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.

Under the share purchase agreement, Schaeffler India Limited 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.

Harsha Kadam, managing director and chief executive officer at Schaeffler India, said, “We are happy to announce the acquisition of Koovers, a milestone moment for Schaeffler in India. This will be a strategic step to maximize value creation through our repair solutions for all customers. Schaeffler Automotive Aftermarket's ambition has always been to simplify workshop operations with plug and play products and solutions, while building consumer connect. Koovers strongly supports this ambition with its innovative digital offering.”

Schaeffler is among the largest industrial and automotive supplier with 3 well known product brands (LuK, INA and FAG), 4 manufacturing plants and 8 sales offices. Schaeffler also has the largest after-market networks serving the industrial and automotive customers.

The company's net profit for Q2 CY2023 was Rs 237.3 crore, which is higher by 5.1% as compared with PAT of Rs 225.8 crore recorded in Q2 CY2022. Revenue from operations for Q2 CY2023 was Rs 1,829.1 crore, higher by 4.6% than the corresponding quarter of 2022.

The scrip rose 0.28% to Rs 3,027.05 on the BSE