Financial Daily from THE HINDU group of publications
Saturday, Mar 15, 2003
Financial Daily from THE HINDU group of publications Saturday, Mar 15, 2003 |
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Corporate
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New Projects Sundram Fasteners to invest $5 m in China unit Our Bureau
BANGALORE, March 14 THE TVS group-owned Sundram Fasteners Ltd (SFL), which is setting up a manufacturing base in China, expects to get started on it in a year's time. The company would initially invest $5 million into Sundram Fasteners Zhejiang Ltd, the Chairman-cum-Managing Director, Mr Suresh Krishna, told presspersons here today. The company's 6,000-tonne capacity plant to make high tensile fasteners will be set up near Shanghai, at Haiyan in Zhejiang province. It will aim at capturing clientele from the growing Chinese automotive sector, which saw sales of 1.6 million commercial vehicles last year. SFL customers would have the option of sourcing their requirements from either India or China. Depending on market response, the company would multiply the level of investment, Mr Krishna, who was here to attend a two-day CII convention on family-owned businesses, said. GM, which has named SFL as its best supplier consecutively for four years, and Cummins have already shown interest in sourcing from the China plant. The facility would have a couple of senior Indian managers and recruit 70 personnel locally.
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