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Schaeffler India Limited — M&A Activity 2018
Sep 8, 2018
61541_rns_2018-09-08_bcd0144d-c391-4164-ab76-2eac3a610fab.pdf
M&A Activity
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Press Release
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NCLT approves merger of INA Bearings, LuK India with Schaeffler India Limited
- National Company Law Tribunal, Mumbai approved the Scheme of Amalgamation which provides for merger of INA Bearings India Private Limited and LuK India Private Limited with Schaeffler India Limited
Mumbai , September 08, 2018: Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) (‘Company’) today announced that the Hon’ble National Company Law Tribunal (‘NCLT’), Mumbai has on September 7, 2018, approved the Scheme of Amalgamation filed before it by the Company and INA Bearings India Private Limited. The certified copy of the order of the Hon’ble NCLT, Mumbai is awaited.
Hon’ble NCLT, Chennai has already approved the Scheme of Amalgamation filed before it by LuK India Private Limited, vide its order dated June 13, 2018.
The scheme now has requisite approvals of both the NCLTs – Mumbai and Chennai.
The merger shall become operative on completion of certain legal formalities post receipt of the certified copy of order from Hon’ble NCLT, Mumbai.
About Schaeffler India Limited (formerly FAG Bearings India Limited)
Schaeffler India was established at Vadodara, Gujarat in 1962. With sales of INR 19 billion in 2017 and 1,534 employees, it is amongst India's leading manufacturers of ball and roller bearings. The company’s plants are rated among the most technologically advanced facilities of the Schaeffler Group and have global qualifications in terms of quality and productivity. Its bearings are highly preferred in domestic as well as various global markets and find wide ranging applications from electric motors to wind mills, motorcycles to mining, tractors to textile machines, and from paper to steel mills. In addition, the comprehensive services portfolio helps customers to maximize plant availability, prevent unforeseen machine downtimes and reduce maintenance cost. Schaeffler India’s trained technicians provide to customers a comprehensive range of equipment and services for the mounting and maintenance of rolling bearings.
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About INA Bearings India Private Limited (INA India)
INA India was incorporated on September 23, 1997 as a private limited company and is engaged in the business of rolling bearings for automotive and industrial applications, precision parts for automotive engine, transmission and chassis systems. As a supplier of innovative products, INA India provides solutions like valve train systems, belt and chain drive systems, transmission synchronizer systems etc. that help improve fuel efficiency, reduce emissions and make powertrains more efficient. With a very wide customer base ranging from industrial to automotive customers, including two wheelers, INA India is synonym with efficiency and powertrain technology. It operates a manufacturing plant including a development center from Talegaon, close to Pune.
About LuK India Private Limited (LuK India)
LuK India was incorporated on March 22, 1995 as a private limited company and is engaged in the business of manufacturing and supply of high quality innovative products such as clutch systems and transmission automation solutions. Located in South India at Hosur in the state of Tamil Nadu, LuK India has strong local product engineering capabilities with access to technology, expertise, and management system of the Schaeffler Group. Innovative products from LuK like hydraulic clutch release system, dual mass flywheel and dampners enable better driving and comfort, making the company a preferred supplier for passenger cars, SUVs, trucks and tractors. The brand has a strong presence in the automotive aftermarket through a vast network of distributors and dealers.
About Schaeffler Group
The Schaeffler Group is a global automotive and industrial supplier. Top quality, outstanding technology, and exceptionally innovative spirit form the basis for the continued success of the company. By delivering high-precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearing solutions for a large number of industrial applications, the Schaeffler Group is already shaping “Mobility for tomorrow” to a significant degree. The technology company generated sales of approximately EUR 14 billion in 2017. With more than 92,000 employees, Schaeffler is one of the world’s largest family companies and, with approximately 170 locations in over 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales companies.
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| Vijay Chaudhury, Head – Corporate Communicationsand Investor Relations,Schaeffler IndiaTel: +91 (20) 3061 4221 / +91 91686 84744Email:[email protected] | Agency contactIshneet Sachdeva/Neha KoliKommune Brand Communications Private Ltd.Tel:+9196191964346/+919717621084Email:[email protected]/[email protected] |