Sundaram Finance Holdings invests in composite materials

TVS group Sundaram Finance Holdings Limited (SFHL, Chennai, India), reported on Nov. 17 that it has entered a strategic partnership with MIND S.r.l. (MIND, Bologna, Italy), an automotive component manufacturer that incorporates composite materials. SFHL’s minority stake in the company further broadens its range of investments in ancillary automotive companies and global revenues in excess of $7 billion USD.

The strategic investment will support the expansion of MIND in the composite materials space. Further, it will enable SFHL to facilitate the sharing of manufacturing excellence, systems and automation, together with MIND’s composite manufacturing expertise. “The partnership with MIND is the first step for our group to enter the composite domain where weight reduction is becoming more and more important in the automotive and industrial markets,” says Mr. Sricovats Ram, director, SFHL. “We believe that our vast experience in automotive, large-volume part manufacturing and low-cost automation will help enhance the adoption of composites.”

“We are excited to start the partnership with Sundaram Finance Holdings and leverage the group’s global footprint, their expertise in the automotive industry and gain a partner with a strong footprint in India,” adds Mr. Francesco Varrasi, CEO and Founder, MIND. “This will complement our capabilities and help us expand and strengthen our business in composite part manufacturing. The new partnership will allow to complete the full set of innovation we have in progress which will give MIND a significant technological boost, to help following the growing demand and need expressed by the existing customers and a particular importance in a year of great uncertainty for the whole sector.”