SFL earmarks Rs 350 cr capex for automotive tech

Auto-component manufacturer Sundram Fasteners (SFL) has set aside Rs 350 cr of the total Rs 2,000 crore capital expenditure planned for next five years - towards manufacturing advanced automotive technology components, it said on Wednesday.

Out of the total capex planned, it has a projected investment of over Rs 350 crore for manufacturing Advanced Automotive Technology components like powertrain sub-assemblies for electric vehicles and select internal combustion engine vehicles, a statement said here.

‘’The company has secured firm orders from Global OEMs for supply of these components under their EV programmes’’, it said.

‘’...we are setting aside around Rs 350 crore for the manufacture of advanced automotive technology components for the next five years,’’ company MD, Arathi Krishna said. In another development, it said it has received approval from the Ministry of Heavy Industries under PLI Scheme.

Meanwhile, the powertrain components division of the company was presented with the Supplier of the Year award by General Motors for the ninth year.