Sundram Fasteners Bags $250 Million Contract From Global Automaker
Auto components maker Sundram Fasteners Ltd on said it has bagged a $250 million (nearly Rs 2,045 crore) contract.
Auto components maker Sundram Fasteners Ltd. on Tuesday said it has bagged a $250 million (nearly Rs 2,045 crore) contract from a "leading global automobile manufacturer" to supply sub-assemblies for the latter's electric vehicle platform.
To support the new orders under a six-year long purchase package involving supply of input and stator shaft sub-assemblies and drive gear sub-assemblies, the company plans to invest Rs 200 crore, Sundram Fasteners said in a statement.
The company said it would ship parts from its powertrain divisions located at Mahindra World City in Tamil Nadu, and Sri City in Andhra Pradesh. The parts will be serviced from its warehouse in North America.
"The win underscores the trust and confidence reposed in us by our clients both in India and globally. Going forward, it will spur expansion of our global business as we continue to work on our strategic roadmap for the future," Sundram Fasteners' Managing Director Arathi Krishna said.
Sundram Fasteners said the sub-assemblies will be used in the EV models such as mild hybrid, plug-in hybrid and battery EV, covering various segments, including mid-size trucks, SUVs and sedans.
"The launch of the new vehicles is planned from the North America platform in 2024", it said.
It has estimated an annual sales peak of $52 million in 2026, with a supply of 1.5 million transmission sub-assemblies per annum.