Business Daily from THE HINDU group of publications
Friday, Jun 08, 2007
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Business Daily from THE HINDU group of publications Friday, Jun 08, 2007 ePaper |
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New Projects SKF to invest Rs 270 cr in greenfield project Our Bureau
Pune June 7 SKF, supplier of products, solutions and services in rolling bearings, seals, mechatronics, services and lubrications systems, on Thursday announced an investment of 450 million Swedish crowns (Rs 270 crore) to build a greenfield factory in India for manufacturing large size bearings. The factory is expected to start production in 2008 and will, when fully utilised, employ 300 persons. According to official sources, the location is yet to be decided, which will be in addition to the Uttaranchal plant which is getting ready. The investment was in response to the strong global demand for large size bearings in sectors of wind energy, mining, steel and off-road applications. The investment in the new facility will be carried out through SKF's existing 100 per cent subsidiary in India — SKF Technologies India Pvt Ltd. SKF had earlier inaugurated a factory for large size bearings in China and also announced its plans of increasing its capacity for large size bearings in its Swedish factory in Goteborg. Mr Tom Johnstone, President and CEO of SKF, said, "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.
More Stories on : New Projects | Bearings | tings & Forgings
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