Mandeep Auto Industries Ltd

Mandeep Auto Industries Limited was incorporated on April 19, 2023, as a public limited company under the provisions of the Companies Act, 2013, vide Certificate of Incorporation issued for and on behalf of the Jurisdictional Registrar of Companies by the Registrar of Companies, Central Registration Centre. Subsequently the Company acquired the business of `M/s Mandeep Industries', a sole proprietorship of one of its Promoters Mr. Gurpal Singh Bedi, as a going concern, in terms of the Business Transfer Agreement dated June 30, 2023.

The automobile industry is one of the key drivers of the Indian economy. Since the liberalization of the sector in 1991 and allowing 100 per cent FDI through automatic route, Indian automobile sector has come a long way. Today, there is a presence of major global auto manufacturer in the country. All categories of vehicles like two-wheeler, three wheelers, passenger cars, light commercial vehicles, Trucks, Buses, Tractors, heavy Commercial vehicles etc. are produced in India. India is the second largest manufacturer of 2W, the largest manufacturer of 3W and 3rd largest manufacturers of passenger cars in the world. The manufacturing of automobiles including truck, buses, cars, three wheeler/ two wheelers etc. in India has risen at a very high pace. The industry produced about 22.9 million vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycles in financial year 2021-22 and about 19.8 million vehicles have been produced during the April 2022 to December 2022. The industry's domestic automobile sales for Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycles in financial year 2021-22 was 17.5 million and 16 million for April 2022 to December 2023. The Indian auto component industry, with a well evolved manufacturing ecosystem, produces a wide variety of products including engine parts, drive transmission and steering parts, body and chassis, suspension and braking parts, equipment and electrical parts, besides others to service the dynamic automobile industry. The sector has also come under tremendous pressure due to lacklustre performance of the vehicle industry. According to the National Skill Development Corporation (NSDC), the auto industry provides direct employment to over 42 lakh people and indirect employment to 2.65 crore people. The automotive industry contributes 6 per cent to India's GDP and 35 per cent to Manufacturing GDP.