3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||20 May 2008|
|Amount in EUR:||EUR 20 million|
|NACE sector / loan type:||Manufacture of machinery and equipment n.e.c.|
|Business area:||Industries and services|
The 8-year-maturity loan totalling EUR 20 million has been provided for financing the construction of a new factory in India for the manufacture of large-sized bearings. The state-of-the-art factory is expected to start operations in 2008 and, when at its full capacity. The investment is aimed at meeting the growing global demand for large-sized bearings, driven by fast expansion in the wind energy, mining, steel and off-road segments both in India and other countries. Founded in 1907, Aktiebolaget SKF is a global supplier of products, solutions, and services focusing on friction and motion management, including bearings, seals, mechatronics and lubricants.
SKF's factory in India is being built on a greenfield site that previously was farmland. The factory will use new efficient production techniques developed by the company. The plant is to comply with the group's standard for production facilities applicable globally (i.e. same requirements on plants, regardless of possible weaker national legislation).