Schaeffler India Ltd, on 29 August, announced that its board had approved the acquisition of KRSV Innovative Auto Solutions Pvt Ltd, widely known as Koovers, for about 142 crores.

Koovers is a B2B company based in Bengaluru that offers spare parts solutions in the Indian aftermarket workshops.

The transaction is expected to be completed by Q3FY24 and will be fully funded by the company’s own cash generation.

The company said, “This acquisition presents an ideal synergy for Schaeffler’s future after-sales activities in India. It will be a key enabler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast-growing and evolving aftermarket digital landscape,”

In June, the company announced the inauguration of its new manufacturing unit located in Vadodara, Gujarat.

The new unit will add additional production space of 10,000 square feet to cater to growing demand in the heavy industries, wind sector, and railway sectors.