Anand Group and JV partners to invest INR 987 cr in Tamil Nadu to expand operations – ET Auto

baua

[ad_1]

<p>As per the agreement, Anand Group companies will focus on expanding their manufacturing capabilities for various auto components, including Sunroof Systems, Electronic Power Steering, Integrated Dynamic Brake System, and E-Motors for two-wheeler applications, the company said.<br></p>
As per the agreement, Anand Group companies will focus on expanding their manufacturing capabilities for various auto components, including Sunroof Systems, Electronic Power Steering, Integrated Dynamic Brake System, and E-Motors for two-wheeler applications, the company said.

New Delhi: Anand Group, a leading manufacturer of world-class auto components and systems, plans to invest INR 987-crore to expand its manufacturing capabilities in Tamil Nadu. The Group signed a Memorandum of Understanding (MoU) with the state government to this effect at the recent Tamil Nadu Global Investors Meet 2024 held in Chennai. The investment under this MoU will be made by Anand Group and its Joint Venture Partners: Inalfa Gabriel Sunroof Systems Private Limited, HL Mando Anand India Private Limited, Gabriel India Limited, HL Klemove, and Anand Mando E-Mobility Private Limited, the Group said in a media release.

The MoU was signed in the presence of the Chief Minister of Tamil Nadu, M K Stalin. This strategic move is aligned with Anand Group’s commitment to leveraging advanced technology to meet the growing demand for both electric vehicles (EVs) and internal combustion engine (ICE) vehicles in the country. As per the agreement, Anand Group companies will focus on expanding their manufacturing capabilities for various auto components, including Sunroof Systems, Electronic Power Steering, Integrated Dynamic Brake System, and E-Motors for two-wheeler applications, the release said.

Anjali Singh, Executive Chairperson, Anand Group, said, “We have had a long-standing commitment to Tamil Nadu since the 1990s and this continues. The state’s favourable business environment, strong infrastructure, and skilled talent pool have created an attractive climate for new investments. We will leverage our partners’ strengths to offer cutting-edge manufacturing capabilities to Original Equipment Manufacturers (OEMs).”

Anand Group supplies cutting-edge technology parts to prominent OEMs such as Hyundai, Tata Motors, Mahindra, TVS Motors, and OLA Electric. The latest MoU focuses on localisation of critical components, supporting the Central government’s Atmanirbhar Bharat plan for self-reliance in manufacturing, the release added.

S Sarathi, Group President and Chief Assurance Officer, Anand, said, “We are glad to announce these new projects in the state that is rightly known as the Detroit of India. This is the fourth time that Anand Group is signing an MoU with the Tamil Nadu State Government; a testament to the Tamil Nadu government’s proactive approach towards creating a favorable industrial climate and the ease of doing business.”

To date, the Anand Group, through its joint venture companies, has created more than 6,000 job opportunities in Tamil Nadu. The latest investment is anticipated to generate approximately 2,000-plus job opportunities over a period of seven years. HL Mando Anand, a JV between HL Mando Korea and Anand Group in India, just completed the execution of earlier MoUs signed in 2019 and 2020 for total investment of approx. INR 1,000 crore and provided employment opportunities to over 500 people in the region.

  • Published On Jan 15, 2024 at 01:17 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETAuto App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


[ad_2]

[ad_1] Electronic component provider Sumida is introducing two new series of AEC-Q200-qualified power inductors at…

[ad_1] Which CEO of a global automaker suggested that EVs may never top 30% of…

[ad_1] Have you ever been in the mood to drive an electric bus, and then…