Auto components and systems maker ANAND Group on Monday said it has committed Rs 987 crore investment in Tamil Nadu, aimed at enabling the manufacturing of latest technology products for electric and conventional vehicles in the state.
The group signed a Memorandum of Understanding (MoU) with the Tamil Nadu government at the recently concluded Global Investors Meet 2024 for fresh investments to expand its manufacturing capabilities in the region, it said in a statement.
The investment under the MoU would be made by ANAND Group and its joint venture partners -- Inalfa Gabriel Sunroof Systems Pvt Ltd, HL Mando ANAND India Pvt Ltd, Gabriel India Ltd, HL Klemove, and ANAND Mando E-Mobility Pvt Ltd, the company added.
The group companies will focus on expanding their manufacturing capabilities for various auto components, including sunroof systems, electronic power steering, integrated dynamic brake system, and e-motors for two-wheeler applications.
"The state's favourable business environment, strong infrastructure, and skilled talent pool have created an attractive climate for new investments.
"We will leverage our partners' strengths to offer cutting-edge manufacturing capabilities to original equipment manufacturers (OEMs)," ANAND Group Executive Chairperson Anjali Singh said.
The group supplies to OEMs such as Hyundai, Tata Motors, Mahindra, TVS Motors, and OLA Electric.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
