8/20/2011 10:11:00 AM
NEWS BRIEFS
Sundram to Acquire Auto Components Company
India-based Sundram Fasteners plans to invest about Rs 150 crore in the coming year to acquire a domestic auto component company and expand its fastener capacity, IndiaInfoOnline reports.
Those expansion plans come after a reported 45% jump in exports to Rs 480 crore in fiscal year 2011.
Sundram has also set aside Rs 30 crore to establish a facility that manufactures fasteners for wind power generators in Mittamandagapet, Tamil Nadu. The plant is expected to come online by October 2011.
Sundram Fasteners plans to become the first company in India to manufacture components for wind turbine generators.
The move follows a “boom in wind power” in India, a development big enough to entice the automotive fastener maker to branch into new sectors.
“We will be the only Indian company to manufacture fasteners for wind generators,” a top Sundram official stated. “At present, a major portion of the demand for manufacturers is met through imports from other countries. We will produce and supply high quality fasteners for the manufacturers in India.”
OEM potential is “really huge,” the official noted, saying that wind turbine makers such as Suzlon and Gamesa could be its potential OEM clients. He added that Sundram would look to potentially export its specialty fasteners to other markets.
Currently there are about 17 wind turbine manufacturers in India, with another 10 or so companies expected to begin manufacturing wind turbine generators in the next 2-3 years as India makes good on its status as “one of the emerging global hubs for manufacturing wind turbine generators,” according to the Global Wind Energy Council. ©2011 GlobalFastenerNews.com
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