Companies

Schaeffler India to extend production footprint in Tamil Nadu

Our Bureau | | Updated on: Nov 23, 2021
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Signs MoU for new plant to expand Hosur operations

Industrial and automotive supplier Schaeffler India Limited on Tuesday announced that it has signed a Memorandum of Understanding (MoU) with Guidance, the nodal agency for the Government of Tamil Nadu, for investment promotion and facilitation, to extend its production footprint in the State.

The agreement was signed at the Tamil Nadu investment conclave in Coimbatore, in the presence of MK Stalin, Chief Minister of Tamil Nadu. Harsha Kadam, MD & CEO and Satish Patel, CFO and Director of Finance, represented Schaeffler India at the signing ceremony.

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“We have a longstanding and productive relationship with Tamil Nadu Government as we are already operating in Hosur for many years now. I am delighted to deepen our relationship today with this MoU,” said Kadam.

In line with growth plans

“This expansion is in line with our strategic growth plans for India as we continue to localise and sustainably expand our footprint. We are certain that this agreement will further strengthen the relationship and take it to the next level,” he added.

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Under the agreement, Schaeffler India will invest more than ₹300 crore in the next four years to set up a new greenfield manufacturing facility in Hosur, Tamil Nadu, for manufacture of transmission components and systems for automotive and tractor segments.

“The proposal will engender tangible economic and social benefits to the State while generating direct employment for more than 300 individuals,” the company said in an official release.

Further, as per the MoU, the Tamil Nadu Government will facilitate and help Schaeffler India to get the necessary infrastructural & regulatory support on best-effort basis including the Single Window facilitation as per Tamil Nadu Business Facilitation Act 2018.

Published on November 23, 2021

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