Comments
Schaeffler India Ltd’s shares were up 0.45 per cent after the company approved acquisition of a 100 per cent stake in KRSV Innovative Auto Solutions Pvt Ltd, known as Koovers, for a consideration of approximately Rs 142.4 crore.
Koovers, based in Bengaluru, operates a B-to-B e-commerce platform offering spare parts solutions to domestic aftermarket workshops. Founded in 2015, it serves over 7,000 workshops, offering a portfolio of approximately 1.8 million parts from manufacturers. Post acquisition, Koovers will continue to operate under its existing brand name.
Schaeffler India Managing Director and Chief Executive Officer, Harsha Kadam, said, “Schaeffler Automotive Aftermarket’s ambition has always been to simplify workshop operations with plug-and-play products and solutions, while building consumer connect. Koovers strongly supports this ambition with its innovative digital offering.”
The shares were up 0.45 per cent at Rs 3,031 at 02.43 pm on the BSE.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.