SKF to invest INR 400 Crores (INR 4 Billion ) in New Manufacturing Capacity plans to double Sales by 2011

2007 November 20, 07:05 CET

SKF to invest INR 400 Crores (INR 4 Billion ) in New Manufacturing Capacity plans to double Sales by 2011


Mumbai, November 15, 2007: SKF, a leading technology and solutions provider of bearings, seals, services and other related products, will invest Rs INR 400 Crores in new manufacturing capacity in India.


The company also announced its intent to double sales Turnover by 2011.


SKF India will invest Rs 150 crore in its upcoming plant in Uttarkhand. This plant will cater mainly to the Automotive and 2 Wheeler industry. With this investment, the targeted capacity will increase approximately by 50% alone in the Bearings sector.


The second plant with an investment of INR 270 Crores was recently announced for the manufacture of large size industrial bearings. The plant will be located in Ahmedabad and production is expected to start by the first quarter of 2009. The new plant will service both the domestic market as well as the global market.


Speaking on the occasion, Mr. Tom Johnstone, President and CEO, AB SKF, "We are extremely confident on our growth prospects in the country and are expecting to double sales in the next 4 years. We see strong opportunity for us in the growing sectors like Wind Energy, Oil and Gas, Power and other infrastructural areas. We believe we are very well positioned to serve the emerging opportunities while at the same time continuing to build a strong institution in SKF India".


About AB SKF and SKF India

Headquartered in Gothenburg, Sweden, the SKF Group is the world's leading Technology & solutions provider of bearings, seals, related products, Systems and services to the Automotive, Electrical and Industrial sectors.  The Group's service offer also includes integrated mechanical and engineering services, preventive and predictive maintenance, condition monitoring and training.

 The SKF business is organized into three divisions; Industrial, Automotive and Service. Each division serves a global market, focusing on its specific customer segments. The Group employs approximately 40,000 worldwide, has annual sales of over six billion (U.S.) dollars, and sells its products in more than 140 countries.

In India, the SKF Group started trading operations in Kolkata in 1923 and since then the Group's operations have been consolidated into SKF India Limited. SKF also has an associate company called SKF Sealing Solutions Pvt ltd providing sealing solutions. The company has four business units in India and two bearing manufacturing plants in Bangalore and Pune.

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