SKF to increase investments in India to double global revenues

Swedish auto component major SKF Group is looking at increasing investments throughout its features in India as a technique to double global revenues, on improved margins, by the end of the last decade. SKF Group Global President & CEO Rickard Gustafson told the media that India is a big market and a significant one for SKF. Given the group's attention to increasing regionalisation in Asia to greater than 85% from about 60% according to its not too long back outlined strategic framework, there will probably be alternatives for investments in property, plant and tools in the nation to help development objectives. He added the group has strong technical capabilities, and there is a selection of several industries comparable to excessive velocity equipment, agriculture, railways and electrical motors that are of high interest. The Rs 25,938-crore Production Linked Incentive (PLI) Scheme approved by the federal government to promote indigenous production of eco-friendly autos and parts with superior auto applied sciences particularly augurs nicely for the native trade. Gustafon told the media that the three global megatrends – electrification, automation, sustainability – will boost development options in India. SKF Group registered a turnover of Rs 69,811 crore in 2021. India at present accounts for approximately 5% of global revenues. Separately, Gustafon told the media that there may be challenges in the global supply chain due to the battle between Russia and Ukraine. Image Source Also read: Auto PLI attracts investment of Rs 74,850 cr for five years