The company's Savli plant currently carries out all quality related work, such as heat treatment of raw material, face & outer outside diameter grinding and honing (precision grinding) the inner and outer rings of rolling bearings.

The various products produced are small ball bearings which are used in two wheelers, cylindrical roller bearings (CRB), tapered roller bearing (TRB), spherical roller bearings (SRB) and large size bearings (LSB) that caters to wind, railways and heavy machinery sectors.

The unit also caters to exports towards intercompany demands of Schaeffler Group.

The new hall will add the manufacturing capacity for small and medium-size products, which will further enhance Schaeffler's market competitiveness in this region. The expansion of Savli plant's production capacity is a vital step towards driving localization strategy and meeting the growing demands of the market.

Dr. Stefan Spindler, CEO Industrial, Schaeffler AG, said: "Schaeffler is a global company with a local presence, and we continue to invest judiciously in India. We recognize India's strategic importance in the manufacturing space and as a mature industrial market for us in the region. This expansion will enable Schaeffler to meet the market demands and grow with the Indian market.”

Schaeffler India has been present in India for over 60 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India. The company is among the largest industrial and automotive suppliers. It also has the largest after-market networks serving the industrial and automotive customers.

The company reported 5.91% rise in net profit to Rs 219.37 crore on 8.05% increase in revenue from operations to Rs 1,693.62 crore in Q1 CY23 over Q1 CY22.

The scrip rose 0.70% to end at Rs 3093 on the BSE.