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Sundram Fasteners has earmarked Rs 100 crore to enter the aerospace and defence sectors through a wholly owned subsidiary TVS Engineering Ltd. The company also plans to spend Rs 150 crore on capacity expansion in FY21.
Sundram Fasteners Ltd. has forayed into aerospace and defence sectors to reduce dependence on the auto industry. The company has incorporated Sunfast TVS Ltd. and TVS Engineering Ltd. as wholly owned units for components, with a budget of ₹100 crore.