The new factory of the Chennai-based Sundram Fasteners Limited, its first overseas venture, was inaugurated in Haiyan county in China on Friday.
Nalin Surie, ambassador of India in China, Sujan Chinoy, consul general of India in Shanghai, and many Chinese officials were present at the inaugural function, a company press release said.
The new factory, Sundram Fasteners (Zhejiang) Ltd, is a 100 per cent subsidiary of SFL, which has plans to invest upto $12.5 million for the new factory, in addition to $5 million already invested.
SFL is the first company in the engineering sector from India to set up a manufacturing unit in China. This green site manufacturing facility would mark its entry into the list of global players.
The initial capacity of this factory would be 6,000 tonnes. It will largely manufacture value added and special fasteners and standard fasteners. Besides catering to the Chinese domestic market, the Zhejiang unit would also export fasteners to nearby Asian and other overaseas markets, the release said.
