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Schaeffler India rises after signing MoU with Tamil Nadu Govt

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Schaeffler India was up 1.17% at Rs 7,658.70 after the company announced that it signed Memorandum of Understanding with Tamil Nadu Government for new plant to expand Hosur operations.

Industrial and automotive supplier, Schaeffler India signed an MoU with Guidance, the nodal agency for the Government of Tamil Nadu for investment promotion and facilitation, to extend its production footprint in the state.

Under the agreement, Schaeffler India will invest over Rs 300 crore in next four years to set-up a new greenfield manufacturing facility in Hosur, Tamil Nadu for manufacturing of transmission components and systems for automotive and tractor segments. The proposal will engender tangible economic and social benefits to state while generating direct employment for more than 300 individuals.

According to MoU, Government of Tamil Nadu will facilitate and help Schaeffler India to get the necessary infrastructural & regulatory support on best-effort basis including the single window facilitation.

Commenting on the development, Harsha Kadam, MD & CEO of Schaeffler India said, We have a long standing and productive relationship with Tamil Nadu Govt as we are already operating in Hosur for many years now. I am delighted to deepen our relationship today with this MoU. This expansion is in line with our strategic growth plans for India as we continue to localize and sustainably expand our footprint. We are certain that this agreement will further strengthen the relationship and take it to the next level.

Schaeffler India is a leading industrial and automotive supplier. It manufactures high-precision components and systems for powertrain and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications.

The company reported a 50.5% rise in net profit to Rs 170.81 crore on a 32.7% increase in net sales to Rs 1,487 crore in Q3 September 2021 over Q3 September 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 23 2021. 14:01 IST