Sundram Fasteners Limited entered into an Memorandum of Understanding (MoU) with the Government of Tamil Nadu for a proposed investment of Rs 1,411 crore during the Tamil Nadu Global Investors Meet 2024, Chennai.
The 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.
The planned investment spans up to 2027–2028 and will be used for capacity expansion of existing products, including components for electric vehicles, and will generate employment opportunities for more than 1500 people.
Arathi Krishna, Managing Director, Sundram Fasteners Limited said, “We have a supportive government that prioritizes innovation and industrialisation, making Tamil Nadu an attractive destination for investors. With this strategic investment, we are proud to expand growth opportunities and reach new milestones.”
The Tamil Nadu Gobal Investors Meet has attracted a lot of investment from auto companies. Besides other companies, Royal Enfield signed an MoU for a proposed investment of Rs 3,000 crore, over eight years, for brownfield and greenfield projects, at the summit.
Royal Enfield’s is the fourth major MoU signing from the automotive sector at the Tamil Nadu Global Investors Meet 2024 following the ones from TVS Motor Co, Hyundai Motor and Vietnamese EV manufacturer Vinfast on January 7.
