Chennai, Jan. 2
SUN Industries, a Chennai-based auto component company, plans to set up a joint venture with an American company to which it is now supplying components.
Mr Nagu Chidambaram, Chief Executive Officer, Sun Industries, said the new company was likely to be set up by the middle of 2006. He did not want to disclose the name of the American client with which Sun would form the joint venture citing confidentiality clauses.
He said the US company had visited Sun Industries, whose facilities are located in suburban Porur, at least six times and also held discussions with him on the possibility of a joint venture. "They have put in money. We are working on the joint venture," he said.
Sun Industries makes sheet metal components and exports to tier 1 suppliers. Its exports are to the US, South America and it hopes to begin exports to Europe shortly. In 2005-06, it hopes to double its turnover to Rs 10 crore with exports accounting for half of it.
Mr Nagu Chidambaram, who was one of the recipients of the Prime Minister's entrepreneur of the year award, said the company was looking for a five-acre property to set up a plant on the city's outskirts.