Financial Daily from THE HINDU group of publications
Saturday, May 22, 2004
Financial Daily from THE HINDU group of publications Saturday, May 22, 2004 |
||
|
|
||
|
Corporate
-
New Projects Sundram Fasteners inaugurates China plant Our Bureau
Chennai , May 21 SUNDRAM Fasteners Ltd today inaugurated its China plant to manufacture value added and special fasteners as well as standard fasteners. The plant has been set up in Haiyan county in China. Among those present at the inauguration were Mr Suresh Krishna, Chairman and Managing Director, Sundram Fasteners; Mr Nalin Surie, Indian Ambassador in China; Mr Sujan R. Chinoy, Consul General of India in Shanghai; Mr Xia Haiwei, Deputy Director of Zhejiang Foreign Trade & Economic Cooperation Bureau; Mr Chen Derong, Mayor of Jiaxing City; and Mr Huang Weishu, Mayor of Haiyan County. Sundram Fasteners, belonging to the TVS group, has formed a wholly owned subsidiary named Sundram Fasteners (Zhejiang) Ltd. Sundram Fasteners has so far invested close to $5 million (around Rs 23 crore) and plans to invest up to $12.5 million (around Rs 57 crore), according to a press release issued by it. The release said Sundram Fasteners was the first company in the engineering industry from India to set up a manufacturing unit in China. While it had been regularly exporting from India, this greenfield site would mark its entry into the list of global players. Sundram Fasteners signed an agreement with Haiyan County on March 1, 2003. The initial capacity of the plant is 6,000 tonnes and it is complete with its own heat treatment plant and plating plant. Besides catering to the Chinese domestic market, the Zhejiang plant will also export fasteners to nearby Asian and other overseas markets, according to the release.
More Stories on : New Projects | Automobile Components
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|