Sundram Fasteners to foray into non-auto sector

Sundram Fasteners (SFL), a part of the US $3 billion TVS Group plans to foray into non-auto sector. Besides expanding its traditional business, it also wants to diversify in non-auto sector. The company’s move to diversify is after it got struck by the impact of slowdown. Yearly the company invest around Rs 80 to 90 crore and last year, it spent Rs 99.30 crore.

SFL is planning to invest Rs 50 crore to set up a 100% subsidiary in technical collaboration with Hitachi. The proposed company will manufacture seamless tappets for the new generation engines of Maruti.

Further it will be investing additional Rs 40 crore to set up a plant in Mahindra SEZ near Chennai that would manufacture turbine shafts and sprockets for GM and Ford. A separate line would be set up at the existing facility in the zone.

Headquartered in Chennai, Sundram Fasteners’ product portfolio comprises of high-tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, and iron powder.