Sundram Fasteners receives GOI approval under PLI

June 3, 2024

Sundram Fasteners, the South India based leading auto component major, has received approval from the Government of India for its application under the Production Linked Incentive Scheme.

Sundram Fasteners has projected an investment of over Rs 350 Crores for manufacturing Advanced Automotive Technology (AAT) components like powertrain sub-assemblies for Electric Vehicles (EV) and select Internal Combustion Engine (ICE) vehicles out of its planned five-year capital expenditure amounting to Rs 2,000 crores.

The PLI Scheme aims to build a robust supply chain in areas of Advanced Automotive Technology (AAT) components, and the eligibility criteria require a minimum investment of Rs. 250 Crores over five years with at least Rs. 100 Crores in the initial two years.

The Company has secured firm orders from Global OEMs to supply these components under their EV programs.

The Ministry of Heavy Industries (MHA), vide its letter dated March 22, 2022, has approved the application submitted by the Company under the Component Champion Incentive Scheme of the PLI Scheme, the Company said in a statement.

Arathi Krishna, Managing Director, Sundram Fasteners, said the PLI scheme will benefit the sector in multiple ways by increasing localization and making India an export hub in the global auto supply chain. We are setting aside around INR 350 Crores for the manufacture of advanced automotive technology components for the next five years.”

The Company’s powertrain components pision has been recognized as Supplier of the Year by General Motors (GM) under its 30th Annual Supplier of the Year awards for the ninth time, the company said.

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