Sundram Fasteners bags contracts worth Rs 150 crores for EV Products
Chennai based Sundram Fasteners Limited is looking towards setting up projects for the manufacture of Advanced Automotive Technology (AAT) Components The post Sundram Fasteners bags contracts worth Rs 150 crores for EV Products appeared first on EVreporter.
Chennai based Sundram Fasteners Limited is looking towards setting up projects for the manufacture of Advanced Automotive Technology (AAT) Components under the Production Linked Incentive (PLI) scheme of the Government of India. The Company has planned an investment of Rs 350 Crores over a period of five years for manufacturing AAT components like powertrain sub-assemblies for Electric Vehicles (EV) and select Internal Combustion Engine (ICE) vehicles.
In the 59th Annual General Meeting of the members of Sundram Fasteners Limited held on 29 June 2022, Mr Suresh Krishna, Chairman of the Board of Directors said, ”The Company has secured firm orders from Global OEMs for supply of these components under their EV programs. The investments proposed to be made in this direction are expected to provide a major thrust to the Company’s exports in the years to come. The Company’s Powertrain Components Division located in SEZ has won the “Supplier of the Year’ Award and the “Certificate of Excellence — Platinum Supplier Status” Award from General Motors for the year 2021. The Company has been awarded contracts worth Rs 150 crores for EV products. The Company’s Sricity Unit has commenced the supply of products for Hybrid / EV applications. Further, the Company also expects to sign contracts worth over Rs 200 crores for new EV products“.
Company is the largest fasteners manufacturer in India with a market share of about 35% to 40%. The Company during the financial year 2021-22 has doubled its exports of assembly wheel nuts for the commercial vehicles in the USA“, he added.
The forging factory is now exporting to the large EV manufacturers in the US. The company has added new manufacturing lines, and customers in value-added precision-machined critical parts like connecting rods, and wheel bearing parts. Further, new state-of-the-art machinery has been installed to cater to heavier and critical hot forged parts, a company statement said.
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The post Sundram Fasteners bags contracts worth Rs 150 crores for EV Products appeared first on EVreporter.