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SKF India Ltd.

BSE: 500472 Sector: Engineering
NSE: SKFINDIA ISIN Code: INE640A01023
BSE 00:00 | 28 Feb 1865.85 -32.10
(-1.69%)
OPEN

1830.15

HIGH

1881.45

LOW

1823.00

NSE 00:00 | 28 Feb 1869.80 -19.60
(-1.04%)
OPEN

1850.00

HIGH

1887.10

LOW

1845.85

OPEN 1830.15
PREVIOUS CLOSE 1897.95
VOLUME 501
52-Week high 2313.00
52-Week low 1742.80
P/E 31.17
Mkt Cap.(Rs cr) 9,225
Buy Price 1842.35
Buy Qty 1.00
Sell Price 1879.85
Sell Qty 1.00
OPEN 1830.15
CLOSE 1897.95
VOLUME 501
52-Week high 2313.00
52-Week low 1742.80
P/E 31.17
Mkt Cap.(Rs cr) 9,225
Buy Price 1842.35
Buy Qty 1.00
Sell Price 1879.85
Sell Qty 1.00

SKF India Ltd. (SKFINDIA) - Company History

SKF India is 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 SKF 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.