Sundram Fasteners has invested Rs 100 crore in the facility, which exported its first order to Germany to a European manufacturer– supplying to marquee OEMs– on Tuesday.Last Updated: Jan 29, 2020, 04.59 PM IST|Original: Jan 29, 2020, 04.59 PM ISTBCCLCHENNAI: Sundram Fasteners, part of the $8.5 billion TVS Group, has set up a high-precision engineering components manufacturing facility in the Sri City Special Economic Zone on the Tamil Nadu-Andhra Pradesh border, the company said in a release on Wednesday.
Sundram Fasteners has invested Rs 100 crore in the facility, which exported its first order to Germany to a European manufacturer– supplying to marquee OEMs– on Tuesday.
“The new Unit will provide further impetus to the Company’s export thrust through addition of products to its portfolio as well as diversifying its export customer base,” the company said in a release.
Expanding its manufacturing base amid a severe sales downturn in the domestic automotive industry, Sundram Fasteners posted a Rs 103-crore Standalone net profit for the third quarter of FY20, posting 18% EBITDA on operational efficiencies and cost control. Revenue was down to Rs 692.8 crore from Rs 1018.8 crore same period last year.
Sundram Fasteners makes high-tensile fasteners, powder metal components, cold extruded parts, radiator caps, hubs and shafts and other parts.
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