Schaeffler Group, the German-based manufacturer of rolling element bearings for automotive, aerospace and industrial uses, has planned to invest an additional Rs 1,000 crore in its Indian operations over the next three years.
Recently, the firm completed its merger with Ina Bearings India and LuK India, which was announced back in August 2017.
The firm is making this additional investment as it expects to double its business in India to over €1 billion or Rs 8,300 crore, in the next five years.
Schaeffler expects to grow at a much faster rate, as the market shifts to advanced BS VI norms, and new safety measures that will be applicable on all automakers from April 2020.
The company wants to have a deeper engagement with car makers with BS VI solutions for the Indian market and has engaged in discussions with car makers for their global hybrid and electric vehicle solutions for the Indian market.
Schaeffler also inaugurated a new production hall at its state-of-the-art facility in Pune marking the “One Schaeffler” entity. The new production facility will boost local manufacturing capabilities of Schaeffler Group in India. It will manufacture engine and transmission components, serving the domestic and export markets.
The facility was inaugurated by Georg F. W. Schaeffler, Chairman of the Supervisory Board and Klaus Rosenfeld, CEO of Schaeffler AG; Avinash Gandhi, Chairman of Board, Schaeffler India Limited and Dharmesh Arora, CEO of Schaeffler India Limited, in presence of other Board members of Schaeffler India Limited.
Schaeffler has four plants and 19 sales offices in India with three major brands – FAG, INA, and LuK.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.