The Hindu Business Line : Sundram Fasteners to set up tool room, machining facility

SUNDRAM Fasteners Ltd (SFL) proposes to spend about Rs 7 crore next year in setting up a new tool room and a machining facility. But the investments will be done in its new subsidiaries, Upasana Engineering Ltd and Upasana Components Ltd.

Both the companies were already a part of the Sundram Fasteners group. SFL holds 49.87 per cent stake in Upasana Engineering and it acquired another 50.13 per cent on December 9, making it a wholly-owned subsidiary. Since Upasana Engineering holds 49.8 per cent in Upasana Components, the latter also became a subsidiary of SFL.

Upasana Engineering manufactures spokes and nipples for two-wheelers; Upasana Components produces dowel pins.

Answering a question, a senior official of Sundram Fasteners told Business Line on Wednesday that the two new subsidiaries would not be merged with the parent company, although the two could be merged into one at some point of time in the future.

SFL holds 47 per cent stake in Sundram Non-Conventional Energy Systems Ltd (SNES), a windmill-owning company in which other TVS group companies also have stakes. Upasana Engineering holds about 6 per cent of equity in SNES.

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