SKF to Invest in India
The Indian subsidiary of Swedish auto component maker SKF is planning to invest Rs. 150 crores in India. SKF is a leading technology and solutions provider of bearings, seals and related products. It will set up a new manufacturing plant in Haridwar in Uttrakhand. SKF is the largest auto component manufacturing firm in India for bearings and seals for aerospace.
The new production unit will increase the manufacturing capacity of ball bearings by at least 30 percent. It shall be company's fifth manufacturing unit in India. SKF already has nearly 120 manufacturing units across the globe. The company has taken the decision looking at the increase in demand for auto parts. It had earlier put this investment on hold for past two years due to slowing demand.
"Auto sales have revived in the January-March quarter and we expect demand to grow in the future. As the economy is expected to improve in the next few months, we will be ready with the plant early next year," said SKF India MD Rakesh Makhija.
"Hero Honda is doubling production to one million motorcycles in Haridwar so a strategic decision be close to the client. We have a five-year lock in supply agreement with Hero Honda but shall develop the 10-acre facility to supply to other auto makers," he added.
[Via: caretradeindia]
Hero Honda invest Rs 350 cr for expansion plans
Hero Honda India has recently announced that the company has chalked out an Rs 350 crore capacity expansion and modernisation plan this fiscal.
This comes at a time when close competitors of the largest two-wheeler manufacturer are running at less than full capacity due to significant inventory-carrying costs amid weak demand.
Hero Honda is ramping up capacity at its Haridwar facility to take it to over a million units this fiscal. This would take the company's overall production and sales targets for 2009-10 to over four million units.
Managing director Pawan Munjal said the Rs 350 crore would be spent in capex and to upgrade bike engines to meet the new emission norms which come into effect from April next year.
Besides, expenses on putting up a gassifier plant at Gurgaon (to phase out furnace oil and diesel usage), a new paint shop at Haridwar and modernisation of the existing facilities at Dharuhera and Gurgaon will also be undertaken within the earmarked investment.
Currently, 4,000 bikes a day are being made here and the company has shifted production of two of its biggest selling models - Splendour and Passion to avail of tax benefits.
[Via: Infibeam]
Honda to Invest Rs. 300 crores in Next Three Years
Honda Motorcycle and Scooter India (HMSI) stated that the company will invest Rs 300 crore in next three years. According to HMSI General Manager-Operating Head (Sales and Marketing) Naresh Kumar Rattan, this investment is a part of its expansion plans in India that will not only include better market presence but also upgradation of the plant capacity in Manesar.
"The company, which has invested Rs 900 crore since its inception in 2001, will further invest around Rs 300 crore for expansion plans and launch a new range of vehicles in the future," he said on the sidelines of the launch of Honda's upgraded scooter 'Activa'.
"Honda has a strong vision for Indian market and will look for opportunities in these challenging times. We will invest Rs 300 Crore in the next three years for launching new products and expanding capacities of our plant," said Honda Motorcycle & Scooter India (HMSI) President and CEO, Mr. Shinji Aoyama.
[Via: cartradeindia]
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