Thursday 25 October 2018

Schaeffler successfully completes merger of Indian entities

Chennai- Further to the announcement made on August 30, 2017 and following clearance of the transaction by the key stakeholders and relevant regulatory authorities, Schaeffler India Ltd (BSE: 505790, NSE: SCHAEFFLER) (Formerly FAG Bearings India Ltd) announced the successful completion of the merger of INA Bearings India Private Limited (“INA India”) and LuK India Private Limited (“LuK India”)with Schaeffler India Limited

Schaeffler Group, a leading global Automotive and Industrial supplier,also inaugurated a new production hall at its state-of-the artfacility in Pune marking the “One Schaeffler” entity. The new production facility will boost local manufacturing capabilities of Schaeffler Group in India. It will manufacture engine and transmission components, serving the domestic and export markets. 

The facility was inaugurated by Mr. Georg F. W. Schaeffler – Chairman of the Supervisory Board and Mr. Klaus Rosenfeld – CEO, of Schaeffler AG; Mr. Avinash Gandhi – Chairman of Board, Schaeffler India LimitedandMr. Dharmesh Arora – CEO of Schaeffler India Limited, in presence of other Board members of Schaeffler India Limited.

Commenting on the merger, Mr. Georg. F. W Schaeffler, said“The consolidation of our three entitiesin India is a big step and in alignment with our approach of ‘One Schaeffler’. It will allow us to capitalise on the significant growth opportunities in India. We look forward to continuing a seamless integration across the Indian organization to serve our customers even better.”

The combined entity will offer a full range of mobility solutions in engines, transmissions and chassis components as well as a wide range of ball and roller bearings, housings and services across mobility and industrial applications shaping Mobility For Tomorrow.

Commenting on futureplans in India, Mr. Klaus Rosenfeld,said“ Being one strong Schaeffler entity in India now, it is important for us to focus on customer needs and look at expanding our product portfolio. Schaeffler Group pursues strategy of ‘a global player with local presence’ and remains committed to its India business. India presents tremendous opportunities for us and therefore, we have doubledthe investment in India to the tune of INR 3250 million this year and will continue to do so for the next few years. This will significantly boost our capacity, capability and competency to serve our customers in the region.”

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