Global bearing manufacturer Timken India Ltd has announced increasing its market share in India. The company has planned a robust strategy to increase its business share from the current 3%.
"We are in the process of consolidating our position in India and in this regard elaborate work is underway to increase India's share in our global business output," said Timken India chairman Ward J 'Tim' Timken Jr.
Out of the Rs 26,000-crore business, the company has reported in 2011 India's share stood around 3%. Diversification, plant upgrade and investment on creating knowledge personnel are part of the strategy to consolidate its position. He said India and China, the two growing economies of the world, are drawing greater focus and the next financial year starting April 1 will witness Timken's increased involvement in the areas of infrastructure development and energy.
Its senior vice president (Asia Pacific) J Ron Menning said instead of planning for a new plant, the company would work comprehensively in empowering the existing units with advanced technology. At present, the company has two plants in Jamshedpur and Bangalore which caters 20,000 bearings to Indian Railways each month.
The company with 1,400-odd employees that is celebrating its 20th foundation year in India is keen to join the defence sector also. "At present, we are indirect players catering our products to agencies involved in defence sector but definitely we are keen and hopeful of becoming a direct player someday," said company's managing director Ajay Das.
The MD said despite global economic instability, the company - in comparison to 2010 - managed 41% sales growth in 2011 with profit before tax (PBT) posting growth of 21%. Timken has recently announced changing the accounting year of the company from calendar year (January to December) to financial year (April to March) with effect from the next financial year.
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