Sundram Fasteners betting big on EV and wind segments

CHENNAI: Auto component major Sundram Fasteners is focusing big on green technologies, including electric vehicles and wind energy segments.


In his AGM speech, company chairman Suresh Krishna said that Sundram Fasteners has been awarded contracts worth Rs 150 crore for EV products.

“The company’s Sri City unit has commenced supply of products for hybrid / EV applications and the company expects to sign contracts worth over Rs 200 crore for new EV products,” he said.

The company’s radiator cap division is exporting to 21 large EV manufacturers at the global level, which includes 11 large US based EV manufacturers.

The company’s application for manufacturing of Advanced Automotive Technology (AAT) components like powertrain sub-assemblies for EV and select internal combustion engine vehicles under the PLI scheme was approved for which the company has planned an investment of Rs 350 crore over a period of five years.

“The company secured firm orders from global OEMs for supply of these components under their EV programmes,” said Krishna.

“The investments proposed to be made in this direction are expected to provide a major thrust to the company’s exports.”

Apart from EVs, the company is also looking to tap the potential in the wind energy business. “To meet the surge in demand, the company proposes to make additional investments of Rs 300 crore over the next two years,” said Krishna. “The company has expanded its range in the wind segment fasteners and also started exporting,” he added.

In the defence sector, the company plans to manufacture and supply value added sub-assemblies and is looking to invest over Rs 100 crore in the next two years “to grow this vertical significantly,” said Krishna.