Sundaram Clayton to set up US plant

Sundaram Clayton Ltd plans to invest $8 million in a die-casting facility in the US to cater to overseas customers. The TVS Group company has informed the BSE that it has taken an in principle (₹50 crore) investment decision. A detailed project report will be evaluated at the next board meeting, it said. For the first quarter of the current year, the automotive components company has reported a net profit of ₹33.81 crore (₹ 23.29 crore) on a total income of ₹ 345 crore (₹ 316.42 crore).