Sundram Fasteners Ltd, part of TVS Group, has set up a new SEZ unit at Sri City, Andhra Pradesh with an initial investment of Rs 100 crore.
The unit has been set up to manufacture and export high precision engineering components to a leading European manufacturer for onward supply to its global marquee OEM customers for their existing and new programs. The company completed its first shipment to Germany on January 27, 2020.
The new unit will provide further impetus to the company's export thrust through addition of products to its portfolio as well as diversifying its export customer base.
The company has posted a profit before tax of Rs 84.78 crore during the quarter ended December 31st, 2019, registering a decline of 49 per cent from Rs 166.96 crore during same period last year. Total income declined 28 per cent to Rs 834.94 crore compared to Rs 1158.70 crore during same period last year.