The News Scroll 27 November 2017  Last Updated at 4:09 pm | Source: PTI

Schaeffler India announced Rs 200-cr expansion at Pune plant

Schaeffler India announced Rs 200-cr expansion at Pune plant
outlookindia.com
1970-01-01T05:30:00+0530

Mumbai, Nov 24 Global industrial and automotive supplier Schaeffler has announced expansion of its Pune operations at its subsidiary INA Bearings at Talegaon with an investment of Rs 200 crore.

The expansion will include a new manufacturing facility and a new R&D centre within the existing premises, the German company said in a statement.

The new production facility will manufacture engine and transmission components, serving the domestic and exports markets, it added.

Schaeffler India's INA Bearings is among the leading suppliers of engine, transmission and chassis components including needle roller bearings and has generated a growth of 15 per cent in 2016.

The Pune plant, currently running at full capacity, employs 700 people.

Schaeffler is in the process of merging its two unlisted entities, INA Bearings and Luk India with the listed entity Schaeffler India.

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Aegon Life appoint Vineet Arora as MD & CEO

Aegon Life Insurance has appointed Vineet Arora as the managing director & chief executive effective January and replaces KS Gopalakrishnan who left earlier this month.

Arora has had a long association with the ICICI Group having held a number of roles in ICICI Securities and between 2002 and 2008, ICICI Prudential Life in various sales roles, rising to the role of senior vice-president for bancassurance and alliances.

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Volkswagen strengthens core team

Volkswagen Passenger Car India has rejiged its top deck by appointing as Ashish Gupta as the head of sales and P Ravichandran as the head of after sales operations.

The company said both the appointments will be effective December 1.

Gupta, currently head of after sales, will now be responsible for sales while Ravichandran currently responsible for field operations will be taking the new responsibility as head of after sales.

Gupta and Ravichandran will be reporting to Steffen Knapp, director, Volkswagen India.

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ICICI Prudential implements e-Nach paytment solution

ICICI Prudential Life has implemented the electronic - national automated clearing house (e-Nach) service of the National Payment Corporation, to offer easy and convenient mode to pay renewal premia as well as a paperless and hassle- free policy activation.

The E-Nach mandated service is a digital registration process wherein a customer issues a mandate to the bank for his/her account to be debited at pre-determined frequencies, the company said in a statement, adding opting for this service eliminates the need to sign a physical mandate form which is then handed over to the bank.

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TRC Consulting ties up with Britisg firm for IBC push

As the insolvency law gets more teeth, corporate advisory TRC Corporate Consulting has tied up with British inslovancy specialist FRP Advisory to beef up its insolvency and bankruptcy code advisory business.

TRC Consulting said the tie-up with FRP which is a leading mid-market specialist on insolvency, independent restructuring and recovery firms in Britain, is for the IBC advisory service only.

City-based law firm SNG & Partners acted as the legal advisor to the tie-up.

It can be noted that the IBC has been broadly adopted from the British insolvency regime.

TRC, which has expertise in stressed assets resolution, is into valuation services, transaction advisory services, IBC advisory services, forensic and investigations, etc.


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds.
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