Sundaram Finance Holdings Ltd (SF Holdings), primarily operates as a holding company owning a portfolio of automotive businesses including foundries, wheels, brakes, turbo chargers, axles and distribution of spare parts. The company’s performance was an extension of its long-term strategy of consolidating its automotive holdings, the company said in a statement.
“We continue to use the automotive industry down-turn to consolidate our portfolio, investing further into our companies and undertaking business restructuring to unlock synergies in our foundry business,” company Director, Harsha Viji said.
On the carbon fibre business, SF Holdings said it planned for a further invesment of up to Euro two million into its portfolio company Mind S.r.L.,Italy which focuses on carbon fibre components for the automotive industry in Europe. “This investment is to augment working capital needs and invest in further growth,” the company said.
SF Holdings said the company invested Rs 450 crore over the last year to buy out the foreign partners in two portfolio companies which it had co-promoted — Brakes India and Wheels India, in keeping with the philosophy of consolidation, the statement added.
