Home> Updates

Foreign investment boosts Haiyan's economy

chinadaily.com.cn| Updated : Jun 13, 2024


A signing ceremony is held for an agreement between Haiyan county and Sundram Fasteners (Zhejiang) Co Ltd. [Photo/WeChat account: zhongguohaiyan]

Sundram Fasteners (Zhejiang) Co Ltd, an Indian-owned enterprise, has recently expanded its investment in Haiyan county, Jiaxing, with a $25 million project.

This initiative will significantly boost the local economy by enhancing the company's production capabilities, particularly in turbocharger casings and precision parts, aiming for an annual output of 2 million sets.

The company, funded by a subsidiary of TVS Group, India's largest auto component manufacturer, has been operating since 2004. It has established itself as a key player in Haiyan county, employing over 450 people and achieving a sales revenue of 308 million yuan ($42.47 million) in 2023, including 86 million yuan from exports.

The investment will see the construction of new facilities covering 15,000 square meters, including R&D offices, factories, and additional production lines. This expansion is expected to expand the company's production capacity and contribute to a projected output value of over 600 million yuan.

Aumugam, head of Sundaram's China division, expressed confidence in the Chinese market and the project's potential to create more local jobs. The investment underscores the company's commitment to growth and the strengthening of Sino-Indian business relations.