Sundram Fasteners signs deal with Tamil Nadu for Rs 1,411 crore investment

Sundram Fasteners, one of the largest suppliers to original equipment manufacturers and automakers globally, entered into 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 in Chennai.

The investment will be made in Sundram Fasteners 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. This strategic move solidifies the company’s commitment to the state's economic development, generating employment opportunities for over 1,500 individuals in Tamil Nadu, the company said.

Arathi Krishna, Managing Director, Sundram Fasteners said, “We have a supportive government that prioritizes innovation and industrialization, 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.”