Leading industrial and automotive supplier, Schaeffler India Limited has signed a Memorandum of Understanding (MoU) with Guidance, the nodal agency for the Government of Tamil Nadu (GoTN) 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 presence of M.K. Stalin, Hon’ble Chief Minister of Tamil Nadu. Harsha Kadam, MD & CEO; and Satish Patel, CFO and Director of Finance, represented Schaeffler India at the signing ceremony.
Commenting on the development, Harsha Kadam, MD & CEO, Schaeffler India, said: “We have a long standing and productive relationship with Tamil Nadu Govt as we are already operating in Hosur for many years now. I am delighted to deepen our relationship today with this MoU.
This expansion is in line with our strategic growth plans for India as we continue to localize and sustainably expand our footprint. We are certain that this agreement will further strengthen the relationship and take it to the next level. “
Under the agreement, Schaeffler India will invest over INR 3000 million in next four years to set-up a new greenfield manufacturing facility in Hosur, Tamil Nadu for manufacturing of transmission components and systems for Automotive and Tractor segments. The proposal will engender tangible economic and social benefits to state while generating direct employment for more than 300 individuals.
Further, according to MoU, GoTN 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.
Schaeffler India ended at Rs7,590 apiece up by Rs19.8 or 0.26% on the BSE.
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( With inputs from indiainfoline)