FAG Bearings India, an industrial and automotive bearings manufacturer, has changed its name to Schaeffler India. FAG Bearings is a listed company in India with a turnover of Rs 1,814 crore (December 2016) and there will be no change in the shareholding pattern of the company, Dharmesh Arora, MD, Schaeffler India & CEO Schaeffler India, said. Schaeffler is one of the world’s largest family companies with sales of EUR 13.3 billion. The Schaeffler family owns 51% in FAG India and rest is held by institutional investors and the public.
Apart from the listed FAG Bearing, the Schaeffler Group has two other 100% owned unlisted companies, Luk India and Ina Bearings in that supplies products and solutions to the automotive and industrial sector. The total Group business in India is at Rs 3,500 crore. The Schaeffler Group will retain the three brands FAG, INA, and LuK in India, Arora said. Apart from bearings, these companies supply components for transmissions, engines and chassis in original equipment manufacturer
“By adopting the Schaeffler name, we aim to unite and strengthen the Schaeffler brand both internally and externally in order to increase awareness and enhance our corporate profile in India,” Arora said.