Mumbai: Mobility tech firm Schaeffler India on Wednesday said it has invested Rs 1,700 crore over the last three years to expand its capabilities, including expansion of new product lines for powertrain solutions and e-mobility solutions, in the domestic market.
The company also announced the inauguration of its manufacturing plant at Shoolagiri in Tamil Nadu for powertrain and chassis components and futuristic technologies as part of its strategy to address growing market demands within the automotive industry.
The manufacturing facility will serve as a hub for production and expansion of conventional and electrified powertrain technologies, including planetary gear systems, hybrid transmission components, and new emerging innovations primarily catering to the domestic market.
The other four manufacturing plants are located in Pune, Vadodara (2) and Hosur besides three research and development centres.
As compared to the initial commitment of Rs 1,500 crore, Schaeffler India has invested Rs 1,700 crore over the last three years (from 2022 to 2024) to expand its local capabilities in India. This includes the expansion of new product lines for powertrain solutions, e-mobility solutions as well as large and medium-sized bearings for industrial applications, the company said.
The company said it has also strengthened its presence in the digital automotive aftermarket space, with the acquisition of KRSV Innovative Auto Solutions Pvt Ltd (Koovers), a B2B e-commerce platform in 2023.
“India is a key market for Schaeffler. The new facility is a significant step in our efforts to expand our global manufacturing footprint and further localization in the region. It supports our long-term growth vision and positions us to better cater to the rising market demands and grow with the Indian market,” said Matthias Zink, CEO powertrain and chassis at Schaeffler AG.
With the new manufacturing facility, the company also aims to increase its transmission component capacity significantly.
“With the expansion of our production facilities, we are well-positioned to cater not only to the present local markets but also future needs as we transition towards E-mobility,” said Harsha Kadam, Managing Director and CEO, Schaeffler India Limited.
Schaeffler India remains “committed” to the ‘Make In India’ initiative, while embracing sustainable practices. It also underscores the Schaeffler Group’s focus towards India as a strategic growth driver, he added.
Mobility tech firm Schaeffler India on Wednesday said it has invested Rs 1,700 crore over the last three years to expand its capabilities, including expansion of new product lines for powertrain solutions and e-mobility solutions, in the domestic market. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
