Rakesh Makhija, the new Chairman of Board , SKF India Ltd

SKF India Limited , India's leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, announced the retirement of KC Mehra as the Chairman and from the board of SKF India Limited.

Subsequently, the board approved and appointed Rakesh Makhija as the Chairman with effect from July 22, 2015.

K C Mehra was the Chairman of the company from 2003.

Rakesh Makhija has been associated with SKF India for more than 12 years. He served as the Managing Director of the company from 2002 to 2009and has been a Member of the Board of SKF India Limitedever since. His most recent assignment was as President of Industrial Markets - Strategic Industries for the SKF Group. Prior to that, Makhija was the President of Asia Pacific - SKF Group. He brings more than 41 years of rich business experience.

Prior to joining SKF, Makhija served as the CEO and Managing Director of Tata Honeywell. Before Honeywell, he worked with Kinetics Technology International BV, a process engineering company in Netherlands, for over eight years.

Makhija, aged 64 years, is a Chemical Engineer from the Indian Institute of Technology, New Delhi. He currently serves on the board of Tata Technologies Ltd, TML Drivelines Ltd.

Registers sales of INR 6033 million in Q2 2015

The Board of Directors of SKF India Limited approved the unaudited financial results for the second quarter and half year ended June 30, 2015.

The financial highlights are as given below:

• Net Sales for the second quarter ended June 2015 amounted to INR 6033 million registering a growth of 2% compared to the corresponding quarter of the previous year and 4% as compared to the immediately preceding quarter
• The Profit before tax for the second quarter ended June 30 amounted to INR 709 million which was lower by 13% compared to the corresponding quarter of the previous year and lower by 9% compared to the immediately preceding quarter

Commenting on the occasion, Shishir Joshipura, Managing Director and Country Head, SKF India said, "The economy continued to face challenges that constrained the volume growth on account of lower demand from several industry segments. The current quarter witnessed headwinds on account of adverse forex movement and product mix. We remain optimistic that continued and sustained push on reforms will drive the economy on the intended path."

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