PRESS RELEASE
Highlights
- MoU signed for greenfield expansion with an investment of INR 3000 million over 4 years
- New facility will expand the production footprint in Hosur for transmission components and systems
- Promote tangible economic and social benefits to the people of Tamil Nadu
November 23, 2021, | Coimbatore
Schaeffler India Limited, a leading industrial and automotive supplier, today signed a Memorandum of Understanding (MoU) with Guidance, the Government of Tamil Nadu’s (GoTN) nodal agency for investment promotion and facilitation, to expand its manufacturing footprint in the state.
The agreement was signed in the presence of Shri M.K. Stalin, Hon’ble Chief Minister of Tamil Nadu, at the Tamil Nadu investment conclave in Coimbatore. Schaeffler India was represented at the signing ceremony by Mr Harsha Kadam, MD & CEO, and Mr Satish Patel, CFO and Director of Finance.
Commenting on the development, Mr 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 the next four years to set up a new greenfield manufacturing facility in Hosur, Tamil Nadu for the manufacturing 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. Further, according to MoU, GoTN will facilitate and help Schaeffler India to get the necessary infrastructural & regulatory support on a best-effort basis including the Single Window facilitation as per Tamil Nadu Business Facilitation Act 2018.
Also, read Schaeffler India signs MoU with TISS
