Schaeffler India will invest more than Rs 300 cr for the establishment of an installation in Tamil Nadu
The Indian branch of German auto component maker Schaeffler will invest more than Rs.300 crore over the next four years to set up a new manufacturing facility in Hosur, Tamil Nadu. The proposed plant will manufacture components and transmission systems for the automotive and tractor segments, the company said in a statement. To this end, Schaeffler India signed a memorandum of understanding on Tuesday with the Tamil Nadu government’s nodal investment promotion and facilitation agency Guidance at the Tamil Nadu Investment Conclave in Coimbatore. The MoU was signed in the presence of the Chief Minister of Tamil Nadu, MP Stalin and Harsha Kadam, Managing Director and Managing Director of Schaeffler India, as well as the company’s CFO and CFO, Satish Patel, according to the press release. “Under the agreement, Schaeffler India will invest more than 3,000 million rupees over the next four years to establish a new manufacturing facility in Hosur, Tamil Nadu, to manufacture components and transmission systems for the automotive and tractor segments, ”the company said.
The proposal will generate tangible economic and social benefits for the state while generating direct jobs for more than 300 people, he added. In addition, according to the MoU, the Government of Tamil Nadu will facilitate and assist Schaeffler India in securing the necessary infrastructural and regulatory support on the basis of its best efforts, including one-stop-shop facilitation in accordance with the Tamil Nadu Business Facilitation. Act 2018, he said. “We have had a long-standing and productive relationship with the government of Tamil Nadu, as we have already been operating in Hosur for many years now. I am delighted to deepen our relationship today with this MoU, ”said Kadam. “This expansion is in line with our strategic growth plans for India as we continue to locate and sustainably expand our footprint. We are confident that this agreement will further strengthen the relationship and take it to the next level, ”he added.
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