NSK Will Build Bearing Plant in India

NSK Ltd. (Japan; TSE1: 6471) has committed to building a bearing manufacturing plant in Chennai, India. The estimated date for completion is sometime in 2007, although no specific date has been given. This will be NSK's first bearing manufacturing facility in India. According to government authorities, NSK's plant will be dedicated to producing bearings for industrial applications -- magnetic clutch bearings and ball bearings. Currently, NSK India Ltd. is run as a subsidiary of the company's Asian satellite headquarters in Singapore. Its two existing service locations for bearings are in Chennai and Haryana. Although no bearings are yet produced in India, NSK does have a manufacturing presence there in the form of an electric power steering system joint venture facility, dating to 1997. Reportedly, NSK has committed USD $9.1 million to build the Chennai industrial bearing plant.