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Sundram Fasteners to set up unit in Sri City

Friday, 10 May 2019
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Sundram Fasteners is planning to set up a new factory at Sri City, Andhra Pradesh. The company did not disclose financial details for the Sri City unit, but the proposed factory will manufacture high-precision engineering components.

 

The unit will serve as a hub, consolidating the company’s foray into the non-auto segment, including off-road vehicles for export. The company’s third SEZ unit at Mahindra World City commenced commercial production in January 2019.

As part of the non-auto growth plans, the company is getting ready to tap opportunity arising from the new Defence Procurement Policy and the creation of two defence corridors in Tamil Nadu and Uttar Pradesh. It has recently incorporated a new wholly-owned subsidiary -- Sunfast TVS to drive growth in the non-automotive segments. The new company will focus on the aerospace and defence segments.

 
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