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General Motors (GM) has announced Sundram Fasteners Ltd (SFL) powertrain's components division as supplier of the year in its 30th Annual Supplier of the Year awards. This is the ninth time the Chennai-based auto component manufacturer has received the prestigious award, demonstrating its consistent quality and ability to meet global engineering benchmarks. Sundram Fasteners provides GM with critical products such as transmission shafts, radiator caps, and other components that can be found in prestigious GM brands such as Cadillac, GMC, and Chevrolet. This comes on the heels of the Ministry of Heavy Industries (MHA) approving the Company's application under the PLI Scheme's Component Champion Incentive Scheme. The PLI Scheme aims to create a dependable supply chain for Advanced Automotive Technology (AAT) components. A minimum investment of Rs 250 crore over five years, with at least Rs 100 crore in the first two years, is required to meet the eligibility criteria. The company has a projected investment of over Rs 350 crores for manufacturing Advanced Automotive Technology (AAT) components like powertrain sub-assemblies for Electric Vehicles (EV) and select Internal Combustion Engine (ICE) vehicles out of capital expenditure of Rs 2,000 crores planned over the next five years. The PLI scheme, according to Arathi Krishna, Managing Director, will benefit the sector in a variety of ways by increasing localization and making India an export hub in the global auto supply chain. Image Source Also read: LG Energy Solution plans to increase sales by 8% in 2022