Plans to invest Rs 200 cr to support new orders
Sundram Fasteners announced today that it has won the biggest EV contract in its 60-year history. The Chennai-based Company has been awarded a $250-million contract by a leading global automobile manufacturer for the supply of sub-assemblies for its electric vehicle (EV) platform.
The Company plans to invest Rs 200 crore to support the new orders under the six-year long purchase package involving the supply of shaft sub-assemblies and drive gear sub-assemblies.
The Company will ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City in Tirupati district, Andhra Pradesh. The parts will be serviced from the Company's warehouse in North America.
The deal is one of the largest won by a supplier in India for this range of products for an EV platform. SFL has estimated an annual sales peak of $52 million in 2026 with a supply of 1.5 million drive unit sub-assemblies per annum.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content