Chennai: 85 TVS worth $100 million Sundram Fasteners, a part of the Sundram Group, in a press release on Wednesday, has set up precision engineered component manufacturing plants in three urban SEZs along the border of Tamil Nadu and Andhra Pradesh.

Sundram Fasteners, which has invested Rs 10 crore, on Tuesday exported its first order to a European manufacturer in Germany to supply large original equipment manufacturers.

The company said, “The new division will further strengthen the company’s export business by adding products to its manufacturing portfolio and diversifying its export customer base.”

Sundram Fasteners, which has expanded its manufacturing base amidst a severe sales downturn in the domestic automobile sector, reported a standalone net profit of Rs 1.3 crore and EBITDA of 18% for the third quarter of fiscal 2020, driven by operational efficiencies and cost control. Sales declined to Rs 6928 crore from Rs 10188 crore in the same period last year.

Sundram Fasteners manufactures high-strength fasteners, powdered metal parts, cold extruded parts, radiator caps, hubs, axles and other parts. /blood