German bearings manufacturer Schaeffler plans to invest 40 million euro this year to boost its capacity in India. The company plans to invest 120 million euros in its Indian operations over the next three years, while aiming to double its business in India to over one billion euros. The announcement comes after the successful completion of the merger of INA Bearings India Private Limited and LuK India Private Limited with Schaeffler India Limited (w.e.f. October 22, 2018).
“As we operate under one strong Schaeffler entity, it is important for us to focus on our customer needs and look at expanding our product portfolio. Schaeffler Group pursues a ‘global player with local presence’ philosophy and we remain committed to our India business. India presents tremendous opportunities for us and therefore, we have doubled the investment in India to the tune of 40 million euro this year and will continue to do so for the next few years. This will significantly boost our capacity, capability and competency to serve our customers in the region,” said Klaus Rosenfeld, CEO of Schaeffler AG.
The combined entity will offer a range of mobility solutions in engines, transmissions and chassis components as well as a range of ball and roller bearings, housings and services across mobility and industrial applications.
“The completion of the merger marks yet another important milestone within our global ‘One Schaeffler’ approach. Unified, and under one strong brand we improve the conditions for Schaeffler India to grow even further. Being an Automotive and Industrial supplier, India is one of our important growth market of the future”, said Klaus Rosenfeld.
Furthermore, Schaeffler inaugurated a new production hall at its facility in Pune. The new production facility will manufacture engine and transmission components, serving the domestic and export markets.
“The consolidation of our three entities in India is a big step and in alignment with our approach of ‘One Schaeffler’. It will allow us to capitalise on the significant growth opportunities in India. We look forward to continuing a seamless integration across the Indian organisation to serve our customers even better,” said Georg F. W. Schaeffler, Chairman of the Supervisory Board of Schaeffler AG.
“I would like to thank our shareholders, board of directors and all other stakeholders for their support to achieve this milestone. It is a significant moment for Schaeffler in India as we create one strong entity focused on our future growth. The new facility in Pune, once it starts production will enhance our capability and capacity to serve our customers,” said Dharmesh Arora, CEO Schaeffler India.
All company locations will receive a new uniform brand identity governed by the corporate brand Schaeffler. This changeover is taking place as part of the “Global Branding” project, one of the initiatives that make up the future program “Agenda 4 plus One” with which Schaeffler is implementing its strategy “Mobility for Tomorrow”.
