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Sweden-based Bulten Group, through its Indian subsidiary PSM Fasteners India, has signed a memorandum of understanding (MoU) with the Tamil Nadu government to establish a new fasteners manufacturing facility at Oragadam.
The project will involve an investment of ₹525 crore and is expected to generate employment for around 2,000 people, Industries Minister T.R.B. Rajaa said in a social media post.
The proposed facility will manufacture a comprehensive range of micro-fasteners for both domestic and export markets, with Europe and the United States identified as key overseas destinations. The project is expected to reduce India’s reliance on imports in a critical segment of electronics and precision manufacturing. Leading electronics manufacturers are among the company’s major customers, the minister added.
News by Rahul Yelligetti.
