Sundram Fasteners inaugurates its Chinese plant
By Our Corporate Bureau | 21 May 2004
Chennai: The Chennai-based fasteners major Sundram Fasteners Limited has inaugurated its Chinese factory today in Haiyan County. Owned by Sundram Fasteners (Zhejiang) Ltd, a wholly-owned subsidiary of Sundram Fasteners — the Chinese plant was set up at an initial investment of $5 million, with investments to be hiked to $12.5 million. The initial capacity of this factory, complete with its own heat-treatment plant and plating plant, is 6,000 tonne. The factory will largely manufacture value-added and special fasteners as well as standard fasteners. Besides catering to the requirement of the Chinese domestic market, it will also export fasteners to the nearby Asian and other overseas markets.
Sundram Fasteners is the first company in the Indian engineering sector to set up a manufacturing unit in China. While SFL has been regularly exporting from India, this green site manufacturing facility in China will mark its entry into the list of global players.
It was on 1st March 2003 that a memorandum of understanding (MoU) was signed with the Haiyan County and readied within 14 months.
Nalin Surie, ambassador of India in China, Sujan R Chinoy, consul general of India in Shanghai, Xia Haiwei, deputy director of Zhejiang Foreign Trade & Economic Cooperation Bureau, Chen Derong, mayor of Jiaxing City, Qian Manchen, deputy mayor of Jiaxing city, Huang Weishu, mayor of Haiyan County, Yao Shenliang, deputy mayor of Haiyan County and other dignitaries of the Haiyan County, Jiaxing City and Zhejiang Province participated in the inaugural function.