Sundram Fasteners gets GM honour; to invest Rs 350 cr in advanced tech

This is the ninth time Chennai-based auto parts firm has got the recognition, and follows govt approval of its PLI application

Sundram Fasteners Ltd (SFL)'s powertrain components division has been recognised as supplier of the Year by General Motors (GM) under its 30th Annual Supplier of the Year awards.

This is the ninth time the Chennai-based auto component major has received the coveted recognition, underscoring its consistent excellence in the quality and ability to meet global engineering benchmarks. Sundram Fasteners supplies key products to GM, including transmission shafts, radiator caps and more, which are seen across prestigious GM brands like Cadillac, GMC and Chevrolet. This comes close to the heels of the Ministry of Heavy Industries (MHA) approving the application submitted by the Company under the Component Champion Incentive Scheme of the PLI Scheme.

The PLI Scheme aims to build a robust supply chain in areas of Advanced Automotive Technology (AAT) components. The eligibility criteria require minimum investment of Rs 250 Crore over five years with at least Rs 100 Crore in the initial two years.

The Company, out of capital expenditure amounting to Rs 2,000 crores planned over a period of next five years, has a projected investment of over Rs 350 Crores for manufacturing Advanced Automotive Technology (AAT) components like powertrain sub-assemblies for Electric Vehicles (EV) and select Internal Combustion Engine (ICE) vehicles.

Arathi Krishna, Managing Director, said, the PLI scheme will benefit the sector in multiple ways by increasing localization and make India an export hub in the global auto supply chain. “We are setting aside around Rs 350 Crore for the manufacture of advanced automotive technology components for the next five years,” she added.