SKF India To Invest Rs.150 Cr. In New Plant

Resource from: CBCC Likes:2931

Apr 28,2009

SKF India, in which Swedish automotive component-maker SKF holds 51% interest, would be investing Rs.150 crore to manufacture ball-bearings at its proposed Haridwar plant, reports the Economic Times, quoting a senior company executive. SKF has put the investment on hold for the past two years due to slowing demand. SKF India Managing Director, Rakesh Makhija, said that the auto sales revived in the March quarter, and the company was anticipating that the demand would grow in the coming days. The company is the largest domestic manufacturer of automotive bearings and seals for aerospace, automotive and industrial sectors. He said that as the economy was likely to improve, the company would be ready with the plant early next year. The plant at Haridwar would be the fifth in the country. The SKF group has 120 manufacturing facilities across the world. SKF India has two facilities at Bangalore, one in Pune and one in Ahmedabad. The facility is likely to cater to the needs of Hero Honda, Bajaj Auto, Tata Motors, Ashok Leyland and Mahindra & Mahindra as also supply ball bearings to Tata Motors for its Pantnagar plant and Bajaj Auto for its Rudrapur facility in the later stage.

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