Schaeffler set to invest Rs 1,050 cr

Auto component major Schaeffler Group has planned an investment of Rs 1,050 crore in India over the next three years towards expansion of its existing plants at Pune, Hosur and Vadodara, besides the recently opened green field plant at Savli in Gujarat.

The company also opened a new line at Hosur this week, which will produce hydraulic clutch release systems.

The Savli facility manufactures low-iction deep groove ball bearings and large-sized bearings for wind energy, heavy industries, railways and other sector.

Schaeffler anounced that it will also be doubling its R&D headcount by 2015, from the current 120 engineers.