Schaeffler India plans to undertake capacity expansion at an investment of Rs 1,500 crore over the next three years, which will include setting up a new plant at Hosur in Tamil Nadu at a cost of Rs 300 crore.
The infusion will be directed towards exports as well as domestic automotive and industrial businesses. The first phase of the Hosur project is expected to become operational by end of the calendar year (CY). It will be engaged in the manufacture of transmission components and systems to meet the requirements of both the automotive and tractor segments.
The manufacturer of automotive and industrial parts is also setting up a large manufacturing facility at Savli near Vadodara in Gujarat to drive its industrial business. It has invested close to Rs 500 crore in 2022, primarily for capacity enhancement.