Sundram Fasteners to spend 350 cr on PLI-linked auto components

Chennai: Sundram Fasteners has announced that it will invest Rs 350 crore for manufacturing advanced automotive technology (AAT) components under the PLI scheme announced by the government. This is part of the company’s Rs 2,000 crore capex lined up for the next 5 years. The AAT components include powertrain sub-assembles for electric and select internal combustion engine vehicles, the company said in a stock market notification. “The company has secured firm orders from global OEMs for supply of these components under their EV programmes,” the company said. “The PLI scheme will benefit the sector by increasing localisation and make India an export hub in the global auto supply chain. We are setting aside Rs 350 crore for the manufacture of AAT components for the next 5 years,” said Arathi Krishna, MD, Sundram Fasteners. TNN