Texmaco Engineering with operations in Indonesia and Hong Kong has floated an entity Sundareshwar Alloy and Stainless Steel to promote a slew of projects in Tamil Nadu. The NRI backed venture would invest INR 2200 crore to establish Greenfield plants to manufacture agro and industrial machinery apart from alloy steel, forging and other auto components. The projects are to be set up by the Indian arm in Madurai and Sivaganga districts. The INR 2200 crore investment would be made in three different places in phases. Melur in Madurai is one such location, where 500 acres has been earmarked for the alloy steel project, that would have a capacity to produce 300,000tns of alloy, special and stainless steel. The semi-finished products would find application in downstream industries, mainly in the automotive sector for making engine parts and chassis. Likewise in Sivaganga, 100 acres have been assured to SAAS to kick-start its forging unit operations.
