Release time : 2015-06-16 08:00:35
World's numero uno bearing-maker SKF group has firmed up its plans to set up a unit in Gujarat through its India subsidiary. The Sweden based SKF AB, through its Indian subsidiary, has lined up investment to the tune of Rs 300 crore for setting up a unit that can produce large sized bearings in Ahmedabad district.
SKF India has got necessary clearances from state pollution control board and has acquired close to 30 acres of land at Changodar where it has already begun construction work, according to government sources.
There is a huge global demand for large size bearings in the sectors of wind energy, steel and mining.
SKF currently has two manufacturing facilities in Pune and Bangalore. The company is planning one more unit in Uttarakhand besides a facility in Gujarat, sources said.
SKF India (SKF), listed on Bombay Stock Exchange, was incorporated in 1961 as a subsidiary of AB SKF.
Globally, SKF has 110 manufacturing sites distributed all over the world and its own sales companies in 70 countries. SKF is also represented in 140 countries through some 15 000 distributors and dealers. India and China are the two markets the company plans to focus on in the Asian region.
The SKF group is one of the leading global suppliers of Ball Bearings, solutions and services in the area comprising rolling bearings, seals, mechatronics, services and lubrication systems.
In a bid to strengthen its presence in the vehicle aftermarket in Europe, SKF is in the process of acquiring Italian company GLO S.R.I from Metaldyne for an undisclosed sum.