New Delhi: Sundaram Fasteners has bagged a contract to manufacture and supply spare parts for the electric vehicle division of a world leading motor vehicle manufacturer.
The contract is worth Rs 2,061.75 crore ($250 million). This is the first time in the company’s 60-year history that Sundaram Fasteners has bagged such a huge auto parts manufacturing contract. Spare parts manufactured and supplied by Sundaram Fasteners are used in various electric vehicle models including MHEV/PHEV/BEV, medium size trucks, SUVs and sedans. The new vehicle equipped with these components is scheduled to be launched in North America in 2024. These components will be manufactured at Mahindra World City in Chengalpattu, Chennai and Powertrain units located in City, Andhra Pradesh.
Sundaram Fasteners said it plans to invest Rs 200 crore to manufacture and supply stator shaft sub-assemblies and drive gear sub-assemblies over a period of 6 years.