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SKF India Ltd.

BSE: 500472 Sector: Engineering
NSE: SKFINDIA ISIN Code: INE640A01023
BSE 10:54 | 05 Mar 2366.45 -1.40
(-0.06%)
OPEN

2375.00

HIGH

2391.40

LOW

2364.10

NSE 10:44 | 05 Mar 2381.45 8.65
(0.36%)
OPEN

2372.80

HIGH

2394.20

LOW

2360.00

OPEN 2375.00
PREVIOUS CLOSE 2367.85
VOLUME 282
52-Week high 2514.00
52-Week low 1237.50
P/E 43.62
Mkt Cap.(Rs cr) 11,700
Buy Price 2376.05
Buy Qty 3.00
Sell Price 2381.35
Sell Qty 2.00
OPEN 2375.00
CLOSE 2367.85
VOLUME 282
52-Week high 2514.00
52-Week low 1237.50
P/E 43.62
Mkt Cap.(Rs cr) 11,700
Buy Price 2376.05
Buy Qty 3.00
Sell Price 2381.35
Sell Qty 2.00

SKF India Ltd. (SKFINDIA) - Company History

SKF India is one of leading supplier of products solutions & services within rolling bearing seals mechatronics and lubrication system. The company's manufacturing facility is located at Pune Bangalore & Haridwar. It has 11 sales offices across India and a supplier network of over 300 distributors. SKF India is part of AB SKFGermany a leading global supplier of bearings seals mechatronics lubrication systems and services which include technical support maintenance and reliability services engineering consulting and training. SKF India was incorporated on 12th April 1961. To cater to the manufacturing demands the production activity in the first factory at Chinchwad Pune was started by the company in the year of 1965. After that SKF India had launched its state -of- the art factory for SDGBB in Bangalore during the year 1989. In 1997 CR Seals India Pvt. Ltd. established a plant in Bangalore which went on to become SKF Sealing Solutions India Pvt Ltd now a part of SKF in India. During the year 2002 the company had established the SKF Center for Learning and also in the same year SKF became the first bearing company in India to secure ISO/TS-16949 for the Automotive Business Unit. The Company inaugurated a center in 2004 for the development process under the name of SKF Application Development Center. Also in the identical year of 2004 SKF India had acquired Vibration Engineer and Consultants Pvt Ltd. The Company decided to implement 'Direct Customer Delivery' model in place of its Indenting Commission Business for the imported SKF bearing with effect from September 2005 to reduce the delivery time. During the year 2006 the company had received the Dun & Bradstreet American Express Corporate Award and also rated as top Indian company in the Bearings Sector. In February 2007 the company had introduced its power transmission products in the Indian market. The products include timing belts v-belts chains couplings sprockets and pulleys. SKF India entered into a long-term relationship with wind power firm Suzlon Energy in November 2008 for supplying bearings for Indian wind turbine maker Suzlon Energy the deal covers the worth of Euro 303 million. SKF India won the Green Manufacturer of the Year Award at the Auto Monitor Awards 2008. On 27 April 2009 SKE India announced the beginning of work for the new manufacturing site in Haridwar Uttarakhand. The state of the art SKF technology will be operational by January 2010. The company will be investing Rs 150 crore in this project and plans to employ more than 200 people. This plant will specifically cater to the automotive market segment in India. Situated over an area of 10 acres the new bearing factory will have a production capacity of 40 million bearings. Deep Groove Ball Bearings will be manufactured at this site to cater to the demands of the automotive and manufacturing sector.SKF inaugurated its first SKF Solution Factory in India at Pune on 3 November 2009. The ultimate objective of the SKF Solution Factory is to make SKF offerings from its five technology platforms - bearings and units seals mechatronics services and lubrication solutions - more available for customers and provide them with customized solutions by combining and integrating different products systems and services.SKF inaugurated its Global Testing Centre in India at Bangalore on 4 November 2009. The testing centre will be a hub of testing activities ensuring greater focus on customer requirements cost quality and operational efficiency. The main objective will be to conduct testing at close proximity to its customers for design process and supplier validation.On 5 May 2015 SKF India announced that it has signed a strategic agreement with Regen Powertech a leading Indian wind turbine manufacturer. Under the terms of the agreement SKF will supply pitch and yaw bearing sets and mainshaft bearings for the company's 1.5 MW wind turbines.On 27 January 2016 SKF India announced its solar mission with inauguration of one of the largest rooftop solar installations among manufacturing companies in Pune with 1 MW capacity. The launch of the project is a part of SKF India's ongoing solar mission across all major facilities in the country. The Board of Directors of SKF India at its meeting held on 13 February 2017 approved a proposal for buy-back of fully paid up Equity Shares of the company (Buy-back) through the 'Tender Offer' method at a price of Rs 1500 per equity share aggregating to an amount not exceeding Rs 390 crore. The board noted the intention of members of the promoter and promoter group to participate in the proposed Buy-back. On 24 April 2017 SKF India announced the inauguration of its Remote Diagnostic Center (RDC) in India. This diagnostic center will be located in their Pune Corporate Office. SKF's Remote Monitoring Service makes it possible for any company with Internet access to implement a world-class predictive maintenance (PdM) program for periodic or continuous monitoring of critical machinery.On 27 April 2017 SKF India announced the launch of its Multilog On-line System - IMx-8 at Windergy 2017 in New Delhi. IMx-8 is a compact device engineered to address the modern day maintenance issues of wind energy industry. Windergy hosted by Indian Wind Turbine Manufacturers Association (IWTMA) in partnership with Global Wind Energy Council (GWEC) is the largest conference and exhibition of the wind energy segment.Pursuant to the Regulations 29(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and approval of the Board of Directors for buy-back of up to 2600000 equity shares of the Company for an aggregate amount not exceeding Rs 3900 million the Company bought back 1394575 equity shares which were tendered by eligible shareholders and extinguished the equity shares bought on 21 June 2017. SKF was adjudged as one of India's Most Admired Workplaces for 2017 by the Economic Times. The company also won awards for Excellence in CSR and Significant achievement for Environment Management from CII-ITC Centre of Excellence for Sustainable Development.During the FY2019 the company spent towards capital expenditure amounting to Rs 636.9 million. Considering the Company's strong cash reserves and its healthy cash flow generation the members had approved a proposal for buyback of equity shares of the Company at a price of Rs 2100/- per share during the fiscal year 2018-19. The offer size of the buyback was 21.73% of the aggregate paid-up equity share capital and free reserves of the Company and represented 3.70% of the total issued and paid-up capital equity share capital of the Company. The Company had utilized Rs 3990 million for the Buyback of equity shares of the Company and the share capital of the Company after the said buyback now stands reduced at Rs 494.38 million. The buyback process was completed and the shares were extinguished on 20 February 2019. SKF India Pune factory won the Frost & Sullivan Manufacturing Excellence Awards 2018 for the Future Ready Factory for Engineering Sector Large Business. The company wpn the Best Sustainability Practice Award from Tata Steel SSE. SKF India is recognized with the Best Vendor award 2018-19 from the Transportation group of BHEL Bhopal.During the FY2020 the company spent towards capital expenditure amounting to Rs 758 million. The Company has launched several projects under the green manufacturing initiatives and worked upon reducing the impact on the Environment. Various projects on saving of trees (reduction of paper usage) energy reduction water reduction and oil consumption reduction were worked upon. In December 2020 the company has subscribed 27.55% equity shares in Sunstrength Renewables Private Ltd a company incorporated pursuant to the requirements of the Electricity Act 2002 and its rules commissioning a captive generating plant for generation and supply of electricity to SKF and it is in the final stage of commissioning.

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