The Hindu : Business : Sundram Fasteners' China facility on stream

Online edition of India's National Newspaper
Saturday, May 22, 2004

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Business

Sundram Fasteners' China facility on stream

By Our Special Correspondent

CHENNAI, MAY 21. The China venture of the city-based Sundram Fasteners Ltd. (SFL) has gone on stream. The Suresh Krishna-led company is the first TVS group firm to set up a manufacturing base in China.

The Chinese factory was inaugurated today in Haiyan County in China. Besides Mr. Krishna, Nalin Surie, Ambassador of India in China, Sujan R. Chinoy, Consul General of India in Shanghai, Xia Haiwei, Deputy Director of Zhejiang Foreign Trade and Economic Cooperation Bureau, Chen Derong, Mayor of Jiaxing City, and Huang Weishu, Mayor of Haiyan County, were present at the inaugural function.

Sundram Fasteners (Zhejiang) Ltd. is a fully owned subsidiary of SFL. This is SFL's first greenfield project outside India. The company has so far invested close to $5 million and has plans to invest up to $12.5 million.

Sundram Fasteners is the first company in the engineering industry from India to set up a manufacturing unit in China. While SFL has been regularly exporting from India, this green site manufacturing facility in China will mark its entry into the list of global players.

It may be recalled that in March last year SFL signed a Memorandum of Understanding with the Haiyan County. Within 14 months, the factory is up and ready. The initial capacity of this factory is 6,000 tonnes and it is complete with its own heat treatment and plating plants. The factory will largely manufacture value added and special fasteners as well as standard fasteners. Besides catering to the requirement of Chinese domestic market, The Zhejiang unit will export fasteners to the nearby Asian and other overseas markets, says a release from the company.

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