CATENSYS India Private Limited agreed to acquire chain drive business from Schaeffler India Limited for approx INR 274 million.
May 22, 2022
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CATENSYS India Private Limited agreed to acquire chain drive business from Schaeffler India Limited (BSE:505790) for approx INR 274 million on May 23, 2022. The final consideration is subject to the adjustments as on the date of sale as per the terms of Business Transfer Agreement to be executed. Turnover of the chain drive business is
INR 1,070 Mn. for the FY2021. The expected date of completion of sale/disposal On or before July 1, 2022.
Schaeffler India Limited is an India-based automotive and industrial component supplier. The Company provides components and systems for engine, transmission, and chassis applications for hybrid, electric, and combustion-engine-powered vehicles. The Company's segments include Automotive Technologies, Automotive Aftermarket, Industrial, and Exports & Others. The Automotive Technologies segment develops products using sustainable technologies for passenger and commercial vehicles, tractors, and off-highway segments. The Automotive Aftermarket provides data-driven services and plug-and-play solutions for transmission, engine, and chassis systems. It also includes three brands, such as LuK, INA and FAG. The Industrial segment offers a portfolio of bearing solutions, ranging from high-speed and high-precision bearings with small diameters, to large-size bearings, several meters wide. The Exports & Others segment includes exports to group companies and scrap sales.