This automotive maker to invest ₹300 crore in Tamil Nadu1 min read . Updated: 23 Nov 2021, 06:25 PM IST
- The proposal will create tangible economic and social benefits to state while generating direct employment for more than 300 individuals
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One of the leading industrial and automotive suppliers, Schaeffler India, will invest over ₹3,000 million ( ₹300 crore) in next four years to set-up a new greenfield manufacturing facility i0n Hosur, Tamil Nadu for manufacturing of transmission components and systems for Automotive and Tractor segments. It has today 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.
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. “
The proposal will create tangible economic and social benefits to state while generating direct employment for more than 300 individuals, said the German company.
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.
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