Auto component manufacturer Sundaram-Clayton, part of the TVS Group, will invest USD eight million to set up a die-casting facility in the US.
"The Board of Directors at its meeting held today have approved in-principle, an investment of a sum not exceeding USD eight million in tranches by the company in a die-casting facility proposed to be established in United States," Sundaram-Clayton said in a BSE filing.
The facility was being set up to serve "overseas customers", subject to permissions under Indian and US laws, it said.
Sundaram-Clayton is a supplier of aluminium die castings to the automotive and non-automotive sector. The company has four manufacturing units in around Chennai. Sixty per cent of sales contribute to the domestic market and 40 per cent for the overseas market, according to company's website.
Shares of the company ended at Rs 1,983 apiece, up by 3.09 per cent over the previous close in BSE.
