Spinning the world
SKP Bearing, based in Surendranagar, is a trailblazing manufacturer, supplier and exporter of needle rollers, cylindrical rollers, precision rollers, pins and balls for several industrial applications. SKP is a popular brand in the bearing industry recognized for its invincible quality made available at affordable price. “Our team and technology are our major strengths,” reiterates Shrinand Palshikar, Managing Director, SKP Bearing Industries Ltd. who uses ground-breaking manufacturing techniques to come up with cutting – edge products for the discerning end-users of bearings across the world. “We as Indian manufacturers have a great challenge ahead of us to seize the opportunity to expand our foreign markets,” underlines Palshikar in an interview with BEARING REVIEW. Excerpts:
Q. Could you narrate the genesis of SKP?
In 1991, I joined as Works Manager in a bearing company in Surendranagar. Entrepreneurship was always at the back of my mind. In Gujarat I learnt how to start small and grow big. This inspired me to start my own venture SKP Bearing Industries with two other partners – my wife Mrs. Sangita Palshikar and mother-in-law Smt. Urmila Bhonde. Today the unit is at Plot No.1408 also known as old SKP. With increasing orders SKP did its 1st extension in 1995 and 2nd extension in 1998. During the same time SKP had an increase in merchant exports. Thereafter the company became ISO certified, and added wind mills and additional production lines. In a few years, space constraint was felt and the company bought additional land at Mulchand Road. In 2008 manufacturing activities were started here. Further we went for quality up-gradation and installed an additional wind mill. Today we have windmills in three different locations in Maharashtra, Gujarat and Madhya Pradesh.
Recognizing the efforts put in by partners, the Govt. of India bestowed Mrs. Sangita Palshikar with a Special National Award for ‘Outstanding Woman Entrepreneurship’. In subsequent years SKP received other awards from NDTV, Zee Business and from the Govt. of Gujarat. In 2014, SKP invested in a solar plant in Madhya Pradesh. Soon thereafter a rooftop solar plant was installed at the existing facility for captive consumption. In 2018 SKP got an opportunity to add steel balls to its basket and also further expanded its Roller Division.
Q. You are a well-known name in rolling elements. What is the significance of these elements, and what are their applications?
For any product to rotate, rolling elements are required. This is where our product comes in. Rolling elements such as needle rollers, cylindrical rollers, steel balls, etc. are used in a wide range of applications in the movement of parts in various industries like automobile, textile, industrial bearings, pumps, machinery parts, etc. Some of our products find applications in gearboxes, cam rollers, cam shafts, steering assembly, brakes assembly, bearings and many more.
Q. Your range also includes precision engineered products like steel balls? What are your capabilities in manufacturing these critical products?
We are a unique company manufacturing multiple rolling elements under one roof. We have a facility to manufacture needle and cylindrical products with diameters ranging from 1mm to 30mm and length from 3.5 mm to 80mm. Such a wide range of products is unique. We have capabilities to manufacture products with precision quality control, meeting size requirements in microns. Similarly, in steel balls our range is from 5mm to 25mm. We manufacture our products as per customer requirements and have capability to produce G10 grade. SKP is known for its quality products.
Q. May we know more about your infrastructure and resources?
SKP has an in-house state-of-the-art testing facility. We have in-house UTS testing machine, roundness tester, contour testers, digital image analyzers, and many more facilities. SKP has in-house tool room as well. Our system is such that we have constant quality check with stringent process controls on the shop floor itself. Over the last 30 years, some of our resources have been self-developed and improvised in process technology. We have a team of dedicated people with vast experience and domain knowledge and our processes are eco-friendly
Q. Please give some insights into your manufacturing excellence and quality obsession.
In order to beat global competition quality obsession is a must with productivity and competitive pricing. We have developed processes that are stable with great consistency in quality. Also, our in-process quality controls are very stringent. Our quality principle is that any product must be as per specifications.
Q. Which are your major markets? Do you also export?
Our major market is local Indian market. We are one of the market leaders in our field. SKP also exports to various countries in the Middle East, Europe, Latin America, etc. We also have plans to increase our market share overseas in the near future.
Q. What makes you a preferred supplier to the bearing industry in particular? Why do customers come to you again and again?
Not just bearing Industry, we are a preferred supplier to numerous customers spread over a wide range of industries. SKP is preferred because of our products of impeccable quality, ontime delivery with exact quantity and commitment to customer.
Q. What are the challenges akin to your business and how are you poised to take on them?
The major challenge that our business has is to cope up with raw material price fluctuations and its direct impact on product cost. We offset this by bearing huge volumes of RM inventory to cushion this effect. Another challenge that Indian manufacturers in general face is the competition from foreign market. Slowly the global manufacturing hub is shifting towards India. We as Indian manufacturers have a great challenge ahead of us to seize the opportunity and expand our foreign markets.
Q. What are your views on the market dynamics and the growth opportunities?
Market is always fluctuating; no two days are the same and the ups and downs are constant. The key is to manage them with a long-term vision. Growth opportunities are always there for quality suppliers and it depends on us to seize these opportunities. In order to unlock the opportunities of growth, SKP Bearings Industries recently became a public limited company and came out with its successful IPO
Q. How do you envision the future of SKP?
SKP has a bright future ahead in bearing industry. Our company has a succession plan in place. In order to take the company to the next level of growth, SKP has now become a listed company. We had our initial public offering (IPO) from 30th June to 5th July 2022 and our listing on 13th July 2022. SKP had phenomenal response. It was over-subscribed by 10 times. We thank our investors for the same. We are a public listed company now and are open to new technologies, mergers and acquisitions to grow further in domestic as well as international markets in bearing industry.
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