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Auto component firm Schaeffler India opens Pune facility
Industry News- Oct 26,18
The company has announced successful completion of merger of INA Bearings India Pvt Ltd and LuK India Pvt Ltd with Schaeffler India Ltd
Pune, October 26, 2018
German auto component major Schaeffler has opened a new production hall at its state-of-the-art facility in Pune. The new production facility, built with an investment of Euro 25 million, will boost local manufacturing capabilities of Schaeffler group in India. It will manufacture engine and transmission components, serving the domestic and export markets.
Dharmesh Arora, CEO, Schaeffler India, commented, “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.”
Meanwhile, Schaeffler has announced successful completion of merger of INA Bearings India Pvt Ltd and LuK India Pvt Ltd with Schaeffler India Ltd with effective from October 22, 2018. The combined entity is a leading Indian automotive and industrial supplier with over Euro 500 million in revenues and 3,000 employees.
“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, CEO of Schaeffler AG.
Commenting on the merger, Georg F W Schaeffler, Chairman of the Supervisory Board of Schaeffler AG, added, “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 organization to serve our customers even better.”
The combined entity will offer a full range of mobility solutions in engines, transmissions and chassis components as well as a wide range of ball and roller bearings, housings and services across mobility and industrial applications shaping the mobility for tomorrow.
Commenting on future plans in India, Klaus Rosenfeld, said, “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 Euro 40 million 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.”
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