Financial Daily from THE HINDU group of publications
Friday, May 14, 2004
Financial Daily from THE HINDU group of publications Friday, May 14, 2004 |
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Corporate
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New Projects Sundram Fasteners to inaugurate China plant on May 21 Our Bureau
Chennai , May 13 SUNDRAM Fasteners Ltd is all set to inaugurate its China plant on May 21. It is setting up a plant in Zhejiang province in south China to manufacture high tensile fasteners. Trial production has commenced at the China plant and it will begin commercial production shortly, according to sources. It may be recalled that Sundram Fasteners had announced in March 2003 that it was setting up a plant in China with an initial investment of $5 million (about Rs 22 crore) with an installed capacity of 6,000 tonnes per annum. Sundram Fasteners was the first Indian engineering company to set up manufacturing operations in China. The TVS group company had said it would incorporate a company named Sundram Fasteners (Zhejiang) Ltd, a wholly-owned subsidiary. The plant will manufacture value-added special fasteners and standard fasteners. It has estimated the size of the Chinese fastener industry at about 2,00,000 tonnes. Company officials had in March 2003 stated that it was in talks with various automobile manufacturers and had got letters of interest from players such as General Motors, Volkswagen and Delphi.
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