Timken plans $25mn spend in Chennai park

US-based bearing manufacturing firm Timken is all set to invest $25 million for the development of the phase-I of their new manufacturing facility at the Mahindra World City industrial park near Chennai.

In the second phase, the company plans to double the size of the facility. The Chennai facility would chiefly focus on export of bearings. Currently, around 30% of the Indian production is exported.

Company officials informed that around 40% of the company's  global business volume comes form India. The Indian Railways contribute to about 20% of its revenues earned from the country, while 30% comes from automotive parts industries, and the remaining 50% from other industries. Timken's India area sales stands at Rs 338 crore, and its Asia business was estimated at $400 million.

Timken currently has 7 manufacturing units in Asia and 5000 associates. In India, the company has a manufacturing base at Jamshedpur that manufactures rollers, and an R&D facility at Bangalore.