FAG Bearings India Limited, a manufacturer of industrial and automotive bearings, announced that its corporate name is changed to “Schaeffler India Limited” as of 7th July. The process of changing the company’s name was completed after the required regulatory and subsequent shareholder approvals were obtained. This change of name is an important step in the rollout of the new global strategy “Mobility for tomorrow” of the company’s parent group Schaeffler AG.
“Our global vision is to shape the future of mobility. In line with this vision, we have clearly outlined the Schaeffler brand architecture and the way forward. 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. Our three brands FAG, INA, and LuKremain important and widely-recognized brands for our products, and our customers will continue to reap incremental benefits and value thanks to Schaeffler’s integrated approach to systems and solutions,” said Dharmesh Arora, Managing Director, Schaeffler India Limited and CEO Schaeffler India.
The Schaeffler Group is a global automotive and industrial supplier. The company generated sales of approximately EUR 13.3 billion in 2016. With around 86,600 employees, Schaeffler is one of the world’s largest family companies and, with approximately 170 locations in over 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales companies.