The Chennai-based auto components major has won orders from global OEMs to supply these components as part of their electric vehicle programs
The Chennai-based auto components major has won orders from global OEMs to supply these components as part of their electric vehicle programs
Sundram Fasteners Ltd. (SFL) has earmarked approximately £350 million to manufacture advanced automotive technology (AAT) components over the next five years, said Arathi Krishna, MD.
Of the planned £2,000bn investment over the next five years, more than £350bn is expected to go towards manufacturing AAT components such as powertrain sub-assemblies for electric vehicles (EV) and selected internal combustion engine vehicles, SFL said in a statement Opinion.
The Chennai-based auto components major has won orders from global OEMs to supply these components as part of their electric vehicle programs, he added.
On Wednesday, SFL said the Department of Heavy Industry had approved an application it submitted under the PLI program’s Component Champion Incentive Scheme.
The PLI program aims to build a robust supply chain in areas of AAT components. Eligibility criteria require a minimum investment of ₹250 crore over five years with a minimum of 100 crore in the first two years.
“The PLI program will benefit the sector in a number of ways, increasing localization and making India an export hub in the global automotive supply chain,” she said.
Meanwhile, General Motors’ SFL Powertrain Components division has been named Supplier of the Year. The SFL has received the coveted award for the ninth time. SFL supplies key products to GM including transmission shafts, radiator caps, among others.
“The GM award truly embodies our journey over the years, particularly our efforts in new product development, R&D and technology. This award encourages us to develop technology-enabled new products every year,” she said.
