Indian company invests $50 mn in South Carolinabusiness Updated: Feb 10, 2017 11:39 IST
A leading Indian manufacturing company has said it will establish its first American unit in South Carolina at an estimated cost of $50 million which will create over one hundred new jobs.
Located in the Ridgeville Industrial Campus in South Carolina,Sundaram-Clayton Limited (SCL) has acquired 50 acres of land for its new facility, where it will manufacture aluminium high-pressure die-cast products and permanent mold gravity cast parts for its customers, a company statement said yesterday.
Construction at the site is expected to begin by April this year and the first production line is projected to be operational by the end of next year.
“Today, we’re proud to welcome Sundaram-Clayton Limited to the South Carolina business community. It’s a privilege to welcome any company that has decided to do business here, but the 130 jobs that this investment means for Dorchester County is an important step forward to continuing the growth of our automotive industry,” South Carolina Governor Henry McMaster said.
A component of the $7 billion TVS Group, SCL is the holding company for the $1.6 billion TVS Motor Company Limited, which is India’s third-largest manufacturer of two-wheelers and a flagship company of the TVS Group.
SCL also manages Sundaram Auto Components Limited, which manufactures injection molded plastic components.
“The United States has always been an important market for us,” said SCL Joint Managing DirectorLakshmi Venu.
“With today’s announcement, Sundaram-Clayton Limited is joining the ever-growing roster of globally-recognised manufacturing firms that have chosen to call our state home. We look forward to watching this great company succeed here for many years to come,” said South Carolina Secretary of Commerce Bobby Hitt.
First Published: Feb 10, 2017 11:38 IST