Leading industrial and automotive supplier, Schaeffler India today signed a Memorandum of Understanding (MoU) with Guidance, the nodal agency for the Government of Tamil Nadu (GoTN) for investment promotion and facilitation, to extend its production footprint in the state.
The agreement was signed at the Tamil Nadu investment conclave in Coimbatore, in the presence of M.K. Stalin, Chief Minister of Tamil Nadu. Harsha Kadam, MD and CEO, and Satish Patel, CFO and Director of Finance, represented Schaeffler India at the signing ceremony.
Commenting on the development, Harsha Kadam, MD and CEO, Schaeffler India, said: “We have a longstanding and productive relationship with the Tamil Nadu government 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 localise and sustainably expand our footprint. We are certain that this agreement will further strengthen the relationship and take it to the next level. “
Under the agreement, Schaeffler India will invest over Rs 300 crore in the 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.
Further, according to the MoU, Guidance Tamil Nadu will facilitate and help Schaeffler India to get the necessary infrastructural and regulatory support on best-effort basis including the single- window facilitation as per the Tamil Nadu Business Facilitation Act 2018.
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