In a significant development for Tamil Nadu’s industrial sector, Sundram Fasteners Limited, a leading global supplier to OEMs and automakers, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government. The agreement, signed at the Tamil Nadu Global Investors Meet 2024 in Chennai, outlines a substantial investment of INR 1,411 crores by the company.
This investment will be distributed across Sundram Fasteners Limited’s various factories in Tamil Nadu, located in Padi, Mahindra World City, SEZ; Velappanchavadi; Gummidipoondi; Hosur; Aviyur, Madurai; and Mittamandagapattu, Villupuram. Notably, the investment in Mahindra World City, SEZ, aligns with the state’s Industrial and EV Policies.
Scheduled to continue until 2027-2028, the investment aims to expand the capacity of existing products, with a special focus on electric vehicle components. This decision marks a significant step in the company’s commitment to contributing to Tamil Nadu’s economic growth and providing employment for over 1500 individuals.
Ms. Arathi Krishna, Managing Director of Sundram Fasteners Limited, expressed her gratitude towards the supportive role of the Tamil Nadu government. “Tamil Nadu’s emphasis on innovation and industrialization makes it an ideal investment destination,” she stated. “This investment not only represents our growth but also our dedication to delivering quality products, impacting our community positively, and bolstering the state’s economic prosperity.”
This move by Sundram Fasteners Limited is expected to bring a new wave of industrial growth and employment opportunities in Tamil Nadu, reinforcing the state’s position as a prime location for major industrial investments.
