Schaeffler India Limited (BSE:505790) agreed to acquire KRSV Innovative Auto Solutions Private Limited for INR 1.4 billion on August 28, 2023. This acquisition will be fully funded by own cash generation. KRSV Innovative Auto Solutions Private Limited reported Turnover of INR 777 million in FY22-23.

Transaction has already been approved by KRSV Innovative Auto Solutions Private Limited's board of directors. . The transaction would be completed in third quarter of CY 2023.

Ashwath Rau, John Raghav,Ramya Suresh,Bharat Budholia,Ajay Singh Solanki,Nishanth Ravindran and Nandan Pendsey of AZB & Partners acted as legal advisor to Schaeffler AG and Schaeffler India. Ernst & Young Private Limited, Investment Banking Arm acted as financial advisor to Schaeffler India Limited (BSE:505790).