SKF to pump Rs 150 crore on the setup of new facility
World number one bearings maker SKF plans to invest Rs 150 crore in a new ball bearings manufacturing plant at Haridwar, located in the northern state of Uttarakhand.
The proposed plant at Haridwar would be company's fifth unit in the country, which will supply products to companies like Hero Honda, Bajaj Auto, Tata Motors, Ashok Leyland and Mahindra & Mahindra.
In addition, the facility will also supply ball-bearings to Tata Motors for its Pantnagar plant and Bajaj Auto for its Rudrapur facility at a later stage.
The company is eyeing turnover of Rs 100 crore, after two years of operations at Haridwar.
Presently, the company has four plants in India, which are already in operations including two units in Bangalore and one in Pune. SKF group has 120 manufacturing sites and sales companies in the world.
It should be noted that Rs 1,620-crore public-listed firm, had put the investment on hold for the past two years due to slowing demand. But the recent jump in automotive sales has made the company go ahead with the investment.
Last year, the company had pumped Rs 250 crore on the setup of its Ahmedabad manufacturing facility.