Sundram Fasteners sets up subsidiary to tap aerospace, defence segments

Sundram Fasteners Ltd has set up a wholly owned subsidiary to tap the aerospace and defence segments. Sunfast TVS Ltd would focus on aerospace and defence sectors, the city-based TVS Group firm said in a release. It has bagged orders for forged, cast and machined parts for all-terrain and land systems vehicles for defence, the release said. Besides tapping terrain and land systems, the company would also focus on armoured vehicles and trucks.

The subsidiary would also continue to grow Sundram Fasteners' Ltd existing business in space vehicles and helicopter components, it said. According to the company, the union government's new Defence Procurement Policy has created an excellent opportunity for Indian manufacturing firms. Finance Minister Arun Jaitley, in his budget speech in February 2018, had announced that two defence industrial production corridors would be set up in the country to promote domestic industry base. While one corridor would be in Tamil Nadu, the other would be in Uttar Pradesh.

The Uttar Pradesh Defence Industrial Corridor was launched at Aligarh in August last year with announced investments of Rs 3,732 crore. Defence Minister Nirmala Sitharaman inaugurated the defence corridor in Tamil Nadu in January 2019 and had announced investments worth Rs 3,038 crore. The Tamil Nadu Defence Industrial Corridor form a quadrilateral comprising Chennai, Hosur, Salem, Coimbatore and Tiruchirappalli.

(With inputs from agencies.)