Tier 1 supplier Anand Group announced that it will invest Rs 987 crore in Tamil Nadu at the Global Investors Meet 2024. The MoU was signed in the presence of the Chief Minister of Tamil Nadu, M. K. Stalin.
The investment under this MoU will be made by Anand Group and its Joint Venture Partners: Inalfa Gabriel Sunroof Systems, HL Mando ANAND India, Gabriel India, HL Klemove, and ANAND Mando E-Mobility.
The company says the strategic move is aligned its commitment to leverage 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.
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 counts the likes of Hyundai, Tata Motors, Mahindra, TVS Motors, and OLA Electric among its customers.
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.”
Till date, Anand Group says 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 7-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 around Rs 1,000 crore and provided employment opportunities to over 500 people in the region.
