SKF to Invest INR 400 Crores (INR 4 Billion ) in New Manufacturing

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".

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