AZB & Partners represented Schaeffler India in its acquisition of Koovers
AZB & Partners represented Schaeffler India in its acquisition of Koovers
Schaeffler India Limited, a subsidiary of Schaeffler AG, has signed a share purchase agreement to acquire 100 percent of the shares of KRSV Innovative Auto Solutions Private Limited – headquartered in Bengaluru and offers repair solutions to Indian aftermarket workshops via its fast-growing B2B e-commerce platform Koovers. Founded in 2015, KRSV created the fast-growing e-commerce platform Koovers.
Under the share purchase agreement, Schaeffler India Limited will acquire 100 percent of the shares of KRSV Innovative Auto Solutions Private Limited. The deal is valued at INR 1.42 Bn (approx. USD 17.1 Mn). The transaction is expected to be completed before the end of the third quarter of fiscal year 2023 and is subject to customary closing conditions.
Schaeffler’s Automotive Aftermarket division supplies components and holistic repair solutions to workshops worldwide. With an overarching understanding of systems and comprehensive services, Schaeffler Automotive Aftermarket contributes to extending the service life of vehicles.
In a Press Release, Mr. Jens Schüler, CEO Automotive Aftermarket Schaeffler AG, said, “With great excitement, we announce the signing of the acquisition of KRSV, an important move aimed at strategically enhancing the creation of value through our cutting-edge repair solutions for our valued customers in India. Throughout our journey, Schaeffler Automotive Aftermarket has remained focused to streamline workshop operations through its innovative product range and solutions. This ambition is powerfully reinforced by the innovative digital offer that KRSV has brought to the table with its platform Koovers, continuing to drive our joint mission.”
AZB & Partners advised Schaeffler AG and Schaeffler India Limited. The team comprised of Partners – Ashwath Rau, John Raghav and Ramya Suresh.
