Financial Daily from THE HINDU group of publications
Tuesday, Apr 26, 2005
SKF buyback offer likely next month-end
Mr Rakesh Makhija, Managing Director, SKF India Ltd, at the launch of SKF self-learning tools in Chennai on Monday. - Bijoy Ghosh
Chennai , April 25
SKF India Ltd's buyback offer is likely to happen by May-end, the company's Managing Director, Mr Rakesh Makhija, told Business Line on Monday.
SKF of Sweden, which has a 53.58 per cent stake in SKF India, has decided to buyback all the non-promoter shares and delist the company.
At a press conference here, Mr Makhija said SKF India proposed to invest Rs 130 crore this year in expanding its facilities in Pune and Bangalore.
The press conference was to announce the launching of `SKF self-learning tools', which comes in CDs.
These have been developed with the help of huge databases of SKF global network, experts, consultants and academicians and deals with vibration science and its application in a range of industries.
The tools are a "one-stop solution for learners at various levels," said Mr Makhija.
The knowledge offered through these modules helps one to implement efficient maintenance practices at one's own site immediately, thus accelerating the assimilation of knowledge, according to a press release from SKF.
Answering a question, Mr Makhija said that there was no proposal to merge CR Seals India Pvt Ltd, a wholly-owned company of the SKF group, with SKF India.
The Rs 50-crore CR Seals manufactures oil seals for automobiles.
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