of shares they are selling in the offer for sale this month include National Insurance Co. of India, General Insurance Company, Stock Holding Corporation, MS Strategic (Mauritius) - a Morgan Stanley fund - and Singapore-based Mahogany Ltd, two of the people said.

The sources declined to be identified as they are not authorised to speak to the media. The NSE and all the shareholders named by the sources did not immediately respond to email requests for comment.

Indian lenders Bank of Baroda and Indian Bank have also reduced their planned share sales, they said in notifications to the local stock exchange.

The overall issue size will be reduced to 5.2% of NSE's total equity capital from 6% earlier, the sources said. Shareholders will now sell 126 million shares compared with 149 million earlier, one of the sources said.

The primary reason for the reduced share sales is the lower-than-expected price band, a second source said.

"These shareholders believe they will get better valuation in secondary market post listing," the source said.

In an informal market where unlisted shares of NSE trade, the price has ranged from 2,000 rupees to 2,100 rupees, according to recent deals.

Tighter market rules have weighed on the likely pricing of the issue, all three sources said.

The Securities and Exchange Board of India last year announced tighter curbs on retail participation in the options trading market. Tighter bank funding curbs, higher taxes on derivatives trading and India's newly launched closing auction session have also weighed on trading volumes.

"A drop in options volume is driving the valuation lower, and closing auction only worsened it," said one of the three sources.

Over 60% of the exchange's revenue comes from options transaction charges. NSE options turnover fell more than 12% year-on-year in August.

($1 = 95.1900 Indian rupees)

(Reporting by Jayshree P. Upadhyay and Vibhuti Sharma in Mumbai; Additional reporting by Vivek Kumar M and Chandini Monnappa in Bengaluru; Editing by Sam Holmes)

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Corrects paragraph 3 in September 7 story to identify Sai Giridhar as FADA President, not Vice President

By Abhinav Parmar

Sept 7 (Reuters) - Sales of alternative-fuel passenger vehicles outpaced petrol-powered cars in India in August for the first time, an auto dealers' body said on Monday, as the Middle East war raised oil prices and a public backlash against higher-ethanol-content fuel simmered.

Alternative-fuel models, including compressed natural gas, hybrid and electric models, accounted for nearly 42% of passenger-vehicle sales, while petrol vehicles stood at about 41%, according to the Federation of Automobile Dealers Associations (FADA), which represents dealers of major car and two-wheeler makers.

"This shift was bound to happen," FADA President Sai Giridhar told Reuters.

While E20-related concerns may have initially accelerated buyers' move away from petrol, the trend was being sustained by a wider choice of alternative-fuel models, improved EV range and a gradual expansion of charging infrastructure, he said.

The world's third-largest car market's transition to E20 petrol, which contains 20% ethanol, from E10 is aimed at reducing reliance on imported crude but has drawn criticism from owners of older vehicles, who are concerned that the blend could reduce fuel economy.

The government earlier dismissed the backlash, calling it "wild claims" and asking people to not "fall for the rage bait".

RECORD AUGUST SALES

India's automobile retail sales rose 17.5% year-on-year in August to 2.4 million, a record for the month.

This was despite leading auto companies rolling out price hikes this year to cope with elevated input costs.

Giridhar, however, warned that further price hikes risked eroding gains from last year's tax reforms introduced to fuel consumption.

The country's largest carmaker, Maruti Suzuki India MRTI.NS on Monday said it will raise prices of select models by up to 20,000 rupees ($211.80) from September, its third hike since May.

India is heading into its annual festive season, a period that typically spurs big-ticket purchases.

Giridhar said despite inflationary pressures and price increases, dealers remain optimistic about sales.

Passenger-vehicle inventory increased by five days from end-July levels to about 38–40 days, FADA said.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Sherry Jacob-Phillips and Harikrishnan Nair)

(([email protected];))

** Analysts at Morgan Stanley believes Hyundai Motor India HYUN.NS will benefit from upcoming internal combustion engine SUV launches, which could spur re-rating of stock

** Brokerage has "overweight" rating and TP of 2,438 rupees

** Co's EBITDA margins, sales volumes, and market share are near the bottom and should start improving on the back of upcoming SUV launches, analysts say

** Adds, exports to become a growth driver, helped by India becoming global production hub for Venue SUV

** 23 out of 28 analysts rate the stock "buy" or higher, median PT at 2,327 rupees

** Shares up 0.6%; YTD, shares down 5.34%

(Reporting by Saikeerthi in Bengaluru)

(([email protected]; (+91) 8296756080))

Sept 1 (Reuters) - HYUNDAI MOTOR COMPANY 005380.KS:

• HYUNDAI MOTOR INDIA - AUGUST TOTAL SALES 65,796 UNITS

• HYUNDAI MOTOR INDIA - EXPORT DEMAND WILL CONTINUE TO BE STRONG IN THE COMING MONTHS

• HYUNDAI MOTOR - TOTAL EXPORTS IN AUGUST IMPACTED BY LOGISTICAL CONSTRAINTS ARISING FROM ONGOING CONFLICT IN WEST ASIA

Source text: [ID:]

Further company coverage: 005380.KS

(([email protected];;))

Aug 25 (Reuters) - HYUNDAI MOTOR COMPANY 005380.KS:

• HYUNDAI MOTOR INDIA AND JIO-BP JOIN HANDS TO INTEGRATE EV CHARGING NETWORK - STATEMENT

Further company coverage: 005380.KS HYUN.NS

(([email protected];))

** Shares of Hyundai Motor India HYUN.NS down 0.3% at 2,211.7 rupees

** Nomura maintains "buy" rating on HYUN and PT of 2,498 rupees

** Brokerage says the carmaker's growth to outpace the industry from H2FY27F on the back of more launches

** Company remains confident about achieving a volume target of 8%-10% for FY27E across domestic and export markets with a market share of 15%+ by FY30E, according to brokerage

** Company expects growth in mid-size and compact SUVs and EVs over the medium term and future launches will be aligned with this, Nomura says

** Hyundai also expects higher SUV contribution in exports in the medium term, says brokerage

** HYUN says 26 launches are planned over FY26-30E

** Brokerage sees a domestic volume CAGR of 11% over FY26-29F

** Stock rated as "Buy" on average by 29 analysts; median PT at 2,301 rupees, according to LSEG-compiled data

** YTD, stock down 3.7%

(Reporting by Mridula Kumar in Bengaluru)

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Adds details from paragraph 2 onwards

Aug 21 (Reuters) - India's Tata Motors Passenger Vehicles TAMO.NS will raise prices of cars and SUVs across its portfolio by up to 25,000 rupees ($261.23) from September 1, the car maker said on Friday, with the extent of the hike varying by model and variant.

Here are some details:

• The Nexon EV maker said the price increase aimed to partially offset rising input costs and persistent commodity inflation amid continued geopolitical uncertainty.

• Indian automakers have increasingly raised vehicle prices this year as cost pressures persist. Rival Hyundai Motor India HYUN.NS on Wednesday announced its third price increase of 2026, while market leader Maruti Suzuki MRTI.NS has implemented two portfolio-wide hikes in recent months.

• Auto makers have cited inflationary pressures, higher commodity prices, elevated operating costs, and disruptions to global trade and energy markets linked to the Iran war as factors driving up costs.

• The car maker said it had sought to absorb rising costs but was now passing on part of the burden to customers through the latest revision.

• The increase marks the auto maker's third price hike this year, after a 0.5% raise in its internal combustion engine portfolio from April 1 and a further 1.5% increase across its portfolio from July 1.

($1 = 95.7000 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich)

(([email protected]; 8800437922;))

** Hyundai Motor India HYUN.NS shares rise as much as 1.3% to 2,202.8 rupees

** Rise comes after co says it will raise vehicle prices by up to 1% across its portfolio, effective September

** Hyundai says the price hike - its second this year - was driven by rising input and commodity costs and higher operational expenses

** Twenty-four of 29 brokerages rate the stock "buy" or higher; their median PT is 2,301 rupees

** Stock trades at forward 12-month PE of 28.62 vs industry median of 26.74 - LSEG data

** Co's return on equity stands at 29.9%, compared with 14.4% for peer Maruti Suzuki India MRTI.NS

** YTD, stock down 4.3% vs 4.9% fall in Nifty 100 Index .NIFTY100

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

Aug 19 (Reuters) - Hyundai Motor India HYUN.NS will increase prices of vehicles across its portfolio by up to 1% effective September 2026, the automaker said on Wednesday, citing rising input and commodity costs and continuing geopolitical and macroeconomic uncertainties.

(Reporting by Surbhi Misra in Bengaluru)

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

Aug 13 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JULY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,57,810 UNITS

• SIAM - INDIA'S JULY 3-WHEELER SALES 92,560 UNITS

• SIAM - INDIA'S JULY 2-WHEELER SALES 19,23,483 UNITS

(([email protected];))

Aug 6 (Reuters) - Ashok Leyland Limited ASOK.NS:

• INDIA’S FADA: JULY COMMERCIAL VEHICLE RETAIL SALES ROSE 24.04% Y/Y

• INDIA’S FADA: LOOKING AHEAD TO AUGUST’26, DEALER OPTIMISM FIRMS CONSIDERABLY

• INDIA’S FADA: OVERALL, NEXT THREE MONTHS APPEAR DECISIVELY CONSTRUCTIVE

• INDIA AUTODEALERS BODY FADA: JULY OVERALL AUTO RETAIL SALES ROSE 25.89% Y/Y

• INDIA’S FADA: JULY TWO-WHEELERS RETAIL SALES ROSE 28.25% Y/Y

• INDIA'S FADA: JULY PASSENGER VEHICLE RETAIL SALES ROSE 19.13% Y/Y

• INDIA'S FADA: ALTERNATIVE FUELS ARE NOW WITHIN STRIKING DISTANCE OF PETROL IN PASSENGER VEHICLE MARKET

Further company coverage: ASOK.NS

(([email protected];))

By Aditi Shah, Arpan Chaturvedi and Sarita Chaganti Singh

NEW DELHI, Aug 5 (Reuters) - India's auto industry said it would revamp numbers furnished to the government as it withdrew its first warning of damage to vehicle parts caused by contaminated ethanol-blended fuel, stoking consumer anger over the contentious policy.

Tuesday's move came hours after media reported the group's warning, sparking public uproar and forcing the petroleum ministry to issue a clarification.

"The referred numbers reported in the media need authentication," the Society of Indian Automobile Manufacturers said in a statement, "... and therefore SIAM is withdrawing its earlier communication."

SIAM, which sent its warning on July 28, and the recipient, India's petroleum ministry, did not immediately respond to requests for comment.

With their letter, seen by Reuters, India's automakers accept for the first time issues stemming from a mandatory policy that sparked street protests, legal cases and consumer anger after the government rolled it out at 90,000 fuel pumps.

The lobby group did not deny the issue of contamination in its statement, but said some numbers quoted "need authentication through collection of elaborate data ... across the country followed by a comprehensive consultation".

The group, whose members include Maruti Suzuki, Tata Motors, Toyota Motor Corp and Mercedes Benz, did not say when the efforts would be completed, however.

QUESTIONS FROM VEHICLE OWNERS

Vehicle owners are at best sceptical about the U-turn.

"​Did the science change overnight, or did the ministry call?" Nachiket Deshpande, one of dozens of angry social media users, asked on X.

The policy of blending 20% ethanol in petrol to yield a product called E20 replaced E10 nationwide in 2025.

That was well ahead of a 2030 deadline as Prime Minister Narendra Modi's government sought to cut costly petroleum imports, although E20-compliant cars had only begun hitting the roads in 2023.

The rollout provoked uproar instead among consumers who blame the fuel for mileage drops and vehicle damage, with many demanding a choice of lower ethanol blends, particularly for vehicles that cannot use E20.

The government sought to soothe the concerns with press statements and social media campaigns, drafting in executives from leading carmakers such as Maruti and Hyundai to defend the roll-out at a July press conference.

WARNINGS OF CORROSION OR WEAR

In its missive to the ministry, the group warned of elevated chloride and moisture levels in E20 fuel sold at retail outlets nationwide.

"Members are observing a huge increase in the issues in customer vehicle parts and replacement. Investigations ... reveal the failure is due to corrosion or wear caused by high chloride presence which is traced to the fuel used," it said.

Car parts in direct contact with the fuel or engine emissions suffered the most, "specifically after E20 implementation", it added.

It also flagged high moisture levels in the fuel that it said could immobilise the vehicle immediately after fuelling, calling on the ministry for tougher quality checks against contamination.

Fuel quality is monitored on a regular basis by oil marketing companies and only two cases of chloride contamination were found in a sample of 2,000 tests, the ministry had said on social media on Tuesday.

Speaking to Reuters on condition of anonymity on Wednesday, a senior government official called the fuel concerns a "misinformation campaign" against E20, playing out mainly on social media with no real evidence in cars on the road.

(Reporting by Aditi Shah, Arpan Chaturvedi and Sarita Chaganti Singh; Additional reporting by Aditya Kalra; Editing by Clarence Fernandez)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

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

• HYUNDAI MOTOR INDIA - REPORTS HIGHEST-EVER MONTHLY SALES OF 75,360 UNITS IN JULY 2026

Source text: ID:nBSE10LzlQ

Further company coverage: 005380.KS

(([email protected];))

July 31 (Reuters) - Shares of Hyundai Motor India HYUN.NS jumped 7.2% on Friday after analysts said the automaker's June-quarter results likely marked a trough, with earnings and volume growth expected to improve in the second half of the fiscal year.

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]; 8800437922;))

July 30 (Reuters) - Hyundai Motor Co 005380.KS:

• HYUNDAI MOTOR INDIA LTD - RECOVERY IS LIKELY TO GAIN PACE FROM Q2 ONWARDS ACROSS BOTH DOMESTIC AND EXPORT BUSINESSES

Source text: [ID:]

Further company coverage: 005380.KS

(([email protected];))

Adds details and background

July 21 (Reuters) - India's top carmaker Maruti Suzuki MRTI.NS said on Tuesday it would increase vehicle prices by up to 30,000 rupees ($311.74) from August, its second portfolio-wide hike in about two months, citing sustained cost pressures.

Here are more details:

• The automaker had earlier announced a similar price hike of 30,000 rupees from June, while offering price protection to some entry-level cars

• The renewed Middle East conflict has disrupted global trade routes and energy markets, driving up prices of key inputs and pressing companies to pass on higher costs to customers

• With inflationary pressures now at elevated levels and the adverse cost environment persisting, the company has to pass on a portion of the increased costs to the market, Maruti said in a statement

• Company joins peer Tata Motors Passenger Vehicles TAMO.NS, which has also raised prices twice while Mahindra & Mahindra MAHM.NS and Hyundai Motor India HYUN.NS have raised once each

• Shares closed 0.6% higher at 13,597 rupees reversing course from earlier in the day

($1 = 96.2325 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Nivedita Bhattacharjee)

(([email protected]; +91 9558725583;))

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

(([email protected];;))

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)

(([email protected]; 8800437922;))

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)

(([email protected];))

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

(([email protected];))

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)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Adds fresh details on Jio IPO

MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms plans to raise around $3.8 billion via a Mumbai listing, sources say, in what could be the country's largest-ever initial public offering.

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 an 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 a 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, had been pushed back as IPO activity slowed following the outbreak of 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, will now only be a fresh fund raise.

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 had hired 17 banks to manage its offering.

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

(([email protected];))

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)

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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)

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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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By Praveen Paramasivam and Chandini Monnappa

CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.

The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.

"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.

Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.

Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.

"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.

Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.

"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.

Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.

Consumers are feeling the squeeze.

"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.

BELT-TIGHTENING MODE

With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.

Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.

"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.

Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.

RESETTING SUPPLY CHAINS

Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.

Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.

Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.

Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.

"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand ​Zudio.

($1 = 94.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)

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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)

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