New Delhi,oct 24:
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. 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 effective October 22, 2018.
The combined entity is one of the leading Indian Automotive and Industrial supplier with over Rs. 41.0 billion in revenues and around 3,000 employees.
Schaeffler Group, a leading global Automotive and Industrial supplier, also inaugurated a new production hall at its state-of-the-art facility 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 Georg F. W. Schaeffler – Chairman of the Supervisory Board and Klaus Rosenfeld – CEO, of Schaeffler AG; Avinash Gandhi – Chairman of Board, Schaeffler India Limited and Dharmesh Arora – CEO of Schaeffler India Limited, in presence of other Board members of Schaeffler India Limited.
“The consolidation of our three entities in 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,” said Georg. F. W Schaeffler.
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.”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 doubled the investment in India to the tune of Rs. 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,” said Klaus Rosenfeld.The merger also brings more visibility to the Schaeffler brand. All company locations will receive a new uniform brand identity governed by the corporate brand Schaeffler. This will help to standardize the wordwide image of all Schaeffler locations.This changeover is taking place as part of the “Global Branding” project, one of the initiatives that make up the future program “Agenda 4 plus One” with which Schaeffler is implementing its strategy “Mobility for Tomorrow”. The corporate brand will further strengthen and complement the already strong and well recognized product brands of FAG, LuK and INA.”I thank our shareholders, Board of Directors and all other stakeholders, as this milestone has been possible only due to their strong support. It is a significant moment for Schaeffler in India as we become one strong entity focused on future growth.
