SKF Boosts Investment In India

SKF Boosts Investment In India SKF AB (Sweden; Stockholm: SKFA) announced it will expand bearing production in India, aiming to double output by 2010. SKF operations in India are via its publicly-traded subsidiary, SKF India Ltd. Sales in India hit a record Rs 13 billion (USD $295.2 million) in 2006, up more than 33% from 2005's Rs 9.8 billion (USD $222.5 million). Historically, SKF has been investing around Rs 1 billion ($23 million) each year in India, both expanding production of existing products and adding new sizes and types. Now, the company said it will boost that level of investment over the next several years, potentially reaching as much as Rs 5 billion ($115 million). Although some of the additional investment will go toward bearing production, the primary push will be focused on seals, lubricants and highly profitable value-added products and services. Products and services for the fast-growing wind energy market will also get a boost. Managing Director of SKF India, Rakesh Makhija, made the announcement introducing India to the modern sailing ship Götheborg III -- a SKF-equipped high-tech replica of one originally built in 1738 -- at port in Chennai.