Chennai-based Sundram Fasteners Ltd (SFL) has bagged a $250-million contract from a leading global automobile manufacturer for the supply of sub-assemblies for its electric vehicle (EV) platform.
“The $250-million supply contract, one of the largest in India, is a further testimony to our commitment to manufacture and supply high-quality industry-leading products such as sub assemblies, which are used widely in various segments of the EV sector,” Arathi Krishna, MD, said in a statement.
She also said that this order would spur expansion of SFL global business as it continue to work on its strategic roadmap for the future.
SFL plans to invest ₹200 crore to support the new orders under the six-year long purchase package. SFL will ship the parts from its powertrain divisions at Mahindra World City and Sri City. The parts will be serviced from the company’s warehouse in North America.
The sub-assemblies will be used in the EV models like mild hybrid, plug-in hybrid and battery EVs, covering various segments including mid-size trucks, sport utility vehicles and sedans. The launch of the new vehicles are planned from the North America platform in 2024.