Sundram Fasteners expects its new unit at Mahindra World City near Chennai to garner export revenues of about $20 million annually when capacity at the facility is fully augmented.
The company has set up a manufacturing facility at Mahindra World City on an investment of Rs 32 crore for manufacturing hubs and shafts, initially to cater to the requirements of General Motors.
The unit has commenced production from September 1 and made the first shipment to General Motors on October 3.The company is expected to pump in another Rs 10 crore into this facility this year.
The company posted total sales of Rs 1,342.15 crore for the year 2006-07 as against Rs 1,181.85 crore in 2005-06. Net profit was Rs 71.85 crore as against Rs 62.24 crore.
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