Industrial and automotive component supplier Schaeffler AG on Monday announced an investment of Rs 200 crore to set up a manufacturing unit at Talegaon, Pune, along with a new research and development unit.
The new production facility of the company's arm NA Bearings Pvt Ltd, will manufacture engine and transmission components, serving domestic and exports markets, the company said in a statement.
The R&D facility will focus on enhancing product development and engineering capabilities driving innovation for customers, it added.
Commenting on the development, Schaeffler India CEO Dharmesh Arora said, "We see exceptional opportunities (in India) as the economy strengthens in the near to mid term and mobility environment continues to evolve for technology suppliers like Schaeffler."
This new facility will help the company add capacity and enhance product portfolio to serve our customer needs of future, he added.
"This investment is part of our larger strategic growth plan for India rolled out earlier called Mobility for Tomorrow," Arora said.
Schaeffler India's arm INA Bearings Pvt Ltd is among the leading suppliers of engine, transmission and chassis components including needle roller bearings.
The company's existing Pune plant is currently running at full capacity and employs 700 people.
Schaeffler is currently in the process of merging its two unlisted entities, INA Bearings India Pvt Ltd and Luk India Pvt Ltd, with the listed entity Schaeffler India Ltd.