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India is considering restricting imports of refrigerators to promote local manufacturing, two industry sources told Reuters on Thursday, potentially freezing out shipments from Samsung Electronics Co and LG Electronics Inc in the $5 billion market. That could be followed by a ban on imports of refrigerators with refrigerant already added, to create opportunities for value-added operations in India, said one of the sources, who has direct knowledge of the government's discussions. The source said a decision could come within a month, adding: "The thrust is to support all those who are manufacturing in India rather than those bringing them into India."
Magna (MGA) and LG Electronics announce a JV to launch a new Powertrain facility in Mexico. This is the JV's first foothold in North America.