TN signs two seperate MoUs with Fenner, Caparo

Chennai: The Tamil Nadu Government has entered into two separate agreements with Fenner India Ltd and Caparo Engineering India Pvt Ltd to set up manufacturing units in the Nilakottai Sipcot Industrial Estate in Dindigul district.

According to an official release, the two companies have signed agreements with the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) for land allocation and infrastructure facilities.

Fenner (India) Ltd will set up a fan belt manufacturing unit for making V-belts, poly V-belts and timing belts.

It will invest Rs 35 crore in the project, which is expected to generate over 300 jobs including 150 direct jobs.

Fenner is a diversified group with investments of over Rs 200 crore in Tamil Nadu.

The company also plans to set up an oil seal manufacturing unit in the Sriperumbudur, according to the release.

Sipcot will also allocate land for a project at the industrial estate for Caparo Engineering.

Caparo plans to set up a stamping unit at a cost over Rs 40 crore, of which Rs 25 crore will be spent in the first phase.

The facility will employ over 250 people and generate over 150 indirect employment opportunities, according to the release.

Caparo has also announced plans to set up auto components manufacturing units at the Sriperumbudur and Oragadam industrial estates, the release said.