Schaeffler India on Monday announced that the Board of Directors of the Company at its meeting held today has approved the acquisition of 100 percent shareholding of KRSV Innovative Auto Solutions Private Limited (Koovers) and execution of transaction documents in this regard, the company announced through an exchange filing.
The cost of acquisition, or the price at which the shares were acquired, was at Rs 1,423.98 million.
KRSV Innovative Auto Solutions Private Limited (in the following Koovers) offers spare parts solutions to Indian automotive aftermarket workshops via a B-to-B e-commerce platform. Koovers supplies to over 7,000 plus workshops and has a portfolio of around 1.8 million parts from various manufacturers. For FY22-23, KRSV Innovative Auto Solutions had a turnover of Rs 777 million.
This acquisition is in line with Schaeffler India’s strategic initiatives for growth and provides a synergy potential. 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, the company said via the filing.
Schaeffler India shares
The shares of Schaeffler India at 1:33 pm IST were at Rs 3,033, up by 0.41 percent.
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