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Schaeffler to merge three Indian entities into a single firm

Schaeffler India will issue 10 equity shares to shareholders of INA India

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L to R - Dharmesh Arora, CEO, Schaeffler India, Klaus Rosenfeld, CEO, Schaeffler AG and Dietmar Heinrich, CFO at a press conference the FAG Bearing India Ltd announces name change to Schaeffler in Mumbai on Wednesday. Photo: Kamlesh Pednekar

Amritha Pillay Mumbai

Last Updated : Aug 30 2017 | 9:46 PM IST

German industrial and automotive supplier Schaeffler Group on Wednesday announced a merger of its Indian entities in a bid to simplify its holding structure.

“The Board of Directors of Schaeffler India Limited (formerly FAG Bearings India Limited), INA Bearings India Private Limited and LuK India Private Limited, at their respective meetings held on August 30, 2017 approved the draft Scheme of Amalgamation for the merger of INA India and LuKIndia into Schaeffler India Limited,” the company said in a media statement.

Part of the merger scheme, Schaeffler India will issue 10 equity shares to shareholders of INA India, for every