The company has secured firm orders from Global OEMs for supply of these components under their EV programmes
Sundram Fasteners has announced that it is investing Rs 350 crore for manufacturing Advanced Automotive Technology components like powertrain sub-assemblies for electric vehicles and select internal combustion engine vehicles
This investment is part of the total Rs 2,000 crore capital expenditure that the auto-component maker has planned for next five years.
The company has also received approval from the Ministry of Heavy Industries under the Auto production-linked incentive (PLI) Scheme. The Ministry of Heavy Industries vide its letter dated March 22, 2022 has approved the application submitted by the company under component champion incentive scheme of the PLI scheme.
“The company has secured firm orders from Global OEMs for supply of these components under their EV programmes,” it said in a statement.
“…we are setting aside around Rs 350 crore for the manufacture of advanced automotive technology components for the next five years,” company Managing Director, Arathi Krishna said.
The PLI scheme aims in building a robust supply chain in areas of Advanced Automotive Technology components. Krishna said, the PLI scheme would benefit the sector in multiple ways by increasing localisation and make India an export hub in the global auto supply chain.
