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Schaeffler India inks MoU with Tamil Nadu govt

Wednesday, 24 Nov 2021
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Schaeffler India has signed a memorandum of understanding (MoU) with Guidance Tamil Nadu, the nodal agency for the government of Tamil Nadu, 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 of Tamil Nadu.
 
This expansion is in line with its strategic growth plans for India as it continues to localise and sustainably expand its footprint. This agreement will further strengthen the relationship and take it to the next level.
 
Under the agreement, Schaeffler India will invest more than Rs 300 crore in the next four years to set up a new greenfield manufacturing facility in Hosur, Tamil Nadu, for 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.
 
Further, as per the MoU, the Tamil Nadu government will facilitate and help Schaeffler India to get the necessary infrastructural and regulatory support on best-effort basis including the Single Window facilitation as per Tamil Nadu Business Facilitation Act 2018.
 
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