As per the filing submitted by Sundram Fasteners to the stock exchanges, the Government of Tamil Nadu has granted approval for their application under the 'Tamil Nadu State Incentive Schemes'.
Sundram Fasteners Ltd made a significant announcement on Wednesday, December 13, revealing that the Tamil Nadu government has given the green light to their application for a ₹211.8 crore incentive. This approval falls under the state's incentive schemes for electric vehicles (EVs).
As per the filing submitted by Sundram Fasteners to the stock exchanges, the Government of Tamil Nadu has granted approval for their application under the 'Tamil Nadu State Incentive Schemes'.
Sundram Fasteners, incorporated in 1962, is a key player within the $5 billion TVS Group, with its headquarters situated in Chennai, India. The company boasts a track record of over 40 years of leadership and specialises in a diverse product range encompassing high-tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, hubs and shafts, tappets, and iron powder.
The approved incentive is in line with the state government's 'Industrial Policy 2021' under the 'Incentive Scheme.' Additionally, it aligns with the 'Incentive Scheme' outlined in the Tamil Nadu Electric Vehicle (EV) Policy 2023. Under this approval, Sundram Fasteners is entitled to receive incentives amounting to ₹211.8 crore, distributed in equal installments over a span of 10 years. The investment period, facilitated by the Tamil Nadu government, is anticipated to extend for approximately five years, covering the financial year 2027-2028.