In a bid to extend its production footprint in Tamil Nadu, the leading industrial and automotive supplier, Schaeffler India, on Tuesday signed a Memorandum of Understanding (MoU) with Guidance, the nodal agency for the state government for investment promotion and facilitation.
The agreement was signed at the Tamil Nadu investment conclave held in Coimbatore, in the presence of the Chief Minister of Tamil Nadu, M K Stalin, represented by Harsha Kadam, MD & CEO Satish Patel, CFO and Director - Finance, Schaeffler India.
Under the agreement, Schaeffler India will invest over INR 300 crore in the next four years to set up a new greenfield manufacturing facility in Hosur to manufacture transmission components and systems for automotive and tractor segments.
Further, according to MoU, the state government will facilitate and help Schaeffler India get the necessary infrastructural and regulatory support on a best-effort basis, including the single window facilitation as per Tamil Nadu Business Facilitation Act 2018.
Kadam said,“We have a long standing and productive relationship with Tamil Nadu government 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 localise and sustainably expand our footprint. We are certain that this agreement will further strengthen the relationship and take it to the next level.”