FAG Bearings keen to plug into Budget's infra focus
FAG Bearings India is hopeful that the Union Budget's increased thrust on infrastructure and housing sector will provide a big push to its products.
In the annual report, FAG Bearings Chairman Avinash Gandhi said the higher budgetary investments in agriculture, rural and social sector will also provide impetus to two-wheelers, tractors and construction equipment, which are its mainstay.
"As part of long-term strategy, we continue to invest in localisation. During 2016, we invested Rs 82 crore towards expansion of production footprint and upgradation of technology," Gandhi said.
The company expanded its local product range and developed a number of new products for domestic and exports markets.
During the year, it added over 100 new products to its local portfolio. It had also initiated measures to make product development process more robust, Gandhi let out.
"We commissioned two new production lines... Our large size bearing plant is now running at full capacity," he added.
During 2016, the company posted healthy sales growth in OEM segments such as railways, wind energies, power transmission and industrial automation.
Gandhi sees 2017 as promising for Indian economy. The government's emphasis on rural and agricultural development, continued investment in infrastructure, implementation of GST and waning negative impact of demonetisation will lead to growth in demand for the company's products, he said.
The company's long-term strategy is contingent on key initiatives like growth in high volume businesses and partnering with customers in the development process. It is also looking at offering high value added products and services along with expansion of competent distribution channel.
The domestic rolling bearing market is estimated at approximately Rs 100 billion.
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