Schaeffler India Signs MoU With Tamil Nadu Government For New Plant
Schaeffler India signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu 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, in presence of Shri M.K. Stalin, Hon'ble Chief Minister of Tamil Nadu. Mr. Harsha Kadam, MD & CEO; and Mr. Satish Patel, CFO and Director of Finance, represented Schaeffler India at the signing ceremony.
Under the agreement, Schaeffler India will invest over Rs. 3000 million in next four years to set-up a new greenfield manufacturing facility in Hosur, Tamil Nadu for manufacturing of transmission components and systems for Automotive and Tractor segments. The proposal will engender tangible economic and social benefits to state while generating direct employment for more than 300 individuals.
Harsha Kadam, MD & CEO, Schaeffler India, said: "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."
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