Schaeffler India announced Rs 200-cr expansion at Pune plant
Mumbai, Nov 24 (PTI) Global industrial and automotivesupplier Schaeffler has announced expansion of its Puneoperations at its subsidiary INA Bearings at Talegaon with aninvestment of Rs 200 crore.
The expansion will include a new manufacturingfacility and a new R&D centre within the existing premises,the German company said in a statement.
The new production facility will manufacture engineand transmission components, serving the domestic and exportsmarkets, it added.
Schaeffler India's INA Bearings is among the leadingsuppliers of engine, transmission and chassis componentsincluding needle roller bearings and has generated a growth of15 per cent in 2016.
The Pune plant, currently running at full capacity,employs 700 people.
Schaeffler is in the process of merging its twounlisted entities, INA Bearings and Luk India with the listedentity Schaeffler India.
******************Aegon Life appoint Vineet Arora as MD & CEOAegon Life Insurance has appointed Vineet Arora as themanaging director & chief executive effective January andreplaces KS Gopalakrishnan who left earlier this month.
Arora has had a long association with the ICICI Grouphaving held a number of roles in ICICI Securities and between2002 and 2008, ICICI Prudential Life in various sales roles,rising to the role of senior vice-president for bancassuranceand alliances.
******************Volkswagen strengthens core teamVolkswagen Passenger Car India has rejiged its topdeck by appointing as Ashish Gupta as the head of sales and PRavichandran as the head of after sales operations.
The company said both the appointments will beeffective December 1.
Gupta, currently head of after sales, will now beresponsible for sales while Ravichandran currently responsiblefor field operations will be taking the new responsibility ashead of after sales.
Gupta and Ravichandran will be reporting to SteffenKnapp, director, Volkswagen India.
******************ICICI Prudential implements e-Nach paytment solutionICICI Prudential Life has implemented the electronic -national automated clearing house (e-Nach) service of theNational Payment Corporation, to offer easy and convenientmode to pay renewal premia as well as a paperless and hassle-free policy activation.
The E-Nach mandated service is a digital registrationprocess wherein a customer issues a mandate to the bank forhis/her account to be debited at pre-determined frequencies,the company said in a statement, adding opting for thisservice eliminates the need to sign a physical mandate formwhich is then handed over to the bank.
******************TRC Consulting ties up with Britisg firm for IBC pushAs the insolvency law gets more teeth, corporateadvisory TRC Corporate Consulting has tied up with Britishinslovancy specialist FRP Advisory to beef up its insolvencyand bankruptcy code advisory business.
TRC Consulting said the tie-up with FRP which is aleading mid-market specialist on insolvency, independentrestructuring and recovery firms in Britain, is for the IBCadvisory service only.
City-based law firm SNG & Partners acted as the legaladvisor to the tie-up.
It can be noted that the IBC has been broadly adoptedfrom the British insolvency regime.
TRC, which has expertise in stressed assetsresolution, is into valuation services, transaction advisoryservices, IBC advisory services, forensic and investigations,etc. PTI BENBEN.
This is unedited, unformatted feed from the Press Trust of India wire.