Bagging a $250 million export order to supply components for electric vehicle (EV), Sundram Fasteners Ltd will invest Rs 200 crore at its facilities, the company said on Tuesday.
According to Sundram Fasteners, the company has been awarded $250 million contract by a leading global automobile maker to supply shaft sub-assemblies and drive gear sub-assemblies for its EV platform.
The city based Sundram Fasteners said it plans to invest Rs 200 crore to support the new orders under the six-year long purchase package involving the supply of shaft sub-assemblies and drive gear sub-assemblies.
The company has estimated an annual sales peak of $52 million in 2026 with a supply of 1.5 million drive unit sub-assemblies per annum.
“The $250-million supply contract, one of the largest in India, is a further testimony to our commitment to manufacture and supply high-quality industry-leading products such as sub-assemblies, which are used widely in various segments of the EV sector,” said Arathi Krishna, Managing Director.
The sub-assemblies will be used in the EV models covering various segments including mid-size trucks, sport utility vehicles and sedans.
The launch of the new vehicles is planned from the North America platform in 2024.