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    Schaeffler to invest Rs 1,000 crore more in India

    Synopsis

    The new factory in Pune will cater to existing demands of engine, transmission and chassis components, including the BS VI requirements.

    schaeffler-agenciesAgencies
    Schaeffler expects to grow at a much faster clip, with the market shifting to advanced BS VI norms, and new safety measures being introduced in the next couple of years.
    MUMBAI: Having completed the merger of Ina Bearings India and LuK India with itself, Schaeffler India, part of the ¤14-billion German automotive component group, has committed to invest €120 million (Rs 1,000 crore) in its Indian operations over the next three years, as it aims to more than double its business in India to over €1 billion, or Rs 8,300 crore, in the next five years.

    Schaeffler expects to grow at a much faster clip, with the market shifting to advanced BS VI norms, and new safety measures being introduced in the next couple of years. The firm is investing double of what it did annually in the past, as it seeks to get a larger foothold in the Indian market.

    The German group wants to have a deeper engagement with car makers with BS VI solutions for the Indian market, and has engaged in discussions with car makers for their global hybrid and electric vehicle solutions for the Indian market.

    The new factory in Pune will cater to existing demands of engine, transmission and chassis components, including the BS VI requirements.

    Georg FW Schaeffler, chairman of the supervisory board at Schaeffler AG, had in fact travelled to India to inaugurate the first plant under the merged (Ina and LuK) entitiy under Schaeffler India to speed up growth plans.


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