Sundram Fasteners, one of the largest suppliers to OEMs and automakers globally has signed a 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 factories across Tamil Nadu situated at Padi; Mahindra World City, SEZ; Velappanchavadi; Gummidipoondi; Hosur; Aviyur, Madurai and Mittamandagapattu, Villupuram. The company says 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. This strategic move will further strengthen its footprint in the state as well as create employment opportunities for over 1,500 people.
Arathi Krishna, MD, Sundram Fasteners said, “We have a supportive government that prioritises 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. 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.”
