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 company that is a supplier of solutions to automotive and industrial sectors. The Company operates through three segments: Automotive, Industrial and Automotive Aftermarket. The Automotive segment is a pioneer in developing and manufacturing technological solutions for passenger cars and commercial vehicles, and tractors. 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 Automotive Aftermarket segment is focused on the spare parts business and delivers repair solutions of original-equipment quality. The Automotive Aftermarket segment has three brands, including LuK, INA and FAG that offer clutch and release systems, engine, and transmission applications, as well as chassis applications. It has its production facilities in Maneja, Savli, Pune and Hosur.