The Board of Directors of Schaeffler India Ltd (formerly FAG Bearings India Ltd), INA Bearings India Pvt Ltd (INA India) and LuK India Pvt Ltd (LuK India), at their respective meetings held recently, approved the draft Scheme of Amalgamation for the merger of INA India and LuK India into Schaeffler India Ltd.
The key objective of this merger is to combine the strengths and competencies of all three Schaeffler entities in India and establish one strong listed Schaeffler entity in India in line with Schaeffler Group’s strategy “Mobility for tomorrow”.
“I am pleased that the Board of Directors of Schaeffler India Ltd, INA Bearings India Pvt Ltd and LuK India Pvt Ltd have given their approval to merge the three companies. This is an important milestone towards creating a single Schaeffler entity in India and increasing long term value for all stakeholders,” said Klaus Rosenfeld, CEO, Schaeffler AG. “This raises the corporate profile and presence of Schaeffler in India and creates an umbrella brand over three key product brands LuK, INA and FAG.”
Dharmesh Arora, Managing Director and CEO of Schaeffler India, said “Schaeffler has operated in India for more than 50 years, growing from a bearing manufacturer to an automotive and industrial supplier. The merger will strengthen our position, leveraging our superior technology, quality and innovation to deliver superior solutions to our customers.”
The merger is subject to shareholders and regulatory approvals and the entire process is expected to take approximately 12 months, in the ordinary course.