| Schaeffler India today announced that the Board of Directors has approved the acquisition of 100 percent of the shares of KRSV Innovative Auto Solutions (Koovers), a Bengaluru-based private limited company offering spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform.
This acquisition presents an ideal synergy for Schaeffler's future aftersales activities in India. It will be a key enabler for the
aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape.
Schaeffler's Automotive Aftermarket division supplies components and holistic repair solutions for the automobile spare parts business worldwide and sees itself as an enabler of garages. With an overarching understanding of systems and comprehensive services, Schaeffler supports garages in complex repairs and at the same time contributes to extending the operating life of vehicles.
Under the share purchase agreement, Schaeffler India will acquire 100 percent shares of KRSV Innovative Auto Solutions for a consideration of approximately Rs 142.4 crore. The transaction would be completed in third quarter of CY 2023, subject to customary closing conditions. This acquisition will be fully funded by own cash generation. |