Schaeffler India has signed an MoU with Tamil Nadu Government.
By MT Bureau| Nov 24, 2021

Schaeffler India Signs MoU With Tamil Nadu Government

Schaeffler India Limited has signed a Memorandum of Understanding (MoU) with Guidance, the nodal agency for the Government of Tamil Nadu (GoTN), for investment promotion and facilitation to extend its production footprint in the state. The agreement was signed at the Tamil Nadu investment conclave in Coimbatore in the presence of MK Stalin, Chief Minister, Tamil Nadu.

Commenting on the development, Harsha Kadam, MD and CEO, Schaeffler India, said, “We have a longstanding and productive relationship with Tamil Nadu Govt as we are already operating in Hosur for many years now. I am delighted to deepen our relationship today with this MoU. This expansion is in line with our strategic growth plans for India as we continue to localise and sustainably expand our footprint. We are certain that this agreement will further strengthen the relationship and take it to the next level.“

As per the agreement, Schaeffler India will invest over INR 3 billion in next four years to set up a new greenfield manufacturing facility in Hosur, Tamil Nadu, for the manufacture of transmission components and systems for automotive and tractor segments. The proposal will engender tangible economic and social benefits to the state while generating direct employment for more than 300 individuals.

The Tamil Nadu Government will facilitate and help Schaeffler India to get the necessary infrastructural and regulatory support on a best-effort basis including the Single Window facilitation as per Tamil Nadu Business Facilitation Act 2018.

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