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To invest Rs 110 cr in the project; production to begin next year

Bangalore , Nov. 2

US bearings major The Timken Company has announced its plans to set up a new bearing manufacturing facility in India through a new subsidiary. The plant will be set up in Mahindra World City, the new special economic zone being developed by Mahindra Group.

According to a company spokesman, The Timken Company would be investing $25 million (about Rs 110 crore) in the project which will produce a range of antifriction bearings for global markets.

The company had got the FIPB clearance for the investment last month.

The slew of tax benefits, including duty-free import of equipment and material used in the manufacture of goods destined for sale outside of India, is expected to give the company a competitive edge.

Production from the new plant will begin during the fourth quarter of 2007.

TO hire more

The company, which currently employs approximately 1,000 people in its existing Indian subsidiary Timken India, plans to add about 300 people to operate the Chennai plant.

"The Timken Company is continuing to invest in industrial products and markets where we have the opportunity to drive profitable growth," said Mr Mike Arnold, President of Timken's Industrial Group.

"Our new facility in India represents a significant expansion of our manufacturing presence in this important economy, and we will continue to look for strategic opportunities to build on our growing base in Asia."

More Stories on : New Projects | Bearings | tings & Forgings | Human Resources

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