New Delhi: Anand Group, a leading manufacturer of world-class automotive components and systems, plans to invest Rs 987 crore to expand its manufacturing capabilities in Tamil Nadu. The group signed a memorandum of understanding with the state government for this purpose at the Tamil Nadu Global Investors Meet 2024 held recently in Chennai.
The investment under this MoU will be made by the Anand Group and its joint venture partners - Inalfa Gabriel Rooftop Systems Private Limited, HL Mando Anand India Private Limited, Gabriel India Limited, HL Klemove, and Anand Mando E-Mobility Private Limited, the group said in a press release.
The MoU was signed in the presence of Tamil Nadu Chief Minister MK Stalin. This strategic move is in line with Anand Group's commitment to leverage advanced technology to meet the growing demand for electric vehicles (EV) and internal combustion engine (ICE) vehicles in the country. Under the agreement, Anand Group companies will focus on expanding their manufacturing capabilities for various automotive components, including sunroof systems, electronic power steering, integrated dynamic braking systems, and electric motors for two-wheeler applications, according to the notification.
Anjali Singh, CEO, of Anand Group, said: “We have a long-standing commitment to Tamil Nadu since the 1990s and this commitment continues. The state’s conducive business environment, strong infrastructure, and skilled talent pool have created an attractive climate for new investments. We will leverage the strengths of Our partners to provide cutting-edge manufacturing capabilities to original equipment manufacturers (OEMs).”
Anand Group supplies high-tech spare parts to leading OEMs like Hyundai, Tata Motors, Mahindra, TVS Motors, and OLA Electric. The latest MoU focuses on the localization of critical components and supports the central government's Atmanirbhar Bharat scheme for self-reliance in manufacturing.
S Sarathi, Group Chairman and CEO, of Anand Insurance, said: “We are pleased to announce these new projects in the state that is rightly known as the Detroit of India. This is the fourth time that the Anand Group has signed a Memorandum of Understanding with the Tamil Nadu government, a testament to the proactive approach of the Tamil Nadu Government towards creating a favorable industrial climate and ease of doing business.
To date, Anand Group, through its joint ventures, has created more than 6,000 jobs in Tamil Nadu. The latest investment is expected to generate nearly 2,000 jobs over seven years. HL Mando Anand, a joint venture between HL Mando Korea and Anand Group in India, has just completed the implementation of the previous MoUs signed in 2019 and 2020 with a total investment of approx. 1000 Crores and providing employment opportunities to more than 500 people in the region.
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