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SKF to invest Rs 120cr on new plant, tech centre in India
SKF India is upbeat about India's growth story and is investing additional Rs 120 crore to set up a new plant and a technical centre in India. The company is eyeing medium sized companies as acquisition targets in areas like bearing, seals, and lubricants.
SKF India is upbeat about India's growth story and is investing additional Rs 120 crore to set up a new plant and a technical centre in India. The company is eyeing medium sized companies as acquisition targets in areas like bearing, seals, and lubricants, reports CNBC-TV18's Swati Khandelwal-Jain.
Tom Johnstone, President & CEO, AB SKF said, "We have had an excellent performance at SKF India this year. We are up 34% in the first six months of the year, over Rs 1000 crore for the first time in the six-month period. So we are very positive on the development. We have seen and we expect that to continue for us, which means it is becoming a very important market."
India is now the fifth largest market for SKF worldwide. The company is also scouting for acquisitions in bearings and lubricants. It has outlined a war chest of USD 150 million to grow through the inorganic route and is actively looking at new segments like wind energy. Funds for this purpose would be generated via internal accruals. It also plans to hire 400-500 more people during this year.
