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SUPPLIER OF THE YEAR AWARD Sundram Fasteners receives GoI approval of its PLI application

Apr 6, 2022

Sundram Fasteners is the ninth time Chennai-based auto parts firm has got the recognition as Supplier of the Year by General Motors (GM) and follows govt approval of its Production Linked Incentive (PLI) application.

Sundram Fasteners (SFL)'s powertrain components division has been recognised as Supplier of the Year by General Motors (GM) under its 30th Annual Supplier of the Year awards. The company supplies key products to GM, including transmission shafts, radiator caps and more, which are seen across prestigious GM brands like Cadillac, GMC and Chevrolet. This comes close to the heels of the Ministry of Heavy Industries (MHA) approving the application submitted by the company under the Component Champion Incentive Scheme of the Production Linked Incentive (PLI) Scheme.

The PLI Scheme aims to build a robust supply chain in areas of Advanced Automotive Technology (AAT) components. The eligibility criteria require minimum investment of ₹250 crore over five years with at least ₹100 crore in the initial two years.

The company, out of capital expenditure amounting to ₹2000 crores planned over a period of next five years, has a projected investment of over ₹350 crores for manufacturing AAT components like powertrain sub-assemblies for Electric Vehicles (EV) and select Internal Combustion Engine (ICE) vehicles.

Expressing her views on application approval, Arathi Krishna, MD, explained, “The PLI scheme will benefit the sector in multiple ways by increasing localisation and make India an export hub in the global auto supply chain. We are setting aside around ₹350 crore for the manufacture of advanced automotive technology components for the next five years.”

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