SKF India Enters Power Transmission Products Business

The media had reports that SKF India Limited is planning to enter in the power transmission products business.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

SKF India Limited has vide its letter inter-alia stated, "The SKF group is already supplying range of products for power transmission namely Timing Belts, V-Belts, Chains, Couplings, Sprockets and Pulleys to its customers under different brand name and has not entered any new line of business. With the Rs. 1000- crore industry for power transmission products being fragmented, SKF in keeping with its mission to be a total Knowledge Engineering company is focusing on offering complete solutions to its customers by offering the entire product range under one brand name. The Power Transmission Products - Timing Belts, V-Belts, Chains, Couplings, Sprockets and Pulleys - will be offered to customers as a complete solutions package. SFK India aims to focus on its existing verticals such as Cement, Steel, Paper, Textile and Machine Tool segments to promote these products." -- www.nseindia.com