NEW DELHI, Feb. 14 -- Auto parts makers in India have halted as much as $1 billion in capital expenditure and are implementing extensive cost control measures as they battle a prolonged slowdown in the local automobile market.
Deepak Jain, president, Automotive Component Manufacturers Association of India (Acma), said auto parts makers have invested a combined about '30,000 crore over the past three years in transitioning to the stringent Bharat Stage-VI (BS-VI) emission norms. The new norms will come into force from 1 April.
"The investment slowdown in the auto component industry alone would be about $1 billion, and that's the capex only," Jain said in an interview.
"We were in an up-cycle when the auto manufacturers and ancillary units c...