Auto component major SKF India is planning to end financial year 2020 with a capex of around Rs 70-100 crore, 30% lower than its usual capex spend.

Manish Bhatnagar, MD, SKF India, said: "Normally our capex plans are between Rs 100 crore and Rs 150 crore a year which is on track even for this year but there has been a delay due to lockdown and we have lowered our capex spend by 30%." Automotive business is around 50% of SKF's total revenue, he added.

The company is also not cutting back on hiring even though the profile of those being hired has changed. "We are hiring more digital experts on the manufacturing shopfloor as we need new skills on how we address customers and their problems but I am still interviewing around 10 people every month," added Bhatnagar. SKF currently has a workforce of around 3,000.

The company has also been working with its suppliers particularly to ease their working capital concerns. "We are working with suppliers to ease their working capital issues and we are connecting them with their banks with the backing of SKF through collaterals and by paying receivables on time," said Bhatnagar.