Sundram Fasteners enters into MoU with TN Government
Date: 11 Jan 2024
Fasteners Limited, one of the largest suppliers to OEMs and automakers
globally, entered into a Memorandum of Understanding (MoU) with the Government
of Tamil Nadu for a proposed investment of Rs 1,411 crores during the Tamil
Nadu Global Investors Meet 2024, Chennai.
investment is proposed to be made in Sundram Fasteners Limited factories across
Tamil Nadu situated at Padi; Mahindra World City, SEZ; Velappanchavadi;
Gummidipoondi; Hosur; Aviyur, Madurai and Mittamandagapattu, Villupuram. Among
the aforementioned, the investments made in Mahindra World City, SEZ fall under
both the Industrial Policy and the EV Policy.
planned investment spans up to 2027–2028 and will be used for capacity
expansion of existing products, including components for electric vehicles.
This strategic move solidifies the company’s commitment to the state's economic
development, generating employment opportunities for over 1500 individuals in
Arathi Krishna, Managing Director, Sundram Fasteners Limitedsaid, “We have a
supportive government that prioritizes innovation and industrialization, making
Tamil Nadu an attractive destination for investors. With this strategic
investment, we are proud to expand growth opportunities and reach new
milestones. We are grateful to the Government of Tamil Nadu for their
unwavering support, which has played a crucial role in our success. As we move
forward, we remain committed to producing and delivering high-quality products,
creating a positive impact on our community, and contributing to the State's
overall economic prosperity.”