Incorporated in 1969, SNL Bearings Ltd., previously known as Shriram Needle Bearing Industries manufactures needle bearings in collaboration with Industriewerk Schaffler INA --Ingenieurdienst, Germany. Needle bearings are used widely in the automobile and general engineering industries. Stabilisation of production systems, debottlenecking in some of the existing product lines and development of new products resulted in a remarkable uptrend in the performance of the company in 1994-95. According to a BIFR order, interest due to financial institutions was converted into equity at par with effect from 1 Apr.'93. The company again became a subsidiary of SRF in 1994-95. Upon further conversion of loan into equity shares by financial institutions, the percentage of shareholding of SRF and its subsidiaries fell below 50% and SNBL ceased to be a subsidiary of SRF with effect from May 30, 1996. It got de-listed from BIFR with effect from June 18, 1996 consequent upon the net worth becoming positive and losses being wiped out. SNBL currently exports to customers in USA, Europe and SE Asia. The company is planning a major expansion-cum-diversification at Noida. The first production line is being commissioned at Noida, UP. It has obtained approval for renewal of technical collaboration with Industriewerk Schaeffler INA - Ingenieurdienst GmbH, Germany, upto 31.03.2000. During the year 2000-01 the company has faced slump in its offtakes from the automotive industry particularly the two wheeler,commercial vehicles and tractor segments,which experienced a slowdown in demand from the final consumers. Effective 01.06.2000 there was a change in management with the earlier promoters namely SRF LTD and their associate companies having sold their entire shareholding in the company comprising 16,53,493 shares constituting 45.78% of the company's paid up equity capital to NRB Bearings Ltd., the new promoters of the company. The shareholding of NRB Bearings in the company's paid up equity capital is 63.98% and as such the company is a subsidiary of NRB Bearings Ltd., w.e.f. 01.06.2000.