Schaeffler India Limited (BSE:505790) entered into a scheme of amalgamation to acquire Luk India Pvt. Ltd. from LuK Vermögensverwaltungsgesellschaft mbH and Industrieaufbaugesellschaft BUhl Mit BeschrAnkter Haftung for INR 26.7 billion on August 30, 2017. Under the terms of the transaction, 10 equity shares of Schaeffler India Limited will be issued for every 35 shares of Luk India Pvt. Ltd. A total of 6.4 million shares will be issued as consideration. In a related transaction, Schaeffler India Limited (BSE:505790) entered into scheme of amalgamation to acquire INA Bearings Pvt. Ltd. from INA Beteiligungsverwaltungs GmbH, Industriewerk Schaeffler INA-Ingenieurdienst GmbH and Schaeffler Beteiligungsgesellschaft mbH for INR 37.9 billion on August 30, 2017. Post transaction, both Luk India Pvt. Ltd and INA Bearings Pvt. Ltd will be dissolved without being wound up and shareholding of the promoter group of Schaeffler India Limited will be 74.13%. Luk India Pvt. Ltd reported revenues of INR 7.3 billion, EBITDA of INR 1.3 billion, profit after tax of INR 611 million, net debt of INR 23 million and net worth of INR 2.8 billion for the year ended December 31, 2016. Post completion of the transaction, all employees of Luk India Pvt. Ltd. will become the employees of Schaeffler India Limited. The transaction is subject to approval by shareholders and/or creditors of Schaeffler India and Luk India, approval by Securities and Exchange Board of India and Stock Exchanges (Bombay Stock Exchange, National Stock Exchange), and National Company Law Tribunal, Mumbai and Chennai bench (NCLT). The transaction was reviewed and recommended by the audit committee of Schaeffler India Limited and approved by the Board of Schaeffler India Limited and Luk India Pvt. Ltd on August 30, 2017. On November 29, 2017, the transaction received 'no adverse observation' letters by the Bombay Stock Exchange and National Stock Exchange of India to file the scheme with NCLT. The meeting of unsecured creditors and shareholders of Schaeffler India Limited will be held on March 20, 2018. According to an update dated March 20, 2018, the shareholders and lenders of Schaeffler India approved the transaction. The Board of Directors of Schaeffler India Limited constituted a scheme implementation committee for the transaction. The transaction was approved by NCLT, Mumbai on September 7, 2018. The appointed date for the proposed merger is January 1, 2018. The transaction is expected to close in the third quarter of 2018. Rajan Wadhawan of Price Waterhouse & Co LLP acted as a valuer for Schaeffler India Limited and Yash Arya of Walker & Chandiok Co LLP acted as a valuer for Luk India Pvt. Ltd. Anupam Paliwal of ICICI Securities Limited acted as a fairness opinion provider for Schaeffler India Limited. Tanvi Jain of HSBC Securities and Capital Markets (India) Private Limited acted as a financial advisor and Vijay Mathur of BSR & Co. LLP acted as an accountant to Luk India Pvt. Ltd. AZB & PARTNERS acted as legal advisor to Schaeffler India. Schaeffler India Limited (BSE:505790) completed the acquisition of Luk India Pvt. Ltd. from LuK Vermögensverwaltungsgesellschaft mbH and Industrieaufbaugesellschaft BUhl Mit BeschrAnkter Haftung on October 22, 2018.