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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.
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