7/14/22, 12:37 PM skf group: SKF to scale up investments in India to double global revenues - The Economic Times

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Business News › Industry › Auto › Auto Components › SKF to scale up investments in India to double global revenues
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SKF to scale up investments in India to double తెలుగు

global revenues
By Sharmistha Mukherjee, ET Bureau Last Updated: Mar 25, 2022, 01:42 PM IST
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Synopsis

x
SKF Group reported a turnover of Rs 69,811 crore in 2021. India currently accounts for

xitoN
about 5% of global revenues. Separately, Gustafon said there would be challenges in the
global supply chain on account of the conflict between Russia and Ukraine. However,

Make
the degree of impact will vary geographically.

Swedish auto component major SKF is

ET Bureau

Users
looking at scaling up investments
across its functions in India as part of a
strategy to double global revenues, on
improved margins, by the end of the
decade.

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In an exclusive interview, SKF Group

SKF Group (FILE PHOTO)
Global President & CEO Rickard
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“I am optimistic about the Indian opportunities and the Indian economy. And Range Rover in India

in order to support those opportunities, we need to invest not just in our

footprint but also in our supply chain,” Gustafson said, without sharing details
2. Luxury vehicle sales in India
grew in strong double-digits
of the investments earmarked for the local market mid-term.

in first half of 2022

Maruti's twin-pronged
https://economictimes.indiatimes.com/industry/auto/auto-components/skf-to-scale-up-investments-in-india-to-double-global-revenues/articleshow/… 1/5
7/14/22, 12:37 PM skf group: SKF to scale up investments in India to double global revenues - The Economic Times

3. strategy to protect, enhance

market share
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5. Supply chain constraints to
continue affecting auto
Sponsored by sector this year, says
Mercedes-Benz India MD &

CEO

He added the group has strong technical capabilities and there are a number
of different industries, such as high speed machinery, agriculture, railways and
electrical motors, which are of “high interest.”

The Rs 25,938-crore Production Linked Incentive (PLI) Scheme approved by

the government to encourage indigenous manufacturing of eco-friendly
vehicles and components with advanced auto technologies especially augurs
well for the local industry.

He said, “If the Indian government incentivizes the shift toward a greener
future, I think that is good not just for India, it is good for the globe, because TOP TRENDING INDUSTRY TERMS

you're a big part of the globe. Of course, it will also drive demand. And that's LPG Cylinder Price Ranveer Singh Quadruplex

good news for SKF.”

Isha Ambani Mukesh Ambani Resigns

Gustafson said the three global megatrends – electrification, automation,

sustainability – will amplify growth opportunities in India. “Electrification -
that's part of the sustainability agenda. Renewable energy is going to be key. Most Popular News
Renewable energies will require rotation, we play there. I truly believe that 1. Waiting time for employer-
sponsored green cards rises
we're going to see more focus on hydrogen to drive more and solve the energy
crisis. To compress hydrogen, you need high speed rotation. We play there.
Carbon Capture will be another tool that we need to use in order to really
2. PM to launch SGX Nifty trade
reduce our CO2 footprint globally. And that will require compression and at GIFT

rotation. So these are some areas where I think there are business
opportunities,” said Gustafson.

3. Nothing phone (1) price
leaked ahead of launch;
Globally, SKF Group itself is targeting net zero emission at its manufacturing brand teases photography
samples
facilities by 2030 and across its suppliers by 2050.

4. Centre allays concerns over

$620.7 bn external debt, says
Overall, given the growth prospects in the country, Gustafson expects India’s
its share only 21%
role in global operations to expand over the next few years. “We already have a
very sizable operation here in India. which I hope will continue to evolve, grow
and further excel. And over time, my ambition is to ensure that India becomes 5. Will ITR filing deadline for
FY 2021-22 be extended?
an even bigger and even more important part of our global portfolio,” he said.

Here's what tax experts have

to say

SKF Group reported a turnover of Rs 69,811 crore in 2021. India currently

accounts for about 5% of global revenues.

Separately, Gustafson said there would be challenges in the global supply

https://economictimes.indiatimes.com/industry/auto/auto-components/skf-to-scale-up-investments-in-india-to-double-global-revenues/articleshow/… 2/5