Sweden-based fastener manufacturer Bulten Group, through its Indian arm PSM Fasteners India, will set up a new manufacturing facility at Oragadam.

The proposed facility will cost Rs 525 crore (US$58.3 million) and is expected to generate around 2,000 jobs. The plant will manufacture a complete range of micro-fasteners catering to both the domestic market and exports, with key export destinations including Europe and the U.S.