Schaeffler India Limited completed the acquisition of KRSV Innovative Auto Solutions Private Limited.
September 07, 2023
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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).
Schaeffler India Limited (BSE:505790) completed the acquisition of KRSV Innovative Auto Solutions Private Limited on September 8, 2023.
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.