SKF to invest Rs.270 crores in a new plant in India
2007 June 07, 11:19 CET
|SKF to invest SEK 450 Million (Rs 270 crores) in a new plant in India|
New facility to manufacture large size bearings that cater to the growing sectors of wind energy, mining, steel and off road applications
Göteborg, June 7, 2007: SKF today, announced an investment of SEK 450 Million to build a Greenfield factory in India for the manufacturing of large size bearings. The factory is expected to start manufacturing in 2008 and will, when fully utilized, employ 300 persons.
The investment is in response to the strong global demand for large size bearings in the sectors of wind energy, mining, steel and off road applications.
SKF had earlier inaugurated a factory for large size bearings in China as also announced its plans of increasing its capacity for the large size bearings in its Swedish factory, in Goteborg.
The investment in the new facility will be carried out through SKF's existing 100% subsidiary in India- SKF Technologies India Private Ltd.
Commenting on the occasion Mr. Tom Johnstone, President and CEO of SKF mentioned "With this new investment and the investment announced earlier this year in a factory for ball bearings in India, the SKF Group will have five manufacturing sites in the country. SKF has been present in India since 1923 and in recent years we have a strong development of our business in India. These investments show our continued commitment to the fast growing Indian market. The new factory will supply the Indian market as well as the international markets".
The SKF Group is the leading global supplier of products, solutions and services in the area comprising rolling bearings, seals, mechatronics, services and lubrications systems. The Group's service also includes technical support, maintenance services, condition monitoring and training. The SKF Group's efforts in the R&D area have resulted in numerous innovations that have created new standards and new products in the bearing world.
SKF is present in more than 130 countries, has some 120 manufacturing sites and sales companies supported by some 15 000 distributor locations that are serviced by an efficient global distribution network and a widely used e-business marketplace.