ANAND Group announces Rs 987 crore investment at TN Global Investors Meet

The latest MoU focuses on localisation of critical components, supporting the Central government’s Atmanirbhar Bharat plan for self- reliance in manufacturing.

Autocar Pro News Desk By Autocar Pro News Desk calendar 15 Jan 2024 Views icon6745 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
ANAND Group announces Rs 987 crore investment at TN Global Investors Meet

ANAND Group, an auto components and systems manufacturer, has announced an investment of Rs 987 crore in Tamil Nadu at the recent Global Investors meet held in the state. 

The investment under this MoU (Memorandum of Understanding) will be made by ANAND Group and its JV partners Inalfa Gabriel Sunroof Systems Private Limited, HL Mando ANAND India Private Limited, Gabriel India Limited, HL Klemove, and ANAND Mando E-Mobility Private. 

As per the agreement, ANAND Group companies will focus on expanding their manufacturing capabilities for various auto components, including Sunroof Systems, Electronic Power Steering, Integrated Dynamic Brake System, and E-Motors for two-wheeler applications.

Anjali Singh, Executive Chairperson, ANAND Group, said, “We have had a long-standing commitment to Tamil Nadu since the 1990s and this continues. The state's favourable business environment, strong infrastructure, and skilled talent pool have created an attractive climate for new investments." 

"We will leverage our partners’ strengths to offer cutting-edge manufacturing capabilities to Original Equipment Manufacturers (OEMs),” she added. 

S Sarathi, Group President and Chief Assurance Officer, ANAND, said, “This is the fourth time that ANAND Group is signing an MoU with the Tamil Nadu State Government; a testament to the Tamil Nadu government’s proactive approach towards creating a favorable industrial climate and the ease of doing business.”

To date, the ANAND Group, through its joint venture companies, has created more than 6,000 job opportunities in Tamil Nadu. The latest investment is anticipated to generate approximately 2,000-plus job opportunities over a period of seven years. 

HL Mando Anand, a JV between HL Mando Korea and ANAND Group in India, just completed the execution of earlier MoUs signed in 2019 and 2020 for a total investment of approximately Rs 1,000 crore and provided employment opportunities to over 500 people in the region.

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